Wow, this one really is a puzzle! Yes, and two days before the...

Wow, this one really is a puzzle! Yes, and two days before the AGM. It is a clear indication that something is amiss in the state of Denmark. This is not the smooth implementation of a long term plan. Clearly they could not form the line of solidarity that directors usually do at AGMs (although they will probably be there this last time just for appearances). Iain S has been a director holding the fort in the US for many years. David R has been a friend and associate of JM for decades. So what could be the pith of the dissension?

I can imagine a few scenarios but would rather not encourage conspiracy.

RB. Why do you think Luye Pharma are big deal in the Nusep scheme of things? In my usual long list of questions for the AGM I also had:

• Does LUYE PHARMA have any actual interest in Prime Biologics?

• In taking the 10% stake in exchange for hardware was it just trying to dispose of some premises surplus to requirements, and for which Nusep could not pay cash? (It should be noted that they are now a Shanghai based company.)

• Is their option to take up another 10% stake by paying cash a real likelihood in the near future, or was that option merely a sugar coated incentive?

• Luye Pharma’s present marketing fields (~ 50 products) does not contain any similarities to blood plasma products. Have they discussed expanding their product range with NSP management?

There are various questions regarding other SE Asian companies that could also be asked.

The most critical issue is how to raise another $15M in capital to get Prime Biologics established and producing.

Perhaps the methods of achieving this is what brought the board undone.

Jukes