'Keep a Close Eye On' This Regenerative Medicine Firm

Disclosures from Maxim Group, Cellular Biomedicine Group, Company Update, Aug. 9, 2017

I, Gabrielle Zhou, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

I, Jason Kolbert, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

I, Jason McCarthy, Ph.D., attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

The research analyst(s) primarily responsible for the preparation of this research report have received compensation based upon various factors, including the firm’s total revenues, a portion of which is generated by investment banking activities.

Maxim Group provides non-investment banking securities-related services to Cellular Biomedicine Group for the execution of its employee stock purchase plan.

Maxim Group makes a market in Cellular Biomedicine Group.

Maxim Group expects to receive or intends to seek compensation for investment banking services from Cellular Biomedicine Group in the next 3 months.