26 March 2004

BREATHING DISORDERS SERVICES, INC.

8241 South Walker, Suite 104

Oklahoma City, Oklahoma 73139

Thank you for participating as the key note speaker on the US sleep disordered breathing industry in the annual Citigroup Smith Barney Australia Healthcare conference in February.  We and our clients found it insightful, informative and educational.  Your depth of knowledge of the US sleep market is exceptional.  Numerous clients remarked that your speech was the standout session of the two day conference.

Once again, thank you for your time and we look forward to future conversing.

Kind regards

Nicholas Condoleon
Analyst - Healthcare Research
Citigroup Smith Barney (Citigroup Global Markets Australia Pty Limited)