Ann: Quarterly Activities Report & Appendix 4C, page-13

Doc and Davy Boy, agree with both of yoursentiments to a certain degree and you both make good points. I would haveexpected someone like Thermofisher to wait until the tests for BD1 arevalidated and then make an offer, so agree not sure why the acquisition of SDXmakes sense,their tech and lab make good sense but at what price??

Consider this, I also am a long term holder (2008) of PNV, and a couple ofyears ago I asked some one from a big Pharma whether they thought itwould be a good acquisition, they said absolutely it would as it had enormous potential, but at the time ithad a market cap of about 45 million and they would not be interested until itreached a market cap of at least 200 million to demonstrate it was a proven productre sales and efficacy etc, perhaps Williams and Co need to take BD1 towardsmarket cap of near 100 million before it becomes appetizing for a largerplayer. Recently as you will notice Williams tends to do, the leadershipand board structure has changed and there is a broader spread of biotech,business and sales expertise at the top, and I expect ongoing changes postmerger. I am not here to spruik Williams ability, he doesn't need meto do that, but I will say that if anyone has the capacity and nouse to do so, he has a proven track record of being able to extract the best deal in terms of$$ on a regular basis, and as a shareholder I may not make the sameremuneration (but my risk is lower as I have also limited my investment exposure to BD1) but the flow on effects of his ability for a business to beprofitable is the driving factor to accumulate shares in companies like BD1,particularly at the current price point in niche, high return markets such asBiotechs. The main message is that hopefully he is converting"potential" into "proven" and that means penny stock into profitable stock, and to some degree we may not always understand the pathway taken buthis end point is typically very predictable

Regards