Ann: Release of Supplementary Explanatory Memoran, page-3

re: Ann: Release of Supplementary Explanatory... Bta holders,
The critical change from my perspective is the reduced dilution of the Biota shareholders holdings:

" Nabi Shareholders will hold between 14.2% and 18.6% of Biota Pharmaceuticals (assuming the current AUD:USD
exchange rate), as opposed to approximately 26% under the original proposal;"

ie we will retain an extra 7.4% - 11.8% (that would otherwise have been sold at a nominal price of well less than a dollar).

The downside is only $27mUS in the kitty compared with $54m US.

But we have NABI shareholders on-side, they are happy, provide a strong shareholder base when listed on the NASDAQ, and will support the merger.

In the long term we all believe in the groundbreaking sciense of Biota and the reduced dilution will pay off in spades.

I will continue to vote for the merger.

Regards
Kangaroo1