Ann: Appendix 4C - quarterly, page-7

I’d love to know what goes into the mindset of the people who recently have sold out.

Personally I see a company that just continues to tick the boxes and prove up a very valuable and enviable pipeline, as demonstrated in the quarterly report.

HerVaxx interim data showing safety virtually second to none, worthy of a US$1billion dollar deal , possibly much more given how quickly the landscape is changing and the size of other recent Big Pharma deals. That should value HErVaxx alone at 25c plus, ignoring all future royalty streams.

PD1 VAxx showing initial safety and zero toxicity , taking on an even bigger market than HerVaxx, effectively carried in the portfolio at zero value. Could easily attribute 10c ps now given that it’s B Cell proof of concept has already been achieved via HerVaxx. They are both B Cell peptides with the same method of action.

Then CF33, whilst frustrating it has not commenced initial trials, the fact remains it is a far superior oncolytic virus than the Replimune 1st Gen HSV , yet Replimune, a one asset company, is worth $2.3 billion. 50c per share, or call it 20c just to be conservative pre clinical. Either way it is carried at zero value at current shareprice.

Add up up the pieces. 25 + 10 + 20= 55c

i take a lot of comfort that the market often gets it horribly wrong. I am sure people scratched their heads in disbelief last year at 2.8 when I suggested it was heading to 6 c, then again at 6.5 when I said 11c was on the cards.... Just because we’ve jumped two hurdles doesn’t mean it’s game over. It means we are well on our way .It means likelihood of commercial success should be factored in not ignored. So stick with the program and stay the course, this proven pipeline is still well undervalued and has a long way to run . 20-25c next stop. More data, more approvals, and a big ticket licensing deal will more than justify that kind of level.