way undervalued, page-7

See if you can make any sense out of this!!!!

Doesn't copy across very well!!!


03 March 2006 NTA February 2006

28-Feb-06 Cost Price Current Valuation
Company ASX Code Cost Price Cents per BTC share Current Value Cents per BTC share

LISTED EQUITIES
1 Alchemia ACL $ 2,000,000 $ 0.0225 $ 3,847,046 $ 0.0432
2 Clinical Cell Culture CCE $ 3,094,101 $ 0.0348 $ 4,112,588 $ 0.0462
3 Phylogica PYC $ 2,500,000 $ 0.0281 $ 6,700,090 $ 0.0753
4 Prima Biomed PRR $ 924,000 $ 0.0104 $ 598,198 $ 0.0067
Prima Options PRRO $ - $ - $ 24,383 $ 0.0003
5 Starpharma SPL $ 2,520,000 $ 0.0283 $ 1,391,772 $ 0.0156
6 Stem Cell Sciences STEM (AIM) $ 3,000,000 $ 0.0337 $ 3,262,497 $ 0.0367

TOTAL LISTED SECURITIES $ 14,038,101 $ 0.1578 $ 19,936,574 $ 0.2241

UNLISTED SECURITIES
7 Biocomm $ 3,000,000 $ 0.0337 $ 3,000,000 $ 0.0337
8 Contience Control Systems $ 4,000,000 $ 0.0450 $ 4,000,000 $ 0.0450
9 Pacific Knowledge Systems $ 2,320,841 $ 0.0261 $ 2,320,841 $ 0.0261
10 XRT $ 5,625,000 $ 0.0632 $ 5,625,000 $ 0.0632

TOTAL UNLISTED SECURITIES $ 14,945,841 $ 0.1680 $ 14,945,841 $ 0.1680

Cash $ 8,086,012 $ 0.0909 $ 8,086,012 $ 0.0909
Tax Provision $ - $ - -$ 259,648 -$ 0.0029
TOTAL $ 37,069,954 $ 0.4167 $ 42,708,779 $ 0.4800



NO DISCOUNT
Friday, 31 March 2006 Cost Price Current Valuation
Company ASX Code Cost Price Cents per BTC share Current Value Cents per BTC share

LISTED EQUITIES
1 Alchemia ACL $ 2,000,000 $ 0.0225 $ 4,376,997 $ 0.0492
2 Clinical Cell Culture CCE $ 3,094,101 $ 0.0348 $ 3,936,072 $ 0.0442
3 Phylogica PYC $ 2,500,000 $ 0.0281 $ 20,125,000 $ 0.2262
4 Prima Biomed PRR $ 924,000 $ 0.0104 $ 685,300 $ 0.0077
Prima Options PRRO $ - $ - $ 25,667 $ 0.0003
5 Starpharma SPL $ 2,520,000 $ 0.0283 $ 1,560,000 $ 0.0175
6 Stem Cell Sciences STEM (AIM) $ 3,000,000 $ 0.0337 $ 3,948,942 $ 0.0444

TOTAL LISTED SECURITIES $ 14,038,101 $ 0.1578 $ 34,657,979 $ 0.3896

UNLISTED SECURITIES
7 Biocomm $ 3,000,000 $ 0.0337 $ 3,000,000 $ 0.0337
8 Contience Control Systems $ 4,000,000 $ 0.0450 $ 4,000,000 $ 0.0450
9 Pacific Knowledge Systems $ 2,320,841 $ 0.0261 $ 2,320,841 $ 0.0261
10 XRT $ 5,625,000 $ 0.0632 $ 5,625,000 $ 0.0632

TOTAL UNLISTED SECURITIES $ 14,945,841 $ 0.1680 $ 14,945,841 $ 0.1680

Cash $ 8,086,012 $ 0.0909 $ 8,086,012 $ 0.0909
Tax Provision $ - $ - -$ 259,648 -$ 0.0029
TOTAL $ 37,069,954 $ 0.4167 $ 57,430,184 $ 0.6455



BTC DISCOUNT
Friday, 31 March 2006 Cost Price Current Valuation
Company ASX Code Cost Price Cents per BTC share Current Value Cents per BTC share

LISTED EQUITIES
1 Alchemia ACL $ 2,000,000 $ 0.0225 $ 4,158,148 $ 0.0467
2 Clinical Cell Culture CCE $ 3,094,101 $ 0.0348 $ 3,542,465 $ 0.0398
3 Phylogica PYC $ 2,500,000 $ 0.0281 $ 16,100,000 $ 0.1810
4 Prima Biomed PRR $ 924,000 $ 0.0104 $ 651,035 $ 0.0073
Prima Options PRRO $ - $ - $ 25,667 $ 0.0003
5 Starpharma SPL $ 2,520,000 $ 0.0283 $ 1,482,000 $ 0.0167
6 Stem Cell Sciences STEM (AIM) $ 3,000,000 $ 0.0337 $ 3,159,154 $ 0.0355

TOTAL LISTED SECURITIES $ 14,038,101 $ 0.1578 $ 29,118,468 $ 0.3273

UNLISTED SECURITIES
7 Biocomm $ 3,000,000 $ 0.0337 $ 3,000,000 $ 0.0337
8 Contience Control Systems $ 4,000,000 $ 0.0450 $ 4,000,000 $ 0.0450
9 Pacific Knowledge Systems $ 2,320,841 $ 0.0261 $ 2,320,841 $ 0.0261
10 XRT $ 5,625,000 $ 0.0632 $ 5,625,000 $ 0.0632

TOTAL UNLISTED SECURITIES $ 14,945,841 $ 0.1680 $ 14,945,841 $ 0.1680

Cash $ 8,086,012 $ 0.0909 $ 8,086,012 $ 0.0909
Tax Provision $ - $ - -$ 259,648 -$ 0.0029
TOTAL $ 37,069,954 $ 0.4167 $ 51,890,673 $ 0.5832