Ann: PYC Investor Update Presentation, page-4

Yes, it was very upbeat.

In stark contrast to the share price, Rohan commented that technical progress over the last 6 months had been PYC’s best to date.

Feedback from the industry at the Bio Convention was described as “super, super encouraging”. There was a highly positive response to the preclinical data generated to date and interest was expressed in all three disclosed pipeline assets.

There appears to be growing understanding within the industry of the unique benefits of RNA therapeutics, especially in the context of haploinsufficiency diseases, to which gene therapies are not as well suited (Refer Slide 12).

Really, the only disappointment is the share price and the company is seeking ways to better communicate its message to the market.

I note that today’s presentation highlighted even more intensely the message that PYC’s chosen strategies and therapeutic approach massively increase the odds of its drugs making it through to market. A 64% probability from the time the drug enters Phase 1, compared with ~6% at the same stage for a standard drug (Refer Slide 13) is an astonishing advantage that is not currently being priced in by the market. A 64% likelihood of approval would typically be associated with a Phase 3 asset.

Another point of note in today’s presentation was the feedback on the level of industry interest in PYC’s assets. Previously it had been mentioned that industry interest in PYC’s ophthalmology assets was muted; greater interest was in CNS and kidney drugs. It seems that this has changed. The highly impressive preclinical data for PYC’s two leading eye drugs in the eye and the imminent commencement of dosing for PYC’s lead asset may have played a part.