benitec/calimmune sydney presentation, page-16

Cool, its management that set expectations, not HC posters. We can only provide commentary on what information they provide to us. The sp forecasts are based on company info so when that info proves to be inaccurate, then the forecasts must change accordingly.

I am still very confident of good results but when deadlines are constantly missed, re-established and missed again, then that can only cause potential partners/investors to the nervous. This in turn affects our deal making capabilities. I still think that the sp will take off next year but I am no longer sure about when that will be because the HCV start date has changed from Sep 2013 to Nov 2013 to Jan 2014 (but in reality more likely to be Feb/Mar 2014).

The Chairman promised the latest presentation would be on the company website and released to the ASX, yet, here we are almost two and a half trading days later and still there is nothing for shareholders to view. This is the same Chairman that, two years ago, said the company sp should reach an inflection point shortly, yet, here we are still waiting.

The pattern is not a good one and I think it is important to point out the flaws in the company while trumpeting its potential.