RANI · Rani Therapeutics Holdings, Inc.

The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $0.688 to $0.69, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Includes 12,343 shares held by VH Moll, L.P. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

The shares subject to the option vest as follows: 25% of the shares subject to the option vests on June 29, 2027; and 1/48th of the shares subject to the option vest monthly thereafter over the remaining three years, subject to the Reporting Person's Continuous Service (as defined in the Company's 2026 Inducement Plan) through each such vesting date.

This transaction is being reported late due to inadvertent administrative oversight.

Represents shares withheld by and surrendered to the Issuer to satisfy tax withholding obligations in connection with the settlement and release of the restricted stock units.

Includes 12,343 shares held by VH Moll, L.P. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

This transaction is being reported late due to inadvertent administrative oversight.

Represents shares withheld by and surrendered to the Issuer to satisfy tax withholding obligations in connection with the settlement and release of the restricted stock units.

The shares subject to the option vest as follows: 1/48th of the shares subject to the option vest monthly over four years from April 1, 2026, subject to the Reporting Person's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan) through each such vesting date.

The shares subject to the option vest as follows: 1/48th of the shares subject to the option vest monthly over four years from April 1, 2026, subject to the Reporting Person's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan) through each such vesting date.

The shares subject to the option vest as follows: 1/48th of the shares subject to the option vest monthly over four years from April 1, 2026, subject to the Reporting Person's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan) through each such vesting date.

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the Reporting Person's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan (the "2021 Plan")) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the 2021 Plan), each subject to the Reporting Person's Continuous Service through such date.

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the Reporting Person's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan (the "2021 Plan")) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the 2021 Plan), each subject to the Reporting Person's Continuous Service through such date.

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the Reporting Person's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan (the "2021 Plan")) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the 2021 Plan), each subject to the Reporting Person's Continuous Service through such date.

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the Reporting Person's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan (the "2021 Plan")) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the 2021 Plan), each subject to the Reporting Person's Continuous Service through such date.

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the Reporting Person's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan (the "2021 Plan")) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the 2021 Plan), each subject to the Reporting Person's Continuous Service through such date.

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the Reporting Person's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan (the "2021 Plan")) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the 2021 Plan), each subject to the Reporting Person's Continuous Service through such date.

This transaction is being reported late due to inadvertent administrative oversight.

Represents shares withheld by and surrendered to the Issuer to satisfy tax withholding obligations in connection with the settlement and release of the restricted stock units.

Includes 12,343 shares held by VH Moll, L.P. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

This transaction is being reported late due to inadvertent administrative oversight.

Represents the sale of shares to cover tax withholding obligations in connection with the settlement and release of the restricted stock units.

This transaction is being reported late due to inadvertent administrative oversight.

Represents shares withheld by and surrendered to the Issuer to satisfy tax withholding obligations in connection with the settlement and release of the restricted stock units.

Includes 12,343 shares held by VH Moll, L.P. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

This transaction is being reported late due to inadvertent administrative oversight.

Represents shares withheld by and surrendered to the Issuer to satisfy tax withholding obligations in connection with the settlement and release of the restricted stock units.

Includes 12,343 shares held by VH Moll, L.P. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

The Reporting Person purchased these shares in a PIPE offering conducted by the Issuer.

The shares subject to this option will vest over a three-year period, with one-third of the shares subject to the option vesting on October 23, 2026, and one thirty-sixth of the shares subject to the option vesting each month thereafter, subject to the Reporting Person's continuous service with the Company through each vesting date.

The warrants shall be exercisable upon stockholder approval and have a term of exercise equal to five years from the date of such stockholder approval.

The shares subject to this option will vest over a three-year period, with one-third of the shares subject to the option vesting on October 23, 2026, and one thirty-sixth of the shares subject to the option vesting each month thereafter, subject to the Reporting Person's continuous service with the Company through each vesting date.

The price reported is a weighted average price. The shares were sold in multiple transactions at prices ranging from $2.50 to $3.09, inclusive. The reporting person undertakes to provide to Rani, any security holder of Rani, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

South Cone Investments Limited Partnership directly owns 100% of the issued and outstanding membership interest of South Lake One LLC.

The price reported is a weighted average price. The shares were sold in multiple transactions at prices ranging from $2.25 to $2.61, inclusive. The reporting person undertakes to provide to Rani Therapeutics Holdings, Inc. ("Rani"), any security holder of Rani, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

South Cone Investments Limited Partnership directly owns 100% of the issued and outstanding membership interest of South Lake One LLC.

This transaction is being reported late due to inadvertent administrative oversight.

Represents shares withheld by and surrendered to the Issuer to satisfy tax withholding obligations in connection with the settlement and release of the restricted stock units.

Includes 12,343 shares held by VH Moll, L.P. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

This transaction is being reported late due to inadvertent administrative oversight.

Represents shares withheld by and surrendered to the Issuer to satisfy tax withholding obligations in connection with the settlement and release of the restricted stock units.

Includes 12,343 shares held by VH Moll, L.P. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the recipient's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the Company's 2021 Equity Incentive Plan).

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the recipient's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the Company's 2021 Equity Incentive Plan).

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the recipient's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the Company's 2021 Equity Incentive Plan).

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the recipient's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the Company's 2021 Equity Incentive Plan).

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the recipient's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the Company's 2021 Equity Incentive Plan).

The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the recipient's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the Company's 2021 Equity Incentive Plan).

The shares subject to the option vest as follows: 1/48th of the shares subject to the option vest monthly over four years from May 23, 2025.

The shares subject to the option vest as follows: 1/48th of the shares subject to the option vest monthly over four years from May 23, 2025.

The shares subject to the option vest as follows: 1/48th of the shares subject to the option vest monthly over four years from May 23, 2025.

The shares subject to the option vest as follows: 1/48th of the shares subject to the option vest monthly over four years from May 23, 2025.

This transaction is being reported late due to inadvertent administrative oversight.

Represents the sale of shares to cover tax withholding obligations in connection with the settlement and release of the restricted stock units.

Includes 12,343 shares held by VH Moll, L.P. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

On December 16, 2024, the exercise price of the stock options has been amended to increase the exercise price to $9.44 per share. There is no change to the expiration dates or the vesting schedule of the options.

The shares subject to the option vested as follows: 1/3rd of the shares subject to the option vested on April 20, 2022; and 1/36th of the shares subject to the option vested monthly over the following two years.

On December 16, 2024, the exercise price of the stock options has been amended to increase the exercise price to $17.00 per share. There is no change to the expiration dates or the vesting schedule of the options.

The shares subject to the option vest as follows: 1/3rd of the shares subject to the option vested on January 3, 2023; and 1/36th of the shares subject to the option vest monthly over the following two years.

On December 16, 2024, the exercise price of the stock options has been amended to increase the exercise price to $4.11 per share. There is no change to the expiration dates or the vesting schedule of the options.

On December 16, 2024, the exercise price of the stock options has been amended to increase the exercise price to $4.11 per share. There is no change to the expiration dates or the vesting schedule of the options.

On December 16, 2024, the exercise price of the stock options has been amended to increase the exercise price to $4.11 per share. There is no change to the expiration dates or the vesting schedule of the options.

On December 16, 2024, the exercise price of the stock options has been amended to increase the exercise price to $4.11 per share. There is no change to the expiration dates or the vesting schedule of the options.

On December 16, 2024, the exercise price of the stock options has been amended to increase the exercise price to $9.44 per share. There is no change to the expiration dates or the vesting schedule of the options.

The shares subject to the option vested as follows: 1/36th of the shares subject to the option vested monthly over three years from June 17, 2021.

On December 16, 2024, the exercise price of the stock options has been amended to increase the exercise price to $9.44 per share. There is no change to the expiration dates or the vesting schedule of the options.

The shares subject to the option vested as follows: 1/3rd of the shares subject to the option vested on April 20, 2022; and 1/36th of the shares subject to the option vested monthly over the following two years.

On December 16, 2024, the exercise price of the stock options has been amended to increase the exercise price to $9.44 per share. There is no change to the expiration dates or the vesting schedule of the options.

The shares subject to the option vested as follows: 1/36th of the shares subject to the option vested monthly over three years from June 17, 2021.