Ann: Quarterly Activity Report & Appendix 4C, page-20

This sort of thing really annoys me. We have a situation where an important and novel result for Zantrene is published in a peer reviewed scientific journal by an independent group of credible scientists is considered ramping, but an announcement about company funded research which has been through no independent peer review is considered price sensitive.

In defence of the ASX the underlying problem is there is nobody within the ASX compliance section that really understands biotech and there are not any clear guideline like there are with resource companies (i.e. JORC 2012). Unfortunately, some less-than-honest biotechs took advantage of this weakness over the last few years and so the ASX has (in my opinion) overreacted to the point of calling everything non-price sensitive “ramping”.

We have a situation where 10% of the shareholders who follow HC know something important, while the remaining 90% are left in the dark. I don’t think this is good for anyone except HC.