Ann: Shareholder Update, page-13

Bang I think you are - dare I say it - "Bang on" with your last post.

That's the thing about Bio's - the numbers are very large and can change the fortunes of a Company in the matter of a single deal. In Suda's case many deals.

It is hard to argue with the sentiments of people like pogues, trout and even Bucky (other than his monotonous repetitions) as the report card for Suda has not been great to date.

The update shows two thing of note to me.

One, it gives an insight into the amount they have on their plate currently, and this might explain why they cant get anything done.

The second thing that stood out for me is the fact we should see a milestone payment and subsequent royalties from Teva before the end of this calendar year. Please Steve no delays here.

The last point around Teva is the kicker for the share price in my view. This will finally validate our business model and will to a very large extent extinguish our capital problems moving forward. It is a pity that the shares on issue would have blown out by then but in the Bio world again this is not as bad as it seems because the numbers can add up very quickly. I would agree that if things had been handled differently we would probably be raising money at a much higher price.

In all my discussions with those inside or close to Suda I can say with out any doubt what so ever, that the one thing that has been consistent and remains so is the amount of work, effort and sheer time out management and staff have put in, certainly from a shareholder point of view we have not seen the results that we have been lead to expect or would have thought possible by now. This is an area that Suda needs to address and it is my belief thaye will else the next AGM wont be pleasant.

This is why Trout, I get annoyed at people like Bucky, who have not only attacked their performance (which is fine by me) but in many cases their motivations, work ethic and integrity which is not fine by me.

There is a spare spot on the Board for anyone who thinks they can add to the talent needed for Suda to succeed.

Clyde