Ann: 2015 AGM - Chairman's Address and CEO Presentation, page-10

Thx for the notes Kori. Was there any mention of margin outlook? This it the most sign. concern for me as margins have trended ~20%. The output of this over the last two reporting periods has been FY15$0.0006 and FY14$0.0059 eps. These are very slim earnings figures esp considering sp. EPS would have to increase x65 to bring up to $0.039 implying P/E of 10 times on todays sp. Not impossible but a big ask in 12mths.

Im not sure if youve ever thought about this but the success of the PH3 actually hinges on the sales execution. As DHA cannot be patented (only methods of production) any further indications for its use by FDA/TGA/EMA etc from clinical trials will apply industry wide. I.e martek can simply jump onto the bandwagon despite clovers sunk research cost. Hence Im hesitant to assign any value at all to it.