Ann: Race In-person Investor Briefing Invitation Perth, page-39

Although my valuation is much higher, isnt circa $3 realistically close to a fair valuation for where we are at clinically? The potential is huge and the recent and historic data certainly provides a strong argument for future clinical success but stripping everything back I think this is fair for the time being until we get proof of concept data which isn’t far off. The biggest hurdle I’ve had explaining my RAC investment to those closest to me has always been the numbers are too good to be true etc, so I think valuing this on CPACS right now surely doesnt help without the data as there is such a huge disconnect in share price currently. Sheba 2.0 of course provides this for any savvy investor reading between the lines but it’s not official confirmation yet.