Celyad : Letter to Shareholders - December 2017

Dear Shareholders,

As we close 2017, I would like to review this year's main achievements and share with you our strategy for the coming years.
2017 has been a very fruitful year for our company.
Since the initiation of our THINK trial a year ago, we have achieved some great successes. The primary objective of THINK is to evaluate the safety of CYAD-01, Celyad's NKG2D CAR-T cell-based therapy. Mission accomplished, as we are happy to report that no critical toxicity events related to the product have been observed to date.
Additionally, in the hematologic arm of the THINK trial, we observed last October a complete response in a patient with refractory and relapsed acute myeloid leukemia (AML), an extremely aggressive and deadly blood cancer. This was and still is a world's first for a CAR-T therapy. This result is even more noteworthy because it was obtained without preconditioning chemotherapy or other treatments combined with CYAD-01.
Importantly, clinical activity has been observed in all AML patients dosed so far, with all patients seeing a reduction in their blast counts in the bone marrow and improvements in their hematological parameters. We anticipate completing the last dose levels of the study in the next few months, and reporting the data at one of the scientific meetings in 2018. If the upcoming data confirm the level of responses we have seen so far, we anticipate proceeding to an expansion phase of 14 additional patients. During the expansion phase we will add a second cycle of treatment to further increase durability and potentially converting more patients into complete response.

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