Dear Renaissance,

There a valid commercial reason for both parties to agree to keep the terms confidential, because while Apollon did ask for the terms to be confidential, we are also in agreement with that, as we see no reason to give too much information to our competitors about what we are doing.

Transparency stop when it becomes a commercial risk and that is an accepted concept under TSX-v rules.

The terms of the agreement were approved by HPQ board, the decisional body elected by the shareholders to supervised these type of activities, and the board also agreed on Apollon request to keep the terms confidential, so the debate stops there.

The final point is that the terms of the agreement do not require that we seek TSX-V approval or any other regulatory approvals.

Now if a large investor demand to see the terms before investing then he would need to sign an NDA agreements before getting access to those details... Anyway, all large investors sign NDA before doing any DD with us, so that is not really a big issue, and if a small investor does not like that then he has the option of selling his shares.

Sorry for being so direct, but I have a hard time understanding why investors sometimes ask us to reveal information that if made public could be used by competitors and be detrimental to there investments.

Regards,

Bernard Tourillon

CEO