Ann: Appendix 4C and Quarterly Update, page-88

It's always a heart in mouth moment when you watch a fledgling jump from the nest and try to fly, or a baby turtle hatch and try for the ocean without being eaten - it's a moment of transition with risk - PAA is at a similar transition - a small fish swimming with big fish and sharks.

PAA need the security of a VM deal or a CoVID Phase 1 trial - that will stop the SP flapping around and the frustration of investors.

I am sure these things are coming and the risks are well controlled - the 30% fall in SP is on low volume and I am not concerned, but I don't enjoy it.

More pressing for me is the deteriorating CoVID situation in our country - I want to see some leadership from government here - they should be making sure they are informed and fast-tracking the Phase 1 trial in humans now - we know MPL is safe and it's more than likely to work than not, and the WEHI work to perfect dose should not be standing in the way of good results now, because people are dying and our society is being hammered. Where is the leadership?!

I suggest if you know a politician with a modicum of courage and a desire to be seen as a leader, then call them. I know some have and I am planning the same.

This is bigger than PAA. I finish by saying I hope that your friends and family are ok at this time, and my words are not designed to upset anyone, I just want some action - faster on CoVID treatment.

Regards
QQ