Ann: Notice of Annual General Meeting/Proxy Form, page-9

Agreed - if I thought I was sitting on a hot commodity that others might want to take off my hands, I'd be making sure my income stream to pay the GT3 et al bills is protected for some time after. Ultimately an incoming acquiror will likely cut some new deals with select key personnel to keep them on board and incentivised longer term if they see value.

I think it's quite clear BOT have numerous desirable characteristics that make it a potential M&A target:

• Positioned for enormous growth, via
• Best in class revenue generating product (almost) in a large TAM - Sofdra
• Advanced-stage pipeline of potentially multiple innovative products (acne, dermatitis, antimicrobial, plus hints of more incoming?)
• Established in a growing niche market - dermatology
• Attractive valuation (imo)

Whilst it's great BOT are going it alone (to strengthen a negotiating position, that's generally the only way), and they have some excellent experience and capabilities in-house, there are some serious synergies a large acquiror could unlock that BOT simply doesn't have access to on the same level at the moment:

• R&D infrastructure, including a large pool of capital to accelerate pipeline development
• Global regulatory expertise and track record for offshore expansions
• Global sales and distribution networks
• Larger established relationships with healthcare providers, payers and institutions - improving penetration
• Economies of scale in manufacturing, supply chain management and marketing (including brand equity) - improving profitability
• Elimination of overlapping corporate functions - HR, legal, procurement, IT etc
• Diversification and possibly integration with existing products and/or methods of delivery (gels, sprays etc) to improve efficacy/safety/access

Right now, Shareholders and Management hold the keys, and we are surely aligned that anyone who wants it early will be paying up. These revisions reinforce that.