Ann: Imugene Corporate Presentation, page-185

When it comes to value Her-Vaxx and PD1-Vaxx as well as the CF33 applications 2 ways need to be considered.

1. IMU's drugs compared to chemo / SoC

2. IMU's drugs compared to current market leaders.

To be commercially successful the drugs need to be at least equally well working, be saver and not more expensive than the market leader. And from what we've been told the platforms tick those boxes.

The platforms don't and maybe won't have 100% success rate but look at what the current leaders have achieved. Far from perfect.

I expect a Her-Vaxx deal either once on pathway to be fast tracked or once FDA approved. A deal now might not get IMU the possible value it deserves. But if there is an offer too good to be refused coming out of nowhere I am convinced IMU will be willing to an agreement both sides and patients will benefit from.

GLTA