Ann: Imagion Biosystems December 2021 Investor Newsletter, page-30

Tony, always difficult to estimate with any accuracy the degree of difficulty or otherwise in the recruiting process
for our type of trial. Geoff (Company CFO) has been consistently remarkable (to me) whenever I've sought
clarification on any topic relating to IBX.

The trial progress trajectories were opportunistically astute and initially very promising in finishing on time, however,
Covid (mainly), over-ambitious and other unforeseen reasons meant that the promised timeframes saw several blowouts.
However, one needs to be careful here and not blame the blowouts on lack of credible ambition or management
negligence in the process - Sure, things could have been done differently i.e. having four sites set up from day one...

I'm a believer in the direction that the Co is now taking, could the Co strategy have been done in a better and more efficient
way in the past? yes, hindsight is a wonderful thing. Anyway, the fact that we haven't had any news on the progress of the
first patient/s should in our mind have no adverse bearing on the success of our tech, in fact, quite the opposite as any
adverse findings in our trial would have resulted in the company announcing this event under the ASX continuous disclosure
rules.

I too am disappointed in the time that it's taken to reach where we are today but at the same time, I'm more optimistic about
our future and in particular the next two quarters. The journey will be endured (by me) but, we will all know soon enough
if we are heading in the right direction.
Also, finishing the year with a very healthy cash on hand balance certainly makes it plausible that funding for the trial will
continue without the fear of a capital raise until some time in the second half of 2022.