CONFIDENTIAL to Cell Therapies Pty Ltd Ground Floor, 10 St Andrews Place, East Melbourne, VIC, Australia T: +61 3 9656 5804 www.celltherapies.com.au Disclaimer: This document is a Small Scale Offer Document and is intended for sophisticated investors only (v10 11 Nov 2015)

Asia Pacific’s leader in deployment of cellular therapies, the

essential infrastructure enabling a new industry

Cell Therapies Pty Ltd (“CTPL”) Investment Highlights

Potential to create >A$100m revenue Asia Pacific centre of excellence in cell therapies

Need A$25m capital: $2m rights issue now; Series A $5-7m H1 2016; balance 2017

High growth cellular therapies market: the emerging fourth pillar of modern medicine

Growth from risk-reward projects (commercial manufacturing and in-licensing); facilities underwritten by fee-for-service contract manufacturing

Advanced pipeline of projects in immunotherapy, gene therapy, regen medicine

Pan-Asia facility network well advanced (Australia, Japan, Malaysia)

Unique ‘needle-to-needle’ small batch manufacturing and distribution capability: essential enabling infrastructure for the industry; CTPL’s competitive advantage

Established regional leader: internationally experienced/recognised team; world class clinical, research linkages; 12 years’ experience in TGA regulated cGMP supply

Attractive risk profile: portfolio of projects (uncorrelated risk); limited exposure to product development risk; multiple plays on breakthrough technology such as CAR-T

The market opportunity

Cellular therapies utilise stem cells and the body’s latent ability to repair itself to treat and even cure diseases and injuries largely untreatable by current medicine. Potential healthcare savings in the US alone from regenerative medicine treatments exceed $250b per year.1 Sector profile in 2014:

517 companies developing therapeutic products

$6.3b in capital raised (all sources)

66 approved products, 375 clinical trials

Breakthrough results in gene and immunotherapy

Needle-to-needle manufacturing/delivery: CTPL’s unique expertise Cellular therapies require a new paradigm for product delivery:

cGMP process control from cell collection at patient/donor through manipulation to delivery back to patient for transplant

Short shelf-life (often <48h) and patient specific preparation = scheduling, logistics and cryopreservation challenges

Small batch size, even for allogeneic products = scale-out rather than scale-up challenges and bespoke automation

CTPL is the essential infrastructure required for product developers to reach the market

“At its core, manufacturing will be a differentiating factor” Jason Kolbert, Maxim Group LLC at Phacilitate, Washington 2014

Needle-to-needle cGMP manufacturing +

Location close to 650m patients + = CTPL’s significant competitive advantage

World class clinical & research infrastructure

1 Alliance for Regenerative Medicine Annual Report 2014 and State of the Industry Report 2015

CONFIDENTIAL to Cell Therapies Pty Ltd Ground Floor, 10 St Andrews Place, East Melbourne, VIC, Australia T: +61 3 9656 5804 www.celltherapies.com.au Disclaimer: This document is a Small Scale Offer Document and is intended for sophisticated investors only (v10 11 Nov 2015)

CTPL is ideally positioned to participate

12 years’ experience distributing and manufacturing cellular therapies

Delivered Orthogen’s Cartogen® first generation ACI product for 10 years in Australia

cGMP and PIC/S compliant facility at Peter MacCallum Cancer Centre (“PMCC”), Melbourne, Australia (operating lease to CTPL)

Sterling quality track record: 18 TGA quality audits in the past 12 years

Global reputation and impact, deep regional experience: 7 manufacturing processes transferred to US, EU and Japan for late stage clinical trials; brought facilities to cGMP in Japan, Malaysia and Indonesia

Synergistic relationship with Founding Partner PMCC’s clinical, research organisations

Process development IP and know-how includes quality systems, cell tracking, essential participant in CRC for Cellular Therapy Manufacturing

Deep and broad experience across cell types and manipulations

Robust growth pipeline supports expansion to ASEAN and beyond Portfolio of haem/oncology and musculo-skeletal risk-reward projects at advanced stages of contracting; potential for >$100m sales in 2020 in ANZ/ASEAN; limited pre-approval investment

In-licensing: DMY-03 (gene therapy); BEA-01 (immunotherapy for melanoma); FIG-01 (knee cartilage repair in OA), KSJ-01 (traumatic cartilage injury), GRO-01 (urinary incontinence), BMI-01 (osteonecrosis and non-union fractures)

Commercial manufacturing (build network for share of future revenue): JET-01 (immunotherapy renal cancer); MIC-04 (CAR-T); DMY-04 (gene therapy EU/Asia)

Robust pipeline of further projects under CDA

10/30/13 Leukemia Patients Remain in Remission More Than Two Years After Receiving Genetically Engineered T Cell Therapy

www.uphs.upenn.edu/news/news_releases/2012/12/tcell/print.html 1/2

 

December  9,  2012

CONTACT:

Holly  Auer215-­349-­5659holly.auer@uphs.upenn.edu

This  release  is  available  online  athttp://www.uphs.upenn.edu/news/News_Releases/2012/12/tcell/

Leukemia  Patients  Remain  in  Remission  More  Than  Two  Years

After  Receiving  Genetically  Engineered  T  Cell  Therapy

University  of  Pennsylvania  Researchers  Report  on  Results  of  Trial  in  12  Patients,  Including  TwoChildren

ATLANTA  —  Nine  of  twelve  leukemia  patients  who  received  infusions  of  their  own  T  cells  after  the  cells  had  beengenetically  engineered  to  attack  the  patients’  tumors  responded  to  the  therapy,  which  was  pioneered  by  scientistsin  the  Perelman  School  of  Medicine  at  the  University  of  Pennsylvania.  Penn  Medicine  researchers  will  presentthe  latest  results  of  the  trial  today  at  the  American  Society  of  Hematology’s  Annual  Meeting  and  Exposition.

The  clinical  trial  participants,  all  of  whom  had  advanced  cancers,  included  10  adult  patients  with  chroniclymphocytic  leukemia  treated  at  the  Hospital  of  the  University  of  Pennsylvania  (HUP)  and  two  children  withacute  lymphoblastic  leukemia  treated  at  the  Children’s  Hospital  of  Philadelphia.  Two  of  the  first  three  patientstreated  with  the  protocol  at  HUP  –  whose  cases  were  detailed  in  the  New  England  Journal  of  Medicine  andScience  Translational  Medicine  in  August  2011  –  remain  healthy  and  in  full  remissions  more  than  two  years  aftertheir  treatment,  with  the  engineered  cells  still  circulating  in  their  bodies.  The  findings  reveal  the  first  successfuland  sustained  demonstration  of  the  use  of  gene  transfer  therapy  to  turn  the  body’s  own  immune  cells  intoweapons  aimed  at  cancerous  tumors.

“Our  results  show  that  chimeric  antigen  receptor  modified  T  cells  have  great  promise  to  improve  the  treatment  ofleukemia  and  lymphoma,”  says  the  trial’s  leader,  Carl  June,  MD,  the  Richard  W.  Vague  Professor  inImmunotherapy  in  the  department  of  Pathology  and  Laboratory  Medicine  and  director  of  Translational  Researchin  Penn’s  Abramson  Cancer  Center.  “It  is  possible  that  in  the  future,  this  approach  may  reduce  or  replace  theneed  for  bone  marrow  transplantation.”

The  results  pave  the  way  for  a  potential  paradigm  shift  in  the  treatment  of  these  types  of  blood  cancers,  which  inadvanced  stages  have  the  possibility  of  a  cure  only  with  bone  marrow  transplants.  That  procedure  requires  alengthy  hospitalization  and  carries  at  least  a  20  percent  mortality  risk  -­-­  and  even  then  offers  only  a  limitedchance  of  cure  for  patients  whose  disease  has  not  responded  to  other  treatments.

Three  abstracts  about  the  new  research  will  be  presented  during  the  ASH  meeting.  David  Porter,  MD,  director  ofBlood  and  Marrow  Transplantation  in  the  Abramson  Cancer  Center,  will  give  an  oral  presentation  of  Abstract#717  on  Monday,  Dec.  10,  at  5  PM  in  the  Thomas  Murphy  Ballroom  4,  Level  5,  Building  B  of  the  Georgia  WorldCongress  Center.  Michael  Kalos,  PhD,  director  of  the  Translational  and  Correlative  Studies  Laboratory  at  Penn,will  give  an  oral  presentation  on  Abstract  #756  on  Monday,  Dec.  10,  at  5:45  PM  in  C208-­C210,  Level  2,  BuildingC.  Stephan  Grupp,  MD,  PhD,  director  of  Translational  Research  in  the  Center  for  Childhood  Cancer  Research  atthe  Children's  Hospital  of  Philadelphia,  will  present  a  poster  of  Abstract  #2604  on  Sunday,  Dec.  9,  at  6  PM  in  HallB1-­B2,  Level  1,  Building  B.

The  protocol  for  the  new  treatment  involves  removing  patients'  cells  through  an  apheresis  process  similar  toblood  donation,  and  modifying  them  in  Penn's  cell  and  vaccine  production  facility.  Scientists  there  reprogram  thepatients’  T  cells  to  target  tumor  cells  through  a  gene  modification  technique  using  a  HIV-­derived  lentivirus  vector.The  vector  encodes  an  antibody-­like  protein,  called  a  chimeric  antigen  receptor  (CAR),  which  is  expressed  on  thesurface  of  the  T  cells  and  designed  to  bind  to  a  protein  called  CD19.

The  modified  cells  are  then  infused  back  into  the  patient's  body  following  lymphodepleting  chemotherapy.  Oncethe  T  cells  start  expressing  the  CAR,  they  focus  all  of  their  killing  activity  on  cells  that  express  CD19,  whichincludes  CLL  and  ALL  tumor  cells,  and  normal  B  cells.  All  of  the  other  cells  in  the  patient  that  do  not  expressCD19  are  ignored  by  the  modified  T  cells,  which  limits  systemic  side  effects  typically  experienced  during

Vision: essential enabler of clinical and commercial scale cellular therapy manufacturing and deployment in Asia Pacific

Melbourne - home base

Adelaide - Research and translation

Japan – Strategic AllianceMalaysia -

“Autologous Production for the

Future”

Reach of managed apheresis/tissue collection site network

“Manufacturing will be a competitive advantage”Jason Kolbert

CONFIDENTIAL to Cell Therapies Pty Ltd Ground Floor, 10 St Andrews Place, East Melbourne, VIC, Australia T: +61 3 9656 5804 www.celltherapies.com.au Disclaimer: This document is a Small Scale Offer Document and is intended for sophisticated investors only (v10 11 Nov 2015)

Contract manufacturing pipeline underwrites basic infrastructure costs during facility expansion; upside potential as products approach approval or projects convert to risk-reward and capacity needs expand by order of magnitude

Cancer immunotherapy (CAR-T): MIC-01, EVE-01

“Autologous Production for Future” commercial scale gene therapy feasibility: DMY-01

Apheresis network management: MIC-02, DMY-02, ORG-01

Robust pipeline of additional CMO opportunities Regional facility expansion plan in hand to enable single gateway access market of more than 750 m under a single, harmonised quality system and project management system

Melbourne: capacity to double from 2016 at PMCC’s new home at Victorian Comprehensive Cancer Centre (“VCCC”) ($12m Victorian Government commitment)

Nextcell, Adelaide: JV with UniSA for small scale translational manufacturing; manufacturing agreement for CRC for Cell Therapy Manufacturing

Pharmabio, Japan: strategic alliance with significant capacity expansion 2017

Malaysia: BioNexus status for subsidiary (tax incentives); establishing central manufacturing hub by 2017

Executing the business plan: operating plan

0-4 yrs to sales 2-6 yrs to sales >4 yrs to sales

E Melbourne Parkville

Adelaide Malaysia 1

Large scale Malaysia 2

Japan US/EU network partners

Facilities network

Rev

enu

e

A. Fee-for-service projects• Historical business model since 2003 continues: payment for activity• Expand to provide pan-Asia capability and service• Examples: Le-Y, Prima Biomed, Mesoblast, MIC

B. Risk-reward products• Investment in products for share of commercial profit• Products in pivotal trials; SE Asia scale manufacturing hub• Examples: JET (manufacturing), DMY (in-licensing)

C. Blue sky potential• EU/US expansion• Own product development• Vertical integration/M&A eg JP

CONFIDENTIAL to Cell Therapies Pty Ltd Ground Floor, 10 St Andrews Place, East Melbourne, VIC, Australia T: +61 3 9656 5804 www.celltherapies.com.au Disclaimer: This document is a Small Scale Offer Document and is intended for sophisticated investors only (v10 11 Nov 2015)

A$25m expansion capital needed to ignite growth

Current A$5m business is profitable but cannot self-generate cash for growth

51% shareholder PMCC prepared for dilution and full spin-off

A$25m capital required to secure and launch first three products, secure ASEAN operating footprint, expand capabilities: attractive valuations for early investors

Multiple add-ons possible: Additional products (~A$5-10m each to secure and launch), cell processing players for geographic expansion, distribution chain assets (cryo-preservation, apheresis/collection, etc), automation solutions

Multiple exits possible: merger with EU or US equivalent business; trade sale; IPO

Contact: Tim Oldham PhD, CEO, Cell Therapies Pty Ltd, +61 403 446 665

Executing the business plan: financing plan

0-4 yrs to sales 2-6 yrs to sales >4 yrs to sales

Re

ven

ue

A. Fee-for-service projects• Low margin, cash self-sufficient on average over time; leased facilities• Historically funded via working capital: cyclicality means frequent calls for financial

assistance unless total business is properly capitalised

B. Risk-reward products• Successive rounds of new equity investment (per project)• Project finance later projects; debt finance facilities• Provides temporary working capital relief for base business

C. Blue sky potential• Exits: trade sale or IPO

Series A round to ignite this

business