Ann: Address of Chair and CEO to AGM, page-4

well a couple of things.
1 the money received from Padagis for our Elma Generic was an initial payment only. I guess that's why, when we strip out the monetization of our HRT product for AU$6 odd million , doesn't seem to be much money coming in from anything else, as the next biggest payment is an ATO refund

2. they say Elma is performing well in the market.( and have previously suggested Padagis has achieved about 50% market share. Market size is approximately US$38M

3. ACR has reached a "pivotal point"
ACR's management would be well aware of the money being made on Elma, but the figures will be released sometime in the 1st Qtr of 2024. The report is bullish considering how little money has been received so far from our Elma Generic, and on the public information currently available.

Padagis separated from Perrigo in Julu 2021. Was acquired by Altaris Capital Partners for about US$1.55B - Altaris is a US$5B company and is a Private Equity Company. So I don't know the US rules for financial reporting for Private Equity Companies. Seems ACR likes to do business with unlisted companies which is a pity as with public companies we could simple look for the information ourselves.

Dash, Tru Phama, Amring and Harris( now kaput) all private companies with deals now either cancelled or what? There has been no information on the progress of the 6 products that Tru Pharma signed up for some time back to much fanfare. So along with Padagis it means there is no public available information on any our past or current partners nor on the products they are managing. Jet