Ann: Race In-person Investor Briefing Invitation Perth, page-8

Dear Shareholders,



I am pleased to share details of the latest MST Research report on Race Oncology. MST has increased the undiluted per share valuation to A$3.22 from A$ 2.56.



The driver of this increased valuation comes from our recent announcement of the successful completion of the Good Laboratory Practice (GLP) toxicology and safety pharmacology studies for RC220 bisantrene. The studies demonstrated RC220’s safety profile and support its advancement to human clinical trials.



The MST Access report states: “Successful completion of GLP studies removes a key hurdle for RC220’s clinical pathway and strengthens our confidence in the commencement of Phase 1 trials in 2HCY24. We now assign a 100% likelihood of success for the development of RC220.”



You can access a full copy of the report, and ask any questions directly to our management team, on Race’s Investor Hub page here.



I am presenting a webinar hosted by MST Financial tomorrow, Tuesday July 2 at 4.30pm, where I will present the latest updates from Race Oncology. You can register for the session here.



Best regards,

Dr Daniel Tillett

Chief Executive Officer





L36, 1 Macquarie Place, Sydney, NSW 2000
(02) 8051 3043  | [email protected]