Ann: Quarterly Update and Appendix 4C, page-30

Thanks Columbo. “Performance-based fees”, the inference being fees paid upon completion of KPI’s... not fees for sitting on your sofa punching out pithy lines on HC or Twitter, actual performance running a significant 4 trial clinical program etc.

Incidentally, in order to maintain balance let’s remember Cannvalate have now exercised two tranches of options and paid IHL $500,000. Cannvalate are investing money into the company and when you review the entire option package they will make an investment that dwarfs these performance based fees.

Always enjoyable shooting the breeze with you old chap...