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INDEPENDENT VALUATION REPORT OF ADVANGEN INC. JAPAN

SYDNEY, Thursday 19 September 2013: Cellmid Limited (ASX:CDY) releases an independent valuation report of Advangen Inc. Japan (Advangen Inc), a wholly owned subsidiary of Cellmid. The report has been prepared by SLM Corporate Pty Ltd (SLM) for release to the market. SLM is an independent corporate advisory firm providing corporate advisory services and general corporate advice including valuation services.
 
In May 2013, Cellmid acquired 100% of the shares in Advangen Inc. Fully paid ordinary shares in Cellmid were issued to shareholders of Advangen Inc as part consideration for the acquisition. Some of these shares were issued with security holder approval under ASX Listing Rule 7.1A. As such, it is necessary for Cellmid to comply with the requirements of ASX Listing Rule 7.1A.3 for the share issue.
 
The attached independent valuation report has been prepared and is being released to the market solely for the purpose of compliance with ASX Listing Rule 7.1A.3. None of the information in the valuation report is a forecast or projection of expected results or earnings guidance by or on behalf of Cellmid or any officer, employee or consultant of Cellmid.

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