Ann: Notices received under S203D and S249D of Corporations Act, page-41

VOTE FOR
Dear Fellow Shareholder The upcoming General Meeting is not just about voting on resolutions—it’s about deciding whether we allow the same leadership team that has overseen a collapse in shareholder value to remain in control. The Board’s latest communications are nothing more than a desperate attempt to rewrite their own history, scramble for a new narrative, and save their seats. They claim to have a vision for recovery, yet there is no accountability for Percheron’s share price, credibility, and financial stability being driven into the ground. The directors had been put on notice and had agreed to remain in caretaker mode until shareholders have had their vote. Yet, they are aggressively pursuing new partnering deals before this critical decision. This contradiction undermines corporate governance and raises serious concerns that decisions are being made for self-preservation rather than shareholder value. The leadership of the company must be determined before any major strategic commitments. Actively pushing for a partnering deal while in caretaker mode raises serious concerns about whether directors are acting in the best interests of stakeholders. Directors have a duty to act prudently and transparently; disregarding shareholder requisitioned vote process raises governance red flags and undermines trust. They want your vote, but they don’t want to answer the hard questions. We do. This letter lays out the facts, the failures, and why voting for new leadership is the only rational choice to restore Percheron Therapeutics’ future. 1. Share Price Collapse – The Market Has Spoken The Board keeps boasting about their “decades of experience” in biotech. But experience means nothing if it doesn’t deliver results. Since Dr Charmaine Gittleson became Chair, the share price has plummeted by over 70% before trial failure. Despite this: The Board has shrunk to just three members, concentrating decision-making power while paying themselves more. Directors issued themselves options with no premium, meaning they profit even when shareholders lose. Prior to trial failure their combined shareholdings in the Company totalled 2,733,138 shares or 0.3% of shares on issue, despite substantial increase in their remuneration in 2024. The Board claims to be “building shareholder value” while the company trades below cash backing, a glaring sign of market distrust. A leadership team that rewards itself while destroying shareholder value is a leadership team that must go. 2. ATL1102 Termination – Scrambling to Create a New Narrative The Board wants you to believe that terminating ATL1102 was a necessary decision, but their actions tell a different story: The trial showed biological activity, yet instead of investigating further, they abandoned the program with no independent review. Investigators wanted to continue treatment for some patients, suggesting potential efficacy in a subset. The Board never explored dose optimisation, subgroup analysis, or extended treatment duration before killing the program. Shareholders have not heard the opinions of the Principal investigator or any independent DMD experts, despite the significance of the Phase IIb trial results. Would a competent Board discard a multi-year investment in a promising drug without thorough investigation? Now, as shareholders organise for change, they’re scrambling to convince you they have a plan. This isn’t a carefully executed strategic shift. This is last-minute damage control. 3. Corporate Governance – Less Accountability, More Pay The Board has reduced its size to just three members, consolidating power while increasing their own financial benefits. Their own compensation has skyrocketed per director, without any clear shareholder benefit.In FY24, while the board shrank to just 3 members, total director remuneration skyrocketed to $1,158,748, leading to a staggering 117.4% increase in per-director pay, now averaging $386,249 per director. No surprise at the recent AGM, shareholders delivered a clear message of dissatisfaction by voting against the remuneration report and issuing a first strike. a clear indication of dissatisfaction. The Board’s response? They ignored and edited out critical feedback from their official video recording. Directors claim to be aligned with shareholders, yet they gave themselves options with no premium, getting set to benefit regardless of company’s success. This is on top of remuneration highlighted above.Directors combined holdings in the Company represented 0.3% of shares on issue prior to trial failure, despite significant remuneration increase in FY24.Directors claim to be transparent, yet they edited serious concerns raised by shareholders from the AGM video. The Board chose to hold the General Meeting in Brisbane, far from the company’s historical home base and majority of the company’s shareholders, making it difficult for many shareholders to attend. This is not what leadership accountability or alignment with shareholder interests looks like. 4. Their Attack on Shareholder-Nominated Directors is Hypocritical They ignore the fact that the current Board’s so-called “expertise” has coincided with massive value destruction even before trial failure. They dismiss the value of financial discipline, capital markets expertise, and commercial strategy—areas where the company is demonstrably failing under their leadership. They attack the credibility of shareholder-nominated directors while failing to justify their own failures. Shareholders deserve a Board that understands financial responsibility, capital markets, and corporate governance—not just how to run a clinical trial into the ground. 5. The Alternative – New Leadership That Puts Shareholders First We are committed to restoring integrity, financial discipline, and shareholder focus to Percheron Therapeutics. Gregory Peters – Business strategist with a track record of corporate structuring and financial accountability. Gennadi Koutchin – Capital markets specialist who understands investor confidence, strategic partnerships, and financial discipline. Our top priority will be the appointment of highly experienced biotech professionals to strengthen both the Board and executive management team. This will ensure Percheron is led by individuals with deep expertise in drug development, regulatory pathways, and commercialisation, aligning with industry best practices. Unlike the current Board, we are focused on delivering results. Final Thoughts – The Time for Change is Now This Board is not being attacked—they are being held accountable. If we let them stay, they will continue to do exactly what they’ve done—protect their own interests, not yours. Enough is enough. It’s time for a leadership team that respects shareholders, restores investor confidence, and rebuilds this company. Vote FOR new leadership. Vote FOR financial accountability. Vote FOR real change. Sincerely,Gregory Peters & Gennadi KoutchinProposed Directors, Percheron Therapeutics Ltd



In all fairness to the existing Board
None of this would be happening if Epicursen for DMD had not failed…
The sp would have been >$0.70c..
and none of this nonsense would be happening…

The amount of work in preparation for the success of Epicursen was immense..

All shareholders have the ability to vote ..

Please do !