VOTE NO. AWAIT "BEST & FINAL" DECLARATION, page-162

Add me to the list.

Voting No - and despite yet another call will not be changing. the initial officer of ~11.5 cents was recommended as good value by the BOD and TK (as many others have pointed out), the offer value has now nearly doubled. This is not because of managements business acumen, but solely because of shareholders who recognise value in RAP beyond managements vision.

I believe the current offer of 20.8c is also well below a fair and realisable valuation. To me the starting point for a takeover must be above the upper range of the IER, >28 cents. This minimum purchase price is of course going to increase over time if Pfizer cannot achieve sufficient shareholder support this month.

The antics and communication methods from RAP management are reminiscent of the sort of communications sent to shareholders by David Tweed. We see past the offer, no amount of bold text and underlining, and use of words like “premium” or “cash” will sway the relatively informed.

It’s interesting also that some key business development staff left the organisation as recently as March this year. If the no vote goes through I expect the business to continue in their legal obligations to continue to promote and develop RAPs technology. TK is on record that there is no risk to the company as a going concern if the scheme is voted down. CR is fine, I expect to be part of the journey over the next few years when real value is extracted and realised for societies, and of course, shareholders.

All IMO.

Voted no and not changing.