Ann: Preliminary Final Report, page-49

Cannot find too much to disagree with here. As a long term holder, and as an on-record supporter of the CEO, there is so much about the "culture" of this Company which now does not make sense to me. So I can just imagine what a prospective new investor would think. That's why there are so few of them.

I don't necessarily think that the CEO should be replaced, but does it make sense that the CEO of ANY public Company is paid 2% of the MC. Who is to blame there? The board? Get a new board then. And while I am at it ,I have changed my mind. Get a new CEO as well.

Performance based of course. Sensible salary (remember the MC) plus performance based options which reward real
performance at sensible conversion prices.

In my opinion, the share price will will not bring smiles to faces until the market feels it can trust the Company and how it is run. It will also need to be seriously cash flow positive with trustworthy announcements.

Changing decisions from the head down can only lead to Cellmid being, and remaining, cash flow positive and reaching a MC which is more than it is now, which is not even the price of a decent Sydney Eastern Suburbs waterfrontage. Which that makes me think of how many people there must be with that small amount of cash. That's a thought for someone who sees a future for Cellmid, isn't it? Maybe to do something like Gina with AGO. I hope not because I will continue to hold for the future.

Phill