Ann: Investor Presentation, 14 March 2023, page-64

…in laymen’s terms what are you predicting or speculating will happen with this condition different from the other three?

GC, sorry, I’m still trying to process all this myself! Perhaps if I reduce this to a few key points.

• We can now have evidence that Neuren, Acadia and Baker Brothers all have some kind of interest in a treatment for Prader-Willi (PW).

• The first to show interest in PW was Baker Brothers (BB) in November 2019. BB invested in and joined the Board of a tiny biotech whose only asset was an investigational treatment for PW.

• Neuren suddenly added the PW indication to its development pipeline in early 2021, almost 2 years after choosing its other 3 indications. I have always had the sense that this late addition of the PW program was driven by outside interest.

• I’m not sure why there have been delays in Neuren commencing the PW trial. Perhaps, as sillazze suggests, we’ll shortly hear that Acadia will join NEU in the development of Prader-Willi? Or perhaps the intention is to allow the other 3 indications to read out first so that, if those studies are a success, their full value would have to be factored in if someone decided to make a move on Neuren post-PW readout.

• The hallmark symptom of hyperphagia (abnormal hunger and excessive eating) is another difference between PW and the other 3 indications. Controlling hyperphagia has been found to be a key goal for PW caregivers. In the preclinical animal testing of NNZ-2591 in PW, at the higher dose, obesity was eliminated and abnormally high insulin levels were reduced to normal (Ref. NEU ASX Ann. 16/02/21). Think about that for a minute.