Ann: Notification regarding unquoted securities - RAC, page-43

Happy New Year everyone.

I also wish we had more money in the bank, but people seem to have forgotten that the buyback was initiated because we received the overseas R&D tax ruling which was unexpected. For better or worse Race has been run (at least when I was involved) on the basis that we don’t raise funds for a rainy day, but only raise what is needed. Even if you think the buyback was wrong, it was very modest and only a fraction of the extra money we have received, let alone the money still to come from the ruling.

This approach is the same reason we returned funds above the $29.7 million that we needed back in 2021. We had no use for the extra money at the time and we felt it was not right to just keep shareholders funds in the bank just in case we might need it in the future.

In regards the options, I am just letting everyone know that if people exercise early we will use the funds to accelerate a number of value-add preclinical programs. These are not essential to the core clinical program, but they should add significant long-term value. Some people will be in the position to exercise early and others will not. I don’t want anyone to feel they have to exercise early, or even at all (you don’t), but at the same time I don’t want anyone to think it won’t make a difference.