Ann: AGM Presentation by CEO, page-61

How to boost the CDY sp:

The majority of investors dislike bio-tech stocks. Reasons include investor 'once bitten twice shy' syndrome, very long gestation periods, extremely capital hungry and unquestionably high risk. I believe CDY being in the bio-tech sector is a key reason for the emphatic disinterest in the stock, despite great progress to date with Evolis.

The volatile sp has seen 10c briefly about ten years ago but the pendulum hasn't moved sustainably past 3c in the decade. Evolis' success in the US is unlikely to lead to the rise in CDY sp for the above reasons, burdened by the bio-tech investor aversion. We've seen that already on a minor scale with no sp growth despite the Evolis good stories on Japan and Aus.

Solution: separate the 2 new subsidiaries out of CDY by an in specie distribution of their shares to CDY shareholders coupled with an open share offer and separately listed on the ASX. The 2 separated companies stand on their own merits. They would attract a different type of investor to CDY.

CDY's sp would then find its own true level unshackled from its bio-techs offspring. We would still participate directly in the long term hoped for substantial wealth Midkine offers, yet expect CDY to be re-rated in the short term on its Evolis performance. In the short term my guess is >10c. Then potentially, as I posted last week, to a sp >60c once US sales reach Color Collective forecast $100m in 5-7 years, based on the US profitability alone.

Taking in Japan, Aus, China et all, an Evolis driven sp in 5-7 years of a multiple of >60c is possible without, IMO, the Midkine spin offs being subsidiaries.