Ann: Imugene Presentation to Bell Potter Conference, page-70

Its an anecdotal case of course, but its pretty compelling imaging. Azer-cel does hold strong potential of course, but investors should also be very wary of the difficulties and competition in getting this to market. Why did Precision sell Azer-cel rights to IMU? To get a nice chunk of cash to continue its own developments in it outside of oncology in part of course - and got a nice little $300 million potential milestone payments partnership to do so with TG Therapeutics recently. I do believe IMU will successfully combine Azer-Cel with its existing CD19 onCARlytics program, but its going to be a long road. The lack of cytokine storms or host verus graft reactions are promising and I do believe it has the potential to become an allogeneic CAR T cell therapy, but the first as IMU guided in the past? There are some 50 allogeneic CAR T cell trials in the US alone. The company has been guilty of talking up its prospects to investors all too willing to buy the hype in the past and somewhat shy over the intense competition in the space.

At this price I believe IMU a good punt to get there, but it may well be beaten to the punch - at least the company has dropped the likely first to market rhetoric. IMU is a front runner without a doubt, as decent analysis will reveal - hence I recently bought in with the low share price. Perhaps don't be too harsh on counter analysis that might have given healthy pause for thought when investors paid as high as $0.50. The discussion (and information discovery along the way) serves purpose for those investors with healthy perspective.

GLTAH.