Ann: Share Purchase Plan Offer Documents, page-56

Based on correspondence with the company, my understand is that the company has the discretion to accept over subscription in the SPP.

HOWEVER, the company does not currently have any intention of doing so.

From my perspective, possibly a few reasons why:

• Alcidion has extremely high levels of ownership and they do not want to dilute themselves more than they possibly could
• SPP is maybe a small token gesture in response to shareholders feedback on the last capital raise
• Making people buy on market if they want to accumulate a position