Ann: Response to ASX Price Query, page-33

I think that given CSL has said it won't do contract manufacturing for Moderna, it's a good chance that you're right about hedging. CSL may be chosen to look at a longer term, massive scale thing (but they've got to build it all, get TGA approval etc. from scratch), with IDT to manufacture Moderna in the short term. The government can't afford to put all its eggs in the CSL basked again in relation to vaccines. This would set IDT up very nicely for the longer term as well, given partnership with Monash and the development of their own mRNA covid vaccine.