thirty mill deal clinched by aussie biotech, page-9

We believe that Imugene’s team has what it takes to build a world-beating biotechnology company focused on
animal health. Over the last twelve months the team has helped maintain ongoing licensing interest from Merial, as
well as built a pipeline of products for Imugene and significantly bolstered that pipeline through the RMT inlicensing.
We expect over the next twelve months that the market will begin to appreciate what Imugene has
achieved to date. Favourable results from the RMT field trial, or success in completing development of an avian
influenza vaccine, may prove to be the catalyst for a re-rating of Imugene stock, while the overcoming of any delays
currently being experienced with the OGTR is also likely to be looked upon with favour. With the market currently
undervaluing even our base case valuation by a significant margin, Imugene remains a Speculative Buy for
Knowledgeable Professional Investors, with a target price of $1.11 per share.