Ann: Cellmid Investor Presentation, page-25

D.B.

I think the matter is fairly trivial so I don’t want to waste too much of my time on it. Responses below to your 8 points should help you decide how much your own time is worth. It's not obvious whether you are concerned that the Company has made a mistake in the presentation or that it has a 20% interest.

1. I don’t think the matter is sufficiently important that the 20% figure needs to be accurate. I take it to be intended as a general guide to the proportional interest of personnel associated with the Company.

2. Inclusion of options is neither correct nor incorrect, depending on context. What ‘Management 20%’ means is open to individual interpretation. It’s not a court document. Active options do represent potential share holdings and hence voting rights should they be exercised.

3. Loan shares rank equally with other shares. How they are acquired is not relevant.

4. Usually options holdings are included in notices of director interests. Sometimes possibly not. See for example the recent Appendix 3Y disclosures of Walton (1/11/17) and King (31/19/17). They are always disclosed in Annual Reports.

5. I thought I had explained this clearly. Resolution 1 of the AGM agenda that you reference seeks shareholder approval of the remuneration report contained in the 2013 Annual Report. The remuneration report details the incentive scheme for executives as determined by the Board. Shareholders therefore approved the issue of options under this scheme by passing Resolution 1.

6. Has anything changed? Don’t ask me, ask the Company why a management interest figure was included in a presentation. Is thought to be 20% too much or not enough?

7. For the Cell Signals/Scientists connection, see ASX announcement of 16 April 2008 (then Medical Therapies) relating to the purchase of the midkine IP.

8. Good to hear the presentation is being used for its primary promotional purpose. The effort would be wasted otherwise. The more investment it encourages the better.

Hope this helps.

Cheers