Ann: Appendix 4C - quarterly-NEU.AX, page-18

Leerink has now been engaged for around 7 months. If Neuren wanted to turn the wheels by raising working capital, I think they would’ve done that through existing substantial holders (i.e. Lang Walker), rather than appointing a leading US healthcare bank that specialises in M&A.

I think it is more likely that Neuren will either:

a) license trofinetide for around US$500 - $700 million, in line with Bell Potter estimates

b) sell Neuren for anywhere between US$250 - $350 million, possibly in a structured acquisition (although structured acquisitions seem to be more common in private companies), or

c) if they believe the offers canvassed by Leerink significantly undervalue trofinetide, introduce a new sophisticated investor and revisit options a) and b) after the Rett paediatric results (if successful).

I expect an announcement within the next month or two.