Update out - no need for panic, page-38

All,

Note that I have not read BNE's licencing agreement in relation to BN006 however I (maybe recklessly) made a few assumptions as a result of being time poor; my understanding is the following:

> BNE purchased rights under licence to use BN006 to carry out planned testing/experiments which would have been disclosed within the licencing agreement (at least at a high level);

> (My reckless assumption) - Anything created from the above testing/ experiments, for example, results, data, further knowledge or IP would become the property of BNE; (why else would they do it?)

So ... BNE may have created something of value, we don’t know this yet as the results have been delayed (by the lab).

Companies licence tech to create further tech (add value) all the time; the company committing resources and taking the risk (BNE in this case) does this in exchange for the rights to any further/ additional value created. The licensor has the benefit of someone else carrying out further research using their tech without it costing them anything (can be purchased later if successful). This may be an oversimplification, these licencing agreement can be quite complex.

I’m waiting for results.

Cheers