Ann: Update - Notification of buy-back - NEU, page-25

A storm that lasts longer than Neuren has cash to weather will be a problem for the world and not just Neuren shareholders. You have to understand that moving 2591 forward is Neuren's only strategy to progress. They could survive decades if they just sat still and covered basic operating expenses. As you well know interest on cash reserves covers staffing and admin costs almost 3x over and Daybue royalties alone with no milestones would likely cover the amount spent on a PMS phase 3 trial this year. One could consider an alternative option for Neuren for excess funds could be about licensing in another asset to progress behind 2591 but I don't think management has ever flagged that. They are all in on their current pipeline and know that success with that would make the current valuation a distant memory. I don't know how my nerves will hold out if we end up 18-24 months from now going into a trading halt for the PMS trial and the share price is still languishing and nothing else to fall back on. I will still have my entire holding because it's way too low to sell but the reward for success will be huge. Also there is always the chance for a takeover offer at anytime and who would want to miss that.