On May 20, 2024, Whitefort Capital Management announced that it has issued an open letter to shareholders of Arbutus Biopharma Corp, stating that it believes that the Company is most likely to maximize the probability of success of its HBV program by partnering with a larger biopharmaceutical company that has an existing franchise in hepatitis, and the clinical expertise and commercial infrastructure to pursue a complex combination therapy targeting a functional cure for HBV, with the pending retirement of Chief Scientific Officer Mike Sofia by year end, whose stewardship has laid the groundwork for a potential functional cure for HBV, we believe this creates a natural transition to place the HBV franchise in the most capable hands to achieve future success. In addition, Whitefort Capital Management stated that it firmly believes that the Board must act with urgency to end new share issuances, limit dilution from its 2016 Plan, explore strategic options for its HBV portfolio by yearend and judiciously allocate capital until then, and stated that it will vote against the Company proposal regarding increased share authorization under incentive plan, at the 2024 annual meeting of shareholders scheduled to be held on May 22, 2024.