Ann: Cynata Extends FUJIFILM Licence Option in GvHD, page-243

March 22, 2019

H.C. WAINWRIGHT & CO.

Price Target A$2.00

"FUJIFILM Delay Merely a Bump in the Road, We Believe; Reiterate Buy"

"This week, CynataTherapeutics announced that it had granted a six-month extension ofthe option exercise period to its partner, FUJIFILM, following a requestfrom the Japanese firm to permit additional time for legal review to takeplace."

"we believe that the six-month extension is not indicative ofa reduced likelihood of option exercise."

"Cynatamanagement indicated at a conference in New York this week that aPhase 2 trial of CYP-001 in graft-vs.-host disease (GvHD) should stillstart enrollment this year."

"We alsoanticipate that Cynata may enter at least one other clinical indicationwith its Cymerus™ technology platform this year.'

"Our valuation translates into aprice objective of roughly A$2.00 per share, based on 103M fully-dilutedshares outstanding as of end-fiscal 2019 (calendar mid-2019)."

http://files.cynata.com/474/Cynata-Therapeutics-%28CYP-AU%29_22Mar19-Update.pdf