Ann: Race In-person Investor Briefing Invitation Perth, page-40

Can you please help me understand this sentence from the MST report which you have included in your newsletter- “We now assign a 100% likelihood of success for the development of RC220”.

1. Is 100% likelihood = certainty?

2. Is the “development” referring to the clinical trials (which I think they are)?

….in which case they are saying the CPACS phase 1a/b trials are in the bag? I just want to understand this.

(if so, is $2.13 the fully diluted valuation assuming CPACS phase 1a/b success? Anyway we disagree on this number)