Ann: Quarterly Activities Report and Appendix 4C, page-90

Natac, I would not get ahead of myself if I were you.

After 5 decades of reasonably successful investing, one thing I learned very early is never confuse a penny dreadful start up with a mature business...... One has cycles the other doesn't. Information is everything with a start up with no money and no capacity to borrow. In this space, those businesses that succeed are terribly sweet and can set one up financially for life. The losers can have the opposite impact.

As one of many substantial holders in NUH, it is in the category of spec investment. Whilst I hope the company will succeed on its merit, I am psychologically prepared for the company to be worthless and suffer a painful loss. There is no "cyclical" anything about NUH. It will sink or swim based on adequacy of capital and/or the ability to rapidly gain traction in the marketplace and turn inventory into dollars.