Ann: Quarterly Report and Appendix 4C, page-19

In principle i'd agree with text book basis for valuations, but i disagree with your application to NUH for the following reasons:

1) You have demonstrated on the NUH threads you dont really know anything about the business history, current development, products, market, and future plans.

2) NUH is actually generating increasing revenues from products already in the market. So it should as be valued accordingly as derisked and revenue producing.

3) It is also generating more revenue in its first year than other tech start ups like go pro for example. So it should be valued accordingly.

4) NUH is also still developing new products. So it should also be valued on achieving revenue expanding 'milestones' as you put it.

5) NUH is also discovering new uses for its product like treating APD which adds to target market and expands renenue generating opportunities.

In summary, NUH is proving to both be revenue creating today and rapidly expanding new revenue opportunities for the future. So it will be valued accordingly. Desrisked, and a whole lot of blue sky!

Something NTI is yet to experience. Looks like a good product. For a nice little niche. But it wont offer the same market opportunities as NUH and will be valued accordingly.

There will some hurdles to jump along the way too. When have you penciled in the coming CR for NTI? End of this quarter? NTI wont start selling til some time in the second half of these year correct?