Ann: Appendix C US Sub Plan, page-6

Extreme volatility globally due to renewed COVID variants concerns, which so far have not sent anybody to hospital ( in the case of the omicron variant ) and are quite mild in symtoms, amounting to quite a curious market and political reaction.
Main reason is that indexes are overvalued according to multiple comparative charts ( Warren Buffet among many others are selling since months, Elon Musk sells Tesla shares, Microsoft boss sells 285 mil worth, half his portofolio ) and evaluations as much out of sync with
earnings only matched by the period of 1999 and 2000.

Tapering is to accelerate and followed by interest rate hikes net year as inflation is not transatory in the US or elsewhere. That myth is dying fast.


Take then our AGM presentation, that regulatory progress in the US has been fantastic, but IR and BD development are not as forthcoming
as outlined by Sahm recently.
Australian market wants an appreciation of tech by a partner offer or finance offer of a global biotech investor or company, US investors want the data and a company with platform intact.

So company decided to not sell out cheap for early external validation but rather wait a few months until data becomes so compelling that
offers will be more to the point and represent the true potential.
Management seems to want to include kidney and CNS readings into such discussions ( they are excited for a reason ) and that can unfold during 2022.


A very large OZ biotech investor/ fund obviously is not against accumulating on market ( in contrast to their US based tiers ) and that
perfectly explains our price stagnation.

I agree, CNS candidate will provide some interesting outlook and early indications of valuation of the pipeline.
Currently, our ocular pipelines are not even evaluated ( apart from the lead project ), leave alone the platform as a whole. When that happens during the next 12 months, valuation will be truly interesting and multiples from current SP, as CEO noted.


all IMO