Ann: Application for quotation of securities - RAC, page-24

No. I am talking purely about the $4.50 options. The SPP was done long after the $4.50 bonus options expired out of the money. I have said many time before the decline in the RAC share price was a combination of a general pull back in the biotech market as the Covid bubble receded and self-inflicted bad decisions.

I have taken my share of the blame for the EMD AML trial, but it should be remembered that I was the CSO not CMO. I also didn’t make the decision to cancel the trial rather than fix the issues that made recruitment difficult. Having said this, once RC220 was available spending any more money on RC110 made little sense. There is no point continuing another trial in AML using RC110 if there is no intention to take it to approval. The AML trial we have planned in collaboration here in Australia makes much more sense commercially.