Time for an honest update

I have just sent this email to investor relations. Be interesting to see if they bother to respond......

Hello,

I am a longtime shareholder thatoriginally bought my SPL shares off the back of the promising results andcontinuous commentary in SPL ASX announcements around the 3 DEP products (Dox,Iri, Cab).

The continuous language coming out ofSPL in the ASX announcements were that upon proof of concept of these threeproducts (completion of phase 2 Trials) would be licensed out.

I realise that during the time ofrelease of these phase 2 results we have had a CEO resign and new leadershiptake over, however, I would like an explanation as to why these products havenot yet been licensed out?

Please clarify the following queries:

1. Are the results as good as they have been reported to be in the ASX announcements?
2. Why has none of the 3 products been licensed yet?
3. Were previous announcements out of SPL inaccurate or inflated in any way to make the trial results look better to the everyday investor when the company knew well that the results were not significant enough to entice big pharmas to enter into license agreements?

In summary, the previous companyobjective (under JF) was always to license out the DEP portfolio products uponproof of concept. This has FAILED to eventuate.

The new company objective (which hasnow been in place since the new CEO took the reins Jan 2024) is as per below:

• Renewed focus on maximising DEP® asset value – No achievements in this space to date.
• Investing in the advancement of the dendrimer technology – No achievements in this space to date.
• Developing assets with accelerated commercial opportunities – No achievements in this space to date.
• Building, strengthening, and expanding collaborative relationships with partners – No achievements in this space to date.
• Prioritising long-term sustainability – No achievements in this space to date.

Can you please provide an honestupdate on what has actually been achieved over the past 10 months and also an HONESTupdate on exactly why the promises of the previous CEO have not come tofruition? i.e. DEP licenses.

Cheers,