Ann: Appendix 3Y, page-40

Was offline most of the day, so having now the benefit of others' thoughts, here is one more: exactly 2 weeks before Gary sold his shares on 25 November was the date of our last price sensitive announcement, the surprising Company Update, on 11 November. Applying the 2 week window @R08 kindly reminded us of, it appears a distinct possibility that Gary sold shares to cover the sizeable exercise of his options, plus capital gains tax, on the first date he was allowed. (Thank you @In4apenny for calming the storm and detailing above, especially noting management's net accumulation and LPD's consequent financial benefit of nearly $1M.) Additionally, for any who filed their EOFY taxes at the end of October as I did, receiving their assessment from the ATO in November, a tax bill would be presently due. Mine was yesterday, 2 December. This could easily absorb the remainder from his sale. Possibly- just thoughts here.

2 interesting things: Lepidico's 4 most recent price sensitive announcements were delivered in a fortnight. Only one of these was pre-planned: our 1st Quarterly Report for the present financial year on 27 October. The other 3 were managing the leaked info in the US on 10 and 11 November. As all here know, we also had a flurry of announcements throughout October- on a weekly basis. Therefore, a 4 week window (2 before, 2 after) was not available to Gary or to any of our directors. Had the kerfuffle not occurred in the US, Gary could have sold earlier in November at possibly a higher share price.

Imo Gary Johnson and our management team are meticulously calculated, so logistically this sale was probably not a random event- Christmas or holiday related, but carefully fit within the available window. The likelihood of our share price being higher post our pending announcements leaves me inclined to believe Gary sold only what was necessary to cover expenses. Impossible to know, of course, and at the end of the day, if you trust management, it doesn't really matter. We all need to pay bills, live our lives, etc.

2 weeks beyond Gary's sale on the 25th of November brings us to 9 December, which still leaves 12 trading days until the Christmas break- plenty of time to sign agreements and deliver our awaited announcements. Next week therefore could be rocky and potentially offer further buying opportunities. AJIMHO and thank you to everyone for your contributions above.