Without prejudice and based on different and uncertain...

Without prejudice and based on different and uncertain assumptions (from among others press releases and prospectus released by the company) we have made the below calculations to assist with determining a fair value of the shares on the first day of trading:

Cash= AUD 21.75mm
No shares = 42.2mm
Value per share = AUD 0.515

NPV of other assets (such as 50% of WDL, royalties and contingent payments); difficult to value, but will be somewhere between zero (0) and "something" - for arguments sake this could be 1) AUD 0mm, 2) AUD 5mm, 3) AUD 10mm or 4) AUD 15mm.

Total value of shares given the above four scenarios (cash + other assets):
1) AUD 0.52/share (as per cash value)
2) AUD 0.63/share
3) AUD 0.75/share
4) AUD 0.87/share

I hope the above is helpful.