IMU-Their strength is their people, page-28

Davy,

Whilst last year’s JP MORGAN didn’t produce any obvious tangible benefits, it would be a safe bet that a lot of the moves that have you so excited had their genesis in last years JP Morgan. Remember LC had many meetings in the US while she was there.

These meetings would have given her the list of requirements that investors and big pharma needed to see ticked off if IMU wanted to attract serious interest.

So IMU is now a highly qualified team. With many years of experience. Not just a hard working CEO. So any suitor or investor can be confident the depth of management is there. And as we have discussed manufacturing is ticked off. We signed off a manufacturing and supply agreement for CF33 about 18 months ago.

Now LC is heading back to San Francisco as the CEO of a very well oiled machine, with the 2 best in development cancer therapies in the world in her portfolio. And if B Cell ever gets a solid funding deal, we might just have the 3 best assets going.

With the reawakening of the US Biotech markets we can expect JP MORGANS to produce some Stella deals this time.