This was my original guess why Axel Hoos recused himself (in...

This was my original guess why Axel Hoos recused himself (in Bold Blue Font below) together with my review notes from the CF33/Vaxina Acquisition EMG papers...

Re-sharing mynotes and thoughts on the EMG papers. I originally shared this in mid-Oct whenthe EMG was first announced.

· Allows IMU todevelop CF33, bring it to human trials in 2020 and start to seek partnershipand funding deals with big pharmaceutical.

o Page 47 para 9.8 states that “... a number of parties have approachedVaxinia regarding its acquisition...”

o Page 6 para 12 states “... the value if Vaxinia principally derives from ...sourcing ofseveral funding sources...”

o In future (if not already in progress!!), IMUcan negotiate with the “number of parties” that have shown interest/approachedVaxinia (as referred to in the EGM docs) for a CF33 partnership deal at a muchhigher price after CF33 progresses to trials. The fact that Dr Axel Hoos recused himselffrom the due-diligence and the voting on the CF33 deal may be due to potentialconflicts with his other role as SVP in GSK, e.g. GSK maybe an interested partynow or in the future.

· Any positive newsand results for CF33 will now flow through to IMU’s share price;

· Diversifies IMU’scurrent portfolio of treatments which focuses on B-cell peptide vaccines,significantly de-risking the product pipeline and company;

· Brings ExecutiveChairman, Paul Hopper’s, financial interest more in-line with other IMUshareholders, i.e. more “skin in thegame” for Mr Hopper. Currently he holds a MINOR 2-3% of IMU, after the dealhe will have a SIGNIFICANT 12% stake ... new shares will be escrowed for 12months. This is quite a long voluntaryescrow period and Paul H wouldn’t have agreed to take onlyIMU shares for his Vaxinia baby if he wasn’t extremely confident of IMU’sprospect in the next 12 months.

· Page44 - Vaxinia shareholders: The other individual shareholders of Vaxinia(swapping their shares for IMU shares with escrow of at least 6 months) willfurther give IMU a reputational boost:

• • Prof Yuman Fong (inventor of CF33 ultimate insider and most knowledgeable person on CF33): 15% shareholder of Vaxinia will have circa 1.7% of IMU and will be top 10 in future!
  • Dr Len Post (previous director of Viralytics which was sold to Merck in 2018, and previous director of Biovex sold to Amgen in 2011) will bring his extensive OV development and OV M&A experience to IMU. I will back he can make it 3 out of 3…Biovex, VLA and now IMU!!
  • Andrew Banks (Aust SHARK TANK Judge/TV personality. Serial entrepreneur and respected business identity. Founder of recruitment companies Morgan & Banks then Talent2). This fact should help uplift IMU’s profile as a very savvy early stage investment with awesome potential and great leadership. Potential additional PR, media and marketing potential for IMU with this association.