Ann: June 2019 Quarterly Report, page-5

I thought it was a goodish report.

Pfiefers thinking/analysis on the structural aspects being likely related to the old WARF agreements and sub-licensing seems to have been confirmed. Was good to get some clarity on that.

The sentence toward the end on intellectual property seems to be missing a bit - maybe a full stop instead of the word "on"? Not that it matters much but I wonder how it would have been meant to be read.

I should know this - but all CYP patents and IP are essentially WARF patents and IP that CYP helps pay for or does pay for - they don't have independent IP in any areas do they. Sometimes the shorthand references suggest they do - but I don't think they do.

Everything is a license referencing back to WARF held patents?

I think it would be good to have an updated list of patents, licenses etc as I don't think there has been a list as such since the ECO prospectus - could be wrong though.