Ann: Cellmid Investor Presentation, page-30

This is an excellent presentation. It's clear. It's focused. And (investor-)focus-adjusting. It's promising. It's a statement. Advangen 15 pages, Kinera/Lyramid 3 pages.

• Page 2: "CELLMID - Focused on rapidly scaling the ... flagship... évolis"

This is indicating not only that the focus on Advangen so far has been a success, but also that management sees huge potential in keeping that focus on this part of the business. FY2019 is later mentioned as a potential "breakout year".

With regards to "rapidly scaling":

a) "Expansion Opportunities" in existing markets. There is a slide for every one of the current markets. Excellent.

Asia (pages 17 & 19). Waiting for import permits. Cellmid now have their own Chinese product website. They are working on a dedicated Japanese one.  Mid 2019 will see evolis sold in Japanese independent pharmacies. That is, up to 10,000 pharmacies deemed "suitable". (10% of 100k). Then in hair salons. More concept stores.

Australia (page 16): Selling the professional line in pharmacies and beauty retailers. Selling Fillerina. "Net margins in line with evolis" (page 12/13). Seems like the new evolis products will be trialled in Australia first. CRM and other capabilities to be completed this July. Trichology? evolis website features (recent job ad)?

USA (page 18). "Expansion into additional national retailers with a focus on premium groups". ULTA? Sephora? How do you target a "total opportunity" of "over 2500 stores" without them, anyway?  Also: Increased marketing. Testing selling in clinics.

b) Through targeting new geographical markets

Obvious options are India and Europe. India, because there seems to be a market for overseas premium cosmetics. I have mentioned RPG Life Sciences before, who started distributing Fillerina a couple of years ago.  Maybe Advangen can find a similar deal with a distributor like RPG for evolis in India.

In my view, this presentation is once more a commitment to becoming a "global" player in the hair/cosmetics market.

And Midkine? To me, the presentation reads: "We'll increase profits and bolster our cash position first, and then we'll move forward with MK and suitable partners." Having said that, the time frames given aren't too far away.

A few more notes:

• Page 14: Fillerina being sold from September? I had thought it was already selling through Cellmid (referring to the photo I took of the pharmacy). But we certainly won't mind the current distributor keeping on with some groundwork. "FY2019 expected to be a breakout year"

• Page 15: There actually IS a styling creme to come! And the lashes/brow products and the spray - we've talked about those before.  Another mention of "USA, China, and entry into other territories"

• Page 17 Japan: Existing channel: Nichiri? Interesting, something that for whatever reason I had totally missed..

• Page 23+: Midkine. An updated timeline. With FY2019 expected to be a breakout year, this should set up Cellmid well financially for Midkine trials. Further assessment of strength of evidence. Focused on capital preservation. Good. No useless spending. Partnerships being sought.