Ann: Clarification on Exopharm AIRM MSA Announcement, page-14

Bit disappointing to see a revised Announcement, but nonetheless the crux of the partnership has not changed.

Also, it's not surprising to see a tie-up with a Japanese pharmaceutical - there's a lot of exosome research coming out of Japan, South Korea and China. If I had to guess, our next partnership will be with another group headquartered in Japan, South Korea or China. Potentially Exopharm is focused on 'monopolising' the Asia region before Lonza/Codiak can make their move.