Expert Financial Analysis and Reporting

• Ms. Powers will present at 10:30 AM.
• She will then participate in a discussion panel with representatives from Amgen, Roche Diagnostics, Adaptimmune and Biovest International.
• Prior to her presentation representatives from Bristol-Myers Squibb, Merck and M.D. Anderson will speak.
• I don’t know if there will be anything new that will be presented but inclusion of Northwest with this prestigious group of presenters is a significant enhancement of its credibility.

Investment Significance of this Presentation

Linda Powers will make a presentation on Monday January 26 at the Immunotherapy Forum 2015 in Washington D.C. at 10:30 AM. Northwest Biotherapeutics has been the subject of repeated criticisms from bears that no credible people take the Company’s technology seriously. I have printed later in this report the January 26^th morning agenda for the conference that shows Northwest Biotherapeutics (NWBO) presenting alongside Bristol-Myers Squibb (BMY), Merck (MRK), Roche Diagnostics and M.D. Anderson among others; this is a prestigious and credible group to be a part of.

Northwest has had to battle an extensive prejudice by investors against cancer vaccines. And in the financial crisis of 2008, a delay in a clinical trial caused a financial crisis that reduced the Company to a penny stock with virtually no cash. Its struggle back from those dark, near bankruptcy, days to the current time when it is nearing completion of the phase 3 trial of DCVax-L in newly diagnosed glioblastoma multiforme and is preparing for phase 2 trials with DCVax-Direct in inoperable solid tumors that could be the basis for regulatory approval, if successful, has been a remarkable journey.

Still, the corporate path taken by Northwest has been highly unusual and not appreciated or supported by Wall Street analysts. This has enabled repeated bear attacks on the stock and indeed there are over 9 million shares sold short. Central to the bear argument is that Northwest and its technology are not credible. Approval  of DC-Vax-L by regulatory agencies in Germany and the UK that allow widespread patient access and in the case of Germany reimbursement, prior to completion of the pivotal phase 3 trial should have been taken as high validation of the Company’s technology, but bears were able to plant doubt about the meaning of these approvals.

I think that the inclusion of Northwest in this prominent conference speaking on a peer basis with some of the leading companies in immuno-oncology could be a watershed event for the company in helping it to gain investor credibility. It certainly diminishes the bear arguments which have been strident. One prominent bear has actually stated that DCVax-L and DCVax-Direct are no better than grapefruit juice.

Ultimately, the success or failure of Northwest will depend on the results of its clinical trials. Appearing at this conference has no effect on the potential outcomes in those trials. We will get some meaningful data on the phase 1 trial of DCVax Direct in the first half of 2015 and there will likely be an ASCO presentation in May 2015. Topline results on the phase 3 trial of DCVax-L and interim phase 2 results for DCVax Direct are probable 2016 events. That is the year of truth. The importance for current investors is that this increased credibility may cause new institutional investors to take a hard look at the stock and it may cause some bears to rethink or soften their position.

I don’t know what to expect of Ms. Powers presentation. It may just be comparable to and no more than her recent presentation at the Biotech Showcase on January 8^th. I also don’t know if anything will come out of other presentations or panel discussions, but I will be listening carefully to see if there a few new nuggets of information that come out of this conference.

More Background on the Conference

Linda Powers will make her presentation Monday January 26 at the Immunotherapy Forum 2015 in Washington D.C. at 10:30 AM. There will be a live webcast of the presentation available at nwbio.com/webcasts/ I am not sure if other parts of the conference will be webcast. Her topic is Personalized Approaches to Immune Therapy. She will then participate in a discussion panel with representatives from Amgen (AMGN), Roche Diagnostics, Adaptimmune and Biovest International. None of the other panel participants were selected to give an individual presentation.

• Adaptimmune has a partnership in engineered T-cell space with Glaxo and is highly regarded. It is the still privately held UK counterpart to Kite (KITE) and Juno (JUNO).
• The lead product of Biovest International is BiovaxID which is a patient specific cancer vaccine that was developed in partnership with the National Cancer Institute.  It has completed a phase 3 trial in follicular non-Hodgkin’s lymphoma, mantle cell lymphoma, and potentially other B-cell cancers.
• Amgen is anticipating phase 3 results in malignant melanoma for its cancer vaccine T-Vac (talimogene laherparepvec) in 2015. This technology is based on an engineering of the herpes virus that causes cold sores. The virus is attenuated so that it can no longer cause infections, is made more selective for cancer cells and is also engineered to secrete GM-CSF which stimulates an immune response. This dual mechanism of action directly attacks cancer cells as well as generating a broad immune response. It is an off the shelf product unlike the autologous products of Northwest and Biovest International; it is injected directly into the cancer.

Earlier in the morning, speakers from Bristol-Myers Squibb and Merck will undoubtedly discuss their checkpoint modulators, Opdivo and Keytruda. Also earlier, than Ms. Powers ‘presentation, Dr. Laurence J.N. Cooper, Director, Immunology Laboratory of Physician Scientists, Department of Immunology at The University of Texas MD Anderson Cancer Center will speak. M.D. Anderson has run the phase 1 trial of DCVax Direct. However, I have not seen Dr. Cooper’s name mentioned in regard to this trial so that he may or may not have something to say about DCVax Direct. The complete morning agenda is as follows:

Conference Day One: January 26th 2015

Registration & buffet breakfast in the Exhibition / 1-2-1 Meeting Area

07:30 - 09:00

Breakfast Briefing sponsored by Marken
07:45 - 09:00	Marken and GlobalCare Clinical Trials present an interactive workshop: ... Andrew Billimore Marken Senior Director, Global Key Accounts Andrew Billimore, Senior Director, Global Key Accounts, Marken Andrew has 15 years experience in logistics, transport and distribution of temperature sensitive lifesaving pharmaceuticals,...

Reframing expectations for immunotherapy - what are the highlights and cautionary messages from 2014?

Chair's introduction and opening keynote
09:00 - 09:20	Reassessing the scope, promise and limitations of the field: Industry,... Michael Giordano, M.D. Bristol-Myers Squibb Senior Vice President, Head of Oncology Development Michael Giordano, M.D., is Senior Vice President, Head of Oncology Development at Bristol-Myers Squibb (BMS). Michael is accountable to the Chief Scientific Officer.  ...

Industry keynote
09:20 - 09:40	Roy D. Baynes, M.D., Ph.D. Merck Research Laboratories Senior Vice President Global Clinical Development Roy Baynes is Senior Vice President Global Clinical Development at Merck Research Laboratories in Rahway, New Jersey. He was previously Senior Vice President of Oncology,...

Question & discussion

09:40 - 09:45

Investor view
09:45 - 10:05	Dr Howard Liang, Ph.D. Leerink Partners, LLC Managing Director, Biotechnology Equity Research

Key opinion leader view
10:05 - 10:25	Dr Laurence J.N. Cooper The University of Texas MD Anderson Cancer Center Director, Immunology Laboratory of Physician Scientists, Department of Immunology Dr. Laurence J.N. Cooper obtained his M.D. and Ph.D. degrees at Case Western Reserve University in Cleveland and then training in Pediatric Oncology and Bone...

Questions & discussion

10:25 - 10:30

Personalized approaches to immune therapy
10:30 - 10:50	Linda F. Powers Northwest Biotherapeutics, Inc. CEO, Chairman of the Board Ms. Powers has served as the Chairman of Northwest Bio’s Board of Directors since her appointment on May 17, 2007 and Chief Executive Officer since...

Panel discussion: How might immunotherapy complement or displace current treatment regimens?

10:50 - 11:30

How might immunotherapy complement or displace current treatment regimens? What... Dr Carlos Santos Biovest International CEO On July 8, 2013, Dr. Carlos Santos was appointed as our Chief Executive Officer. Since 2009, Dr. Santos has managed all key aspects of our... David J. States, M.D., PhD Biovest International Chief Medical Officer, Dr Gregory Friberg Amgen Executive Medical Director, Global Program Area Lead & US Medical Organisation TA Head Greg received his A.B. degree in biochemistry from Middlebury College and M.D. from New York Medical College.  He completed his residency training in Internal Medicine... James Noble Adaptimmune CEO James has been involved with Adaptimmune’s adoptive T cell therapy technology since 1999, when Avidex Limited (the predecessor company to Adaptimmune) was founded. He has... Dr Klaus Bosslet Roche Diagnostics GmbH Site Head Discovery Oncology, Pharmaceutical Research & Early Development (pRED), Roche Innovation Center Penzberg Klaus Bosslet earned his PhD from the University of Heidelberg (1980) in the field of Tumor-Immunology and Virology. After a PostDoc at the German Cancer... Linda F. Powers Northwest Biotherapeutics, Inc. CEO, Chairman of the Board Ms. Powers has served as the Chairman of Northwest Bio’s Board of Directors since her appointment on May 17, 2007 and Chief Executive Officer since...