Ann: Appendix 4C - quarterly, page-2

BPH shareholders,

Not sure anyone looked at the 4C. I had a look at would like to share with all my concerns. They are:

How can BPH justify repaying 50k in the December quarter to GBA when BPH is currently doing a capital raising because it needs to fund its investee companies and cannot do that without a capital raise. Wouldn't it more prudent to keep the cash it has rather than sending it back to GBA, a company also associated with David Breeze ( Chairman and MD of BPH). I wonder if the independent Directors approved this payment and if they did I would be keen to know how they can justify it.

Further in the prior quarter ( and many more 4c's before that) there were no payments to directors and their associates (section 6) however in the latest App4C it shows a payment of 6k to an associate. No further detail is provided but it appears to be a payment to David via Trandcorp (his private company). Is this how David is recouping his lost payments from MEC by taking payments from BPH?

It should also be noted that the categories have changed in the operational expenditure to lump everything in one line with no other detail provided. This way there is no breakdown of what the money is being used for.

The 4C the way it has been posted is also mathematically incorrect. There is 50k in investing activities which does not seem to accounted for the in the total. Is this an error or was 50k spent investing during the quarter?