Ann: Appendix 3B, page-79

These options have not been issued and are below the exercise price so it is highly unlikely that the vast majority will be exercised...looking at the top 20 option holders I cannot see any of them with a sufficiently large shareholding to exercise them rather than buying them on the market for below the exercise price.There is no announcement to say that they are being underwritten do I cant see much dilution happening. ACW has enough money going forward for a succession of readouts and if any of these are successful they can raise the money at a later stage.

The large institutional funds on the register especially the successful and specialist BCF fund has done deep due diligence on ACW and therefore adds a degree of comfort to shareholders that invest without the deep knowledge in biotechs. Good luck all