Recently, Rafflesia was in the news. Consider the following statements with respect to it:

1. It's a parasitic flowering plant in the family Rafflesiaceae which is endemic to the South East Asian region.

2. The parasite produces a cabbage-like bud that breaks through the vine's bark and eventually forms a giant, five-lobed flower, up to a meter across.

Which of the statements given above is/are correct?