Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-18

Hi Brrrattt

I do appreciate the feeling. As I say - CR's are seldom popular. No-one like dilution.

On the other hand, my Dad alway used to say "Look at the doughnut, not the hole."

Imugene has a remarkable set of products and it will only take commercial success for one of those products and the share price will go up in multiples. Many multiples in my view. At that point all past dilution will seem irrelevant.

So the questions for an investor become - do I think that will happen, and can I hold long enough to reach that goal?

In my case the answers are yes and yes, but for sure that will not her the case for everyone.

I watch the science very carefully but I know that the CEO is also watching the cash position. Past behaviour tells me that a CR is coming reasonably soon. I would of course love to see an income producing deal before then - maybe a surprise offer to licence the B cell tech - but I don't think that is likely in the time frame we are looking at.

It is also possible that excellent news from a clinical trial would come with the rumoured NASDAQ listing, and a CR combined.

In the end, a CR is better than running out of funds to complete the trials.

Cheers

Dave