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Nov. 20 2013 Mr.

Hummel, I am forwarding the below e-mail, which I sent to Robert Merton, a Director at Vical, to you because there was clear cut FRAUD in Vical's Allovectin-7 phase 3. The substantial negative Durable Response Rate combined with the increasingly negative Overall Survival statistics of the experimental substance should have resulted in this study being SHUT DOWN no later than early 2011. The question is WHY it was not? I am alerting the FDA now, so that you are not blindsided, when this information comes out in court, as a result of the civil suit that has been filed against the company. I will call you to follow up. Sincerely, Ken Luskin

http://www.vical.com/files/doc_downloads/131118%20SMR.pdf
Dr. Merton, All along CEO Samant said that he would disclose the "target

number of

events/deaths".
This presentation does NOT include that info. But, this presentation does provide enough info, for anybody who understands event driven studies, to know that this study should have been ended at least 18 months or more before it finally was. Allovectin-7 badly failed... It was NOT even close. 1) The PRIMARY ENDPOINT was Durable response rate! A-7 was 4.6% versus 12.3% in the control arm. Since DRR was the primary endpoint, WHY was the study not ended due to FUTILITY at least 18 months before June 2013? This is a question I (I will be contacting the FDA tomorrow) will ask the FDA. I will remind them that Vical is being sued for FRAUD, and surely the FDA will want to investigate the conduct of the Data safety monitoring Board, as well as that of the company. 2) On slide 12, you can see that A-7 had negative OVERALL SURVIVAL divergence, which started after 15 months, and grew to a maximum at about 22 months. When more people are DYING in the treatment arm, than in the control arm, the Data Safety Monitoring Board (DSMB) should have stopped the study. The DSMB should have informed the company about the FUTILITY of the study. Which is what happened in the FIRST Allovectin-7 phase 3, and the study was STOPPED.

3) The PhDs at Vical estimated that the TARGET # number of deaths would be reached in MID 2011, based upon the original assumptions of 18 months (mOS) for the A-7 arm, and 11 months for the control arm. Remember HALF the study was enrolled between Jan 2007 and April 2009, while the LAST patients were enrolled in Feb. 2010. The MEDIAN patient was enrolled in April 2009. The PhD determined TARGET DATE for closing the study was based upon this enrollment curve. July 2011 is 27 months after the Median patient was enrolled. The original assumptions produce a BLENDED MEDIAN OVERALL SURVIVAL of 15.667 months. The actual results produce a BLENDED MEDIAN SURVIVAL of 20.33 Therefore, the study should have reached the TARGET NUMBER of DEATHS 4.7 months after MID 2011, or sometime in late November or December 2011. Isn't it interesting that CEO Samant decided to SLAM a large stock secondary sale onto the market in early January 2012,

4) On slide 12, the MEDIAN OVERALL SURVIVAL is 18.6 months for the A-7 arm, which puts that arm on pace for MID 2011 target. But, the control arm lived 24 months in MEDIAN. Since the control arm was only 1/3 of the total study, this means that the extra 13 months of survival is only weighted by 1/3. Therefore, the MID 2011 TARGET would be extended by 1/3 TIMES 13months= 4.3 months. And NOT by 2 years! This corresponds with my 4.7 months of extension using the BLENDED analysis. 5) It is CLEAR CUT that the original TARGET NUMBER of DEATHS was reached in late 2011, and NOT in 2013. 6) The PRIMARY endpoint data should have been available in early 2012 AT the LATEST!

BOTTOM LINE: 7) Vical DELIBERATELY did NOT provide the original TARGET NUMBER of DEATHS, which is an integral part of the SPECIAL PROTOCOL ASSESSMENT (SPA). 8) Nevertheless, the MID 2011 original TARGET DATE, that was based upon the original SPA assumptions, PROVES that CEO Samant is guilty of FRAUD! 9) Furthermore, he DELIBERATELY withheld the horrible PRIMARY ENDPOINT info from the public, which is also FRAUD! All the while telling the public that patients are living much longer than expected, and that He and Vical are very comfortable that the control arm patients would not live longer than 14 months in median. 10) I will spread this e-mail far and wide!

11) Again, I highly recommend that you, and the rest of the Board (minus the CEO), immediately start an internal investigation of this situation. 12) Allowing the CEO to continue to try and cover up his FRAUD, puts the BOD in jeopardy of being seen as complicit in his actions. 13) Allowing the CEO to try and cover up his FRAUD, once it has been PROVEN to you beyond a shadow of doubt, places you and the BOD in the cross hairs of being criminally prosecuted for conspiracy to DEFRAUD the public. Sincerely, Ken Luskin Intrinsic Value Asset Management

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