Ann: Response to ASX Query Letter, page-103

As far as I can tell nothing has changed in the GMV story. It is actually more compelling as we now have up to date info on where the company is at. It was always going to be Q2 for CDFA. I suspect directors will be buying if they are not in black out. Also no mention of the patch and other potential products in the pipe line, thus more upside to come. I agree with others that SP will pop 50 to 100% of the pack of CDFA. Just look at adherium yesterday.