strategy, page-9

I find it very difficult to put a true value on this biotech co. There are just too many fluctuating variables I think this would be a job for the experts.

However, making assumptions base on historic offers for patients in the rnai space, making comparison to these past offers for rnai technology may not be a bad place to start.

Since the past transactions were completed between 2005 -2008. Would the valuation increase or decrease? I guess this would depends on our peers success, our current development, economics, demand etc..

2005 - US$750 Mil Novartis
2006 - US$1100 Mil Merck
2007 ? US$425 Mil AstraZeneca
2007 ? US$1100 Mil Roche
2008 ? US$1100 Mil Takeda

20XX - US$500 - $1100 ????? for Benitech

MC of Benitec is AUD$26Million what would this mean...

Are we looking at a range of 15 to 40+ x the current SP
$0.42 to $1.10+

Hmmm I do wonder.