VAST, page-5

Response to  Ms. Ramsdale:

Dear Tracie

Thanks for taking the time to respond to my email.

Sadly it does little to reassure me that the actions being taken with regard to VAST are in the best interests of all shareholders, and it specifically does not address the involvement of Wim Meutermans (who is according to Alchemia’s website in the employ of Alchemia) in VAST Biosciencies P/L.

Also of concern are:

1. The lack of capitalisation of any value in VAST – seemingly a complete failure given the 2013 announcement referred to below.
2. The terms and conditions of the agreement with Dr Reddys which appear to leave Alchemia in the position of potentially losing any revenue from what should be a highly profitable drug
3. The apparent mismanagement of the P3 Clinical Trial for HA-Irinotecan where the Russian results seemed to derail a highly promising and successful development.  I have been informed by people who are regularly carrying out such trials that it is well known that results from countries such as Russia are at best dubious and possibly much worse, with such a trial source only being considered as a last resort as a result.

Sadly I suspect the many small shareholders who have lost their capital investing in Alchemia over the years will be unable to take any significant action against those responsible.

Regards