Ann: MANUFACTURING UPDATE, page-23

Two questions come to mind, Max.

#1. Did benitec ever say they enough compound to complete the trial, or just plenty of enough funding? Otherwise, the potential unpredictable amount of compound necessary to complete the trial may be understandable since this is first in man, and may explain the change in the weight criteria?

2. Or, can it be that they have enough for the phase I/IIa trial, but need a manufacturer to pump out for a phase II/III trial? If this is the case, it seems to me a positive announcement, especially as was said before that they may be ramping up announcements in prep for the IPO.

Either way, benitec has always seemed to release announcements that are price sensitive, but ambiguous enough to make shareholders hold their breath a little waiting for the next announcement. I for one still se no negatives, so more of me is positive than negative. But management has always been finicky about releasing anything crystal clear. Just my opinion. Would love to hear thoughts.