Jay, I dont know if I would be putting all my eggs into the...

Jay, I dont know if I would be putting all my eggs into the 'Roche basket' regarding being the next signing.

Whilst it would be fantastic, and of course a possibility, there is still a 1 in 47 chance that it will them - not withstanding that yes he was the previous head of Asia Pacific there.

And for the life of me I cannot see a pullback on an announcement of a smaller signing, for a couple of reasons:

- 1) The early signings at small companies like these provide ESPECIALLY significant validation of their product to the market (increasing partnerships from 2-3 is much more important to the market than going from 22-23). This is important both to current and potential shareholders, as well as other companies thinking of signing up.

- 2) Geoff extremely confident that after every signup the time between subsequent signups gets shorter and shorter

- 3) Obviously more royalties/revenue to ADO.

In the early stages of a company like ADO, any signing is an important step.

I absolutely agree with you in the hope that the next signing is Roche because it will grab the attention of a much wider audience and hence facilitate an enormous re-rate.

If we assume that Roche will sign up at some stage anyway then the only thing it will affect is how quickly we will see that enormous re-rate!