Ann: Appendix 4E , page-3

As mentioned in a previous post I'm not surprised at the slow down in sales growth i.e. elective surgery down,, hospital de-stocking and vet practices are down significantly on PCP. De-stocking in hospitals can only last max of 6 months before shortage issues create major problems.

More importantly confidence given by CEO on 2013 results with 2 months in the bag suggests order book or customer intentions are looking good.

I dont believe Rolling 250k of bank debt will be an issue at dec 2012 when they've already paid off part of the balance this half.

From all public info, stem cell treatments are giving at least if not better results than expected here in oz, usa and england. Medivet US business I believe are receiving orders with the only concern from an MLA shareholder being funding working capital but this is a quality problem.

ADR program may well see US investors who want exposure to medivet technology buy in. They have no other alternative.

Even better industry consolidation seems to be where the next big moves are coming from this market.

DYOR, IMO etc