Letter to Geoff Daly, page-5

The Bodyguard product that OBJ developed themselves may well be the first medical device in Procter and Gamble's stable, but I expect it to be such a roaring success that it wont be the last!

I also point out that I am a holder in OBJ, and that they shared offices in Perth with PNO who tried to go alone with selling and marketing a product they developed and are now in receivership. Probably like ALT would have done if it only had the autostart burette.

As for the second point, P & G are undergoing a complete overhaul of ALL their brands under dynamic new leadership. 1) They have just sold many brands to Coty to focus on brands which are growing in sales and profits, and killing off some non performing brands and introducing entirely new brands, one of which will be the Bodyguard . 2) They use a concept called C and D, Connect and Develop where they form alliances with other technology providers, and do this rather than buy out small companies out. That way they don't lose the brains from the smaller companies. OBJ has some incredible brains, particularly Jeff Edwards.

3) If P and G see the writing on the wall and see that the Pericoach will knock out all the competitors' incontinence products, they might be happy to watch the Always Discreet brand gradually fade away or sell it off just prior to the launch of the Perioach!

It was touch and go for me as to whether I should partake of the CR or accumulate more OBJ whilst they are still cheap and derisked. I have gone for ALT because the product is one that I believe in, just like I hold ANP.

I think ALT is a small fish in an ocean, and am concerned after the autostart burette episode, that the Pericoach might not get enough traction in the market. In short, getting a GLOBAL player thoroughly experienced in marketing, (for example Gillette can be found in every corner store in every country), would not be a bad thing. It would guarantee success rather than another CR. IMHO only.