Ann: Change of Director's Interest Notice, page-37

Reasonable question Little T. You are correct that I do not think the current share price reflects the intrinsic value of Neuren's pipeline from an FA standpoint and if I was sitting on truckloads of liquidity and didn't have a risk management overlay, I would buy more here.

Background:

1. I have held Neuren to varying extents for five years...
2. I significantly reduced my pirtfolios diversification and increased my Neuren position size ahead of the announcement; and
3. I have already increased my position by approx 15% since the ACADIA partnership was announced (FYI - I hold across three holdings, including a nominee).

In response:

Needless to say, 2. led to my liquidity drying up materially. and after 3. my principal investment in Neuren reached my limit for a single share, in combination with some other qualitative/emotive factors: E.g. i) the annualized return (being negative for Neuren vs consistent double digit % returns across my portfolio over the same period), ii) I am bitterly disappointed by the apparent complacency I observed from Neuren management and iii) see value in greater diversification and generally see value elsewhere (where fundamentals and management's ability to discharge the cross section of their duties, as required by a publicly listed co director, better intersect). If I see corrective action performed by management and some institutional grade buying (a sign that the play is further de-risked and likely to rerate, I will increase again.

Cheers

5x8's