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The NDF Research report has been commissioned and paid for by Phosphagenics Limited (the Company) and has been prepared by NDF Research, an Authorised Representative of BR Securities Australia Pty Ltd. The report solely reflects the views of NDF Research.

Any opinions, forecasts, recommendations or forward looking statements in the report reflect the judgement and assumptions of NDF Research at the date of publication of the report. The Company does not endorse the findings or contents of the report, including any price target, earnings forecast or other statement about the Company’s prospects, and will not be responsible for any loss or damage arising in any way from errors, omissions or misstatements in the report or the use of, or reliance on, the report in any way.