Open Letter to Management and Board of Directors

Dear Dr Wotton, Dr Macdonald, Dr Washer, Dr Chiplin and Mr Webse,

Today's announcement has hit the market by surprise as the on-market action clearly demonstrates.

Whilst I understand that the current SP is no reflection of the actual value of Cynata Therapeutics itself, there is definitely more to it than a simple "pump-and-dump" going on.

Today's very short, three paragraph announcement is not providing any answers to shareholders, if anything, it has created many more aditiopnal questions, which should be addressed in the near future in my opinion.

Many of you have a substantial personal interest at stake here as well, and therefore we are essentially all in the same boat. Therefore I also consider it to be in your interest to try and restore confidence by following up on today's announcement.

This is not a call to release any market sensitive information that could somehow jeopardise our interactions with FujiFilm going forward, at the same time I ask to not add any "fluff" to your answers.

There are a few things that are of particular concern, which I would appreciate to be addressed:

1. How can "structural aspects" regarding a disease target, which has been subject to both a non-binding term sheet and a license option agreement over the course of over 30 months now, suddenly emerge?
2. How is that extension going to affect our/their P2 clinical trial in GvHD, which was according to prior asx announcements expected to start during 2019?
3. Will there be a fee attached to this extension?
4. "Certain other rights" as mentioned in January 2017, which FujiFilm said to be in fact a right of first refusal

a) Has this now also been extended?
b) Is there a time limit attached to this rather important right?
c) Is there a fee or any other benefit (apart from showing good will) coming our way?

Just to make it clear, this can in no way be compared to our interactions with Regience K.K. and Apceth and as such require a different approach in dealing with it.

Kind regards