benitec/calimmune sydney presentation, page-25

Hi Ultimate

The meeting went extremely well. It was two hours of Q&A with Peter French, David Suhy, John Chiplin and myself. I feel as though I had had a personal seminar on the science, IND, and prospects going forward. It was a "very" large amount of info which I am still digesting and will summarize for HC as soon as I get time. I wish everyone here could have been there because some of the hand wringing going on here is very overstated and not everything is under Benitecs' control. Case in point, regarding Calimmune, is that they are a very secretive private company. They've been asked by management to comment on progress and they aren't agreeable on commenting except, at a time of their choosing, when they feel like it. We have no sway in the matter even though promising results would help the share price. Everyone is aware of that.

Another case in point. I got this meeting because of my impatience regarding submission of the IND. I received a 10 minute focused seminar from Dr. Suhy on the complete process and obstructions they had to overcome. It completely took all the steam out of my prior interpretation of events. Dr. Suhy is on fire about getting this moving. This is the culmination of many years work and
he wants it done yesterday.

I've participated in many meetings like this in both tech and real estate and I'm kind of a skeptical prick who doesn't mind asking hard questions to piss of participants just to see how they react. The meeting was wide open except for actionable information. Ground rules were determined before hand.

My sizable share position hasn't changed because of the meeting but I will be adding on weakness brought on by either manipulation, fear, or ignorance. This company is far more focused than you know but it is not by a long shot derisked. The trials and partnerships are everything. I am personally hedged in the space with siRNA holdings but this one is very very very interesting.