ADALTA LIMITED — Investor Presentation 2017

Jan 16, 2017

==> picture [131 x 101] intentionally omitted <==

==> picture [335 x 108] intentionally omitted <==

i-bodies – a new class of protein therapeutics to treat human disease

January 2017

Sam Cobb, CEO and Managing Director AdAlta Limited (ASX:1AD) s.cobb@adalta.com.au

Disclaimer

Investment in AdAlta is subject to investment risk, including possible loss of income and capital invested. AdAlta does not guarantee any particular rate of return or performance, nor do they guarantee the repayment of capital.

This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making any investment in AdAlta, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment advisor if necessary.

This presentation may contain forward-looking statements regarding the potential of the Company’s projects and interests and the development and therapeutic potential of the company’s research and development. Any statement describing a goal, expectation, intention or belief of the company is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing and commercialising drugs that are safe and effective for use as human therapeutics and the financing of such activities. There is no guarantee that the Company’s research and development projects and interests (where applicable) will receive regulatory approvals or prove to be commercially successful in the future. Actual results of further research could differ from those projected or detailed in this presentation. As a result, you are cautioned not to rely on forward-looking statements. Consideration should be given to these and other risks concerning research and development programs referred to in this presentation.

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

2
----- End of picture text -----

Corporate and investment summary

==> picture [8 x 9] intentionally omitted <==

==> picture [8 x 9] intentionally omitted <==

A drug discovery and development company focused on using its proprietary technology platform to generate a new class of protein therapeutics, known as i-bodies, for treating a wide range of human diseases

Investment highlights

Initial focus on treating fibrosis – high unmet medical need

==> picture [7 x 8] intentionally omitted <==

Capital structure
ASX code	1AD
Shares on issue*	101,037,617
Shareprice(4January)	AU$0.185
Market capitalisation	AU$18.7m
Current cash	$9m
TradingRange	AU$0.31 to$0.165

• 50.9m shares escrowed for 6-24 months from listing

==> picture [7 x 8] intentionally omitted <==

==> picture [7 x 8] intentionally omitted <==

==> picture [7 x 8] intentionally omitted <==

==> picture [7 x 8] intentionally omitted <==

Advanced lead fibrosis drug candidate AD-114 with significant pre-clinical validation Fully funded for phase 1 development of lead fibrosis drug and i-body pipeline Early commercialisation potential Experienced team with strong track record of drug development and ability to deliver	Major Shareholders	%
	Yuuwa Capital LP	53.5
	Platinum Asset Management	7.97
	Citycastle PtyLtd	5.26
	La Trobe University	3.01
	Robin Beaumont	1.82
	Other shareholders	28.44
	Total	100%

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

3
----- End of picture text -----

i-body technology

AdAlta is developing a new technology platform that produces unique proteins known as i-bodies, that mimic the shape of shark antibody binding domain and engineers their key stability features into a human protein, for therapeutic intervention in disease.

Long loop that enables access to novel drug targets

The single domain antigen binding region of shark antibodies is extremely stable and has a long binding loop not present in either human or next generation antibodies.

==> picture [6 x 7] intentionally omitted <==

==> picture [6 x 7] intentionally omitted <==

==> picture [6 x 7] intentionally omitted <==

==> picture [6 x 7] intentionally omitted <==

Advantages of i-bodies

High target specificity and high affinity for their target

Small proteins; 10% the size of a typical human antibody

Highly stable to proteases, high temperatures and low pH

• Long loop that can bind to a diverse range of therapeutically relevant targets including those that are difficult for current antibody therapies

Human Antibody

i-body human protein scaffold

Shark Antibody

==> picture [6 x 7] intentionally omitted <==

Human protein – reduced risk of immune response

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

4
----- End of picture text -----

Fibrosis: unmet medical need with multiple indications

==> picture [8 x 8] intentionally omitted <==

Developing i-bodies as improved therapies for the treatment of fibrosis

• a condition that is prevalent in 45-50% of all diseases

==> picture [92 x 92] intentionally omitted <==

==> picture [92 x 92] intentionally omitted <==

==> picture [91 x 92] intentionally omitted <==

==> picture [8 x 8] intentionally omitted <==

==> picture [8 x 8] intentionally omitted <==

Fibrosis can occur in many tissues of the body as a result of inflammation or damage

• it can result in scarring of vital organs causing irreparable damage and eventual organ failure

• AdAlta’s initial focus is on lung fibrosis

Collectively fibrosis represents a large unmet clinical need

==> picture [303 x 184] intentionally omitted <==

----- Start of picture text -----

Lung Eye Liver
IPF Wet-AMD & PVR NASH & CIRRHOSIS
Kidney Skin Heart
RENAL FIBROSIS SCLERODERMA CARDIAC FIBROSIS
----- End of picture text -----

5

AD-114 lead program in Idiopathic Pulmonary Fibrosis (IPF)

==> picture [9 x 10] intentionally omitted <==

AD-114 is lead i-body candidate in pre-clinical development

• Demonstrates both anti-fibrotic and anti-inflammatory activity in the lung

• Important for arresting and modifying the disease and tackling the treatment of idiopathic pulmonary fibrosis (IPF); this is the primary indication

==> picture [101 x 101] intentionally omitted <==

Lung

Idiopathic Pulmonary Fibrosis A chronic, highly lethal and rare disease. 50-70% mortality rate >135,000 people in US alone World wide sales ~$4.2B by 2020

==> picture [21 x 9] intentionally omitted <==

----- Start of picture text -----

IPF
----- End of picture text -----

Source: Evaluate Pharma, Orphan Drug Report 2015

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

6
----- End of picture text -----

CXCR4 and idiopathic pulmonary fibrosis (IPF)

CXCR4 expression increased in fast progressing IPF patient tissue

==> picture [180 x 135] intentionally omitted <==

==> picture [177 x 127] intentionally omitted <==

Patients that rapidly progress express more CXCR4 compared to slow IPF progressors

CXCR4 +ve cells (fibrocytes) significantly elevated in stable IPF patients, and further increased during acute exacerbations Fibrocytes not correlated with lung function but an independent predictor of early mortality

Fibrocyte numbers predict mortality

==> picture [172 x 99] intentionally omitted <==

7.5 months with more than 5% fibrocytes

==> picture [8 x 10] intentionally omitted <==

27 months with less than 5% fibrocytes

==> picture [8 x 10] intentionally omitted <==

more than 5% fibrocytes

REF: Moeller, et al. Am J Respir Crit Care Med Vol 179. pp 588–594, 2009

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

7
----- End of picture text -----

AD-114 binds to lung tissue from patients with fibrosis

AD-114 was used for Immunohistochemical (IHC) staining of normal and diseased lung tissues to verify expression of CXCR4 in situ

==> picture [264 x 216] intentionally omitted <==

==> picture [261 x 216] intentionally omitted <==

AD-114 does not bind lung tissue from normal lungs

AD-114 binds to lung tissue from lungs with fibrosis

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

8
----- End of picture text -----

AD-114 prevents lung fibrosis in disease models

Extensive pre-clinical AD-114 studies have demonstrated positive in vitro (in the lab) and in vivo (in animals) data

==> picture [172 x 139] intentionally omitted <==

==> picture [170 x 138] intentionally omitted <==

==> picture [170 x 137] intentionally omitted <==

Normal IPF lung tissue lung tissue (lung disease mouse model)

IPF lung tissue + AD-114 dosed for 21 days (lung disease mouse model)

AD-114 reduces collagen content and inflammatory cell infiltration and demonstrates a similar architecture to that of the normal lung in the Bleomycin mouse model

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

9
----- End of picture text -----

AD-114 prevents lung fibrosis in disease models

AD-114 significantly reduces Ashcroft scores in both prophylactic and therapeutic modes of the Bleomycin mouse model of fibrosis

Ashcroft Score Prophylactic Mode

==> picture [204 x 211] intentionally omitted <==

----- Start of picture text -----

8
6
4
2
0
-2
NaïveBleomycin TreatedNegative i-body (10 mg/kg)AD-114 (10 mg/kg)
Ashcroft Score
----- End of picture text -----

==> picture [211 x 224] intentionally omitted <==

----- Start of picture text -----

Ashcroft Score Therapeutic Mode
8
6
4
2
0
-2
NaiveVehicle (8 days)Vehicle (21 days)AD-114 (10 mg/mg)AMD3100 (10 mg/kg)
Ashcroft score
----- End of picture text -----

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

10
----- End of picture text -----

AD-114 key advantages compared to existing IPF treatments

• AD-114 has greater in vitro efficacy compared to the only approved therapies Nintedanib and Pirfenidone for IPF treatment

==> picture [6 x 8] intentionally omitted <==

No effect Effect on Human tissue treatment on normal diseased / In vitro activity tissue IPF tissue – Existing IPF treatments have limited efficacy; either no effect or slow down disease progression i.e. no i-body AD-114 ✔ ✔ cure Nintedanib (Boehringer) ✗ ✔ Novel mechanism of action compared to other drugs targeting CXCR4 Pirfenidone (Roche) ✔ ✗ Very specific for diseased tissue and no effects on Other CXCR4 drug ✔ ✗ normal tissue (Sanofi)

• AD-114 has both anti-fibrotic and anti-inflammatory effects

==> picture [6 x 8] intentionally omitted <==

Novel mechanism of action for fibrosis treatment enabling a “first in class” therapy

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

11
----- End of picture text -----

Global market interest in fibrosis treatments Recent transactions confirm that big pharma are actively acquiring fibrosis assets at an early stage – typically based on Phase I results

Date	Company	Target	Acquired by	Deal value (US$)	Deal commentary
Sep-15	Adheron Therapeutics	SDP051	Roche	$105M upfront, plus $475M in milestones	SDP-51 at end of Phase I for IPF
Aug-15	Promedior	PRM-151	BMS	$150m upfront + $1.25B	Phase II IPF and myelofibrosis
Nov-14	Galecto Biotech AB	TD139	BMS	$444M	Option to acquire at end of clinical POC (no later than 60 days following Ph 1b for IPF completion)
Aug-14	Intermune	Esbriet / Pirfenidone	Roche	$8.3B	Approval in Europe / Japan, phase III in the US
Jun-13	MicroDose Therapeutx	MMI0100	Teva Pharmaceuticals	$40M upfront $125M milestones	MMI0100 was in pre-clinical development
Mar-12	Stromedix	STX100	Biogen Idec	$75M upfront $487.5M milestones	End of phase I for IPF
Jul-11	Amira / BMS	BMS-986020	BMS	$325M upfront $150M milestones	End of phase I for IPF

Source: Medtrack Pharma Intelligence, Informa (all IPF deals since 2011)

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

12
----- End of picture text -----

AD-114 and non-alcoholic steatohepatitis (NASH)

==> picture [8 x 10] intentionally omitted <==

Non-alcoholic steatohepatitis (NASH) is a pandemic, metabolic disease which has both inflammatory and fibrotic components

==> picture [8 x 10] intentionally omitted <==

AD-114 is lead i-body candidate in pre-clinical development

• Demonstrates both anti-fibrotic and anti-inflammatory activity in the liver

• Important for arresting and modifying the disease and tackling the treatment of NASH

==> picture [100 x 100] intentionally omitted <==

NASH

A chronic disease with high levels of morbidity and mortality About 3-5% of adults in the United States have NASH

Sales of drugs for the treatment of fibrosis caused by NASH are estimated to be US$1.6 billion by 2020.

Liver

NASH & CIRRHOSIS

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

13
----- End of picture text -----

AD-114 prevents fibrosis in a mouse model of liver fibrosis

Therapeutic setting

==> picture [445 x 159] intentionally omitted <==

----- Start of picture text -----

x200 x200
----- End of picture text -----

==> picture [210 x 157] intentionally omitted <==

----- Start of picture text -----

x200
----- End of picture text -----

Normal NASH liver tissue liver tissue (liver disease mouse model)

NASH liver tissue + AD-114 dosed for 21 days (liver disease mouse model)

AD-114 significantly reduces hepatocellular ballooning, a key feature required for the diagnosis of NASH

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

14
----- End of picture text -----

AD-114 prevents fibrosis in a mouse model of liver fibrosis

==> picture [183 x 145] intentionally omitted <==

AD-114 decreased serum ALT levels and non-alcoholic fatty liver disease (NAFLD) score compared with the vehicle or disease model group

==> picture [9 x 10] intentionally omitted <==

The improvement in serum ALT levels suggests that i-body ameliorated hepatocellular injury and inflammation preventing progression of disease

==> picture [9 x 10] intentionally omitted <==

==> picture [176 x 146] intentionally omitted <==

==> picture [175 x 147] intentionally omitted <==

Hepatocyte ballooning was significantly decreased compared with the vehicle or diseased group

==> picture [9 x 10] intentionally omitted <==

AD-114 possess hepatoprotective and anti-NASH effects

==> picture [9 x 10] intentionally omitted <==

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

15
----- End of picture text -----

AD-114 and eye fibrosis

==> picture [8 x 9] intentionally omitted <==

==> picture [8 x 9] intentionally omitted <==

Infections or inflammation in the eye result in impairment of visual function and can ultimately lead to fibrosis. Complications from common eye diseases that can result in fibrosis occur in age related macular degeneration (AMD) and diabetic retinopathy. AD-114 is lead i-body candidate in pre-clinical development

• Demonstrates both anti-fibrotic and anti-leakage activity in the eye

• Important for arresting and modifying the disease and tackling the treatment of eye fibrosis

Eye Fibrosis

AMD is the commonest cause of severe visual impairment in people over the age of 50 years in the developed world >1m in AU and 2m in USA with AMD Market research estimates that the market size for AMD will be over US$10 billion by 2023 while the market size for diabetic retinopathy Eye will be US$10 billion in 2022. Wet-AMD & PVR

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

16
----- End of picture text -----

AD-114 prevents eye fibrosis

AD-114 reduces contraction and lesion size in eye fibrosis mouse model

M ~~ouse chorodial neo-~~ vascularization model(CNV): laser burn to the retina

==> picture [9 x 10] intentionally omitted <==

No Treatment

==> picture [116 x 129] intentionally omitted <==

----- Start of picture text -----

Contraction
0.5
0.4
0.3
0.2
0.1
0.0
no drug AD-114
contraction ratio
----- End of picture text -----

==> picture [141 x 69] intentionally omitted <==

• Induces subretinal haemorrhage

• Contraction of retinal tissue

• ~~Alteration in microglia and glial~~ response

Treatment with AD-114

==> picture [141 x 69] intentionally omitted <==

• Alteration in gene expression

==> picture [64 x 10] intentionally omitted <==

----- Start of picture text -----

Lesion Size
----- End of picture text -----

==> picture [116 x 95] intentionally omitted <==

----- Start of picture text -----

200
150
100
50
0
no drug AD-114
lesion size (um)
----- End of picture text -----

• IVT injection of single dose of i

• body

==> picture [9 x 10] intentionally omitted <==

==> picture [208 x 105] intentionally omitted <==

----- Start of picture text -----

i-body AD114
----- End of picture text -----

• Improves retinal retraction and reduces lesion size

• Fibrosis gene expression reduced

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

17
----- End of picture text -----

AD-114 reduces lesion size and number

==> picture [8 x 9] intentionally omitted <==

AD-114 is able to reduce the number and size of the lesion in both preventative and therapeutic models of CNV

==> picture [8 x 9] intentionally omitted <==

Eylea was also able to reduce lesion number and size in these models

==> picture [683 x 249] intentionally omitted <==

----- Start of picture text -----

Retina lesion leakage number per eye Individual retina lesion leakage size
5 15 Vehicle
4
10
3
2
5
1 Negative
0 0 i-body
-1
-5
AD-114
Negative i-body (12mg/ml)Vehicle Eylea (60mg/ml)AD-114 (12mg/ml) Negative i-body (12mg/ml)Vehicle Eylea (60mg/ml)AD-114 (12mg/ml)
)
2
m
µ
Lesion number
Lesion size (
----- End of picture text -----

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

18
----- End of picture text -----

AD-114 reduces fibrosis

==> picture [8 x 10] intentionally omitted <==

==> picture [8 x 10] intentionally omitted <==

AD-114 is able to significantly reduce fibrosis as measured by trichrome staining in both preventative and therapeutic models of CNV Eylea was also able to reduce fibrosis in these models

==> picture [212 x 159] intentionally omitted <==

==> picture [86 x 81] intentionally omitted <==

----- Start of picture text -----

Fibrosis as
measured by
trichrome
staining for
collagen
----- End of picture text -----

==> picture [232 x 267] intentionally omitted <==

----- Start of picture text -----

8
6
4
2
0
Negative i-body (12mg/ml)Vehicle Eylea (60mg/ml)AD-114 (12mg/ml)
Fibrosis vs Choroid Thickness Ratio
----- End of picture text -----

19

AD-114 development: key milestones

==> picture [570 x 287] intentionally omitted <==

----- Start of picture text -----

CY2017 CY2018
Q1 Q2 Q3 Q4 Q1 Q2
Partnering of lead
Manufacturing
candidate
based on other
Toxicology studies
benchmark deals
Orphan designation
Phase I
Publication of data
Other fibrosis indications
BD and partnerships
----- End of picture text -----

20

Expected news flow next 12 months

• Q3 & Q4 2016 ü Commence manufacturing of material for toxicology testing with FujiFilm Diosynth Biotechnologies

• ü Additional AD-114 IPF fibrosis data

• ü Completion of evaluation of AD-114 with IPF clinicians Alfred Hospital

• ü Completion of AD-114 NASH animal study

• H1 2017 Hypertrophic scarring animal results for AD-114

==> picture [7 x 8] intentionally omitted <==

• Orphan Drug Designation (US FDA)

==> picture [7 x 8] intentionally omitted <==

• Manufactured material for toxicology testing available

• H2 2017 Eye fibrosis additional data, funded by NHMRC development grant Completion of other pre-clinical study animal models of AD-114 AD-114 toxicology results

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

21
----- End of picture text -----

AdAlta business model – strategy to create value

==> picture [648 x 264] intentionally omitted <==

----- Start of picture text -----

Pharma &
biotech
partnerships
Revenues: Upfronts,
i-body FTEs, milestones & i-bodies new
royalties
technology drug class
platform and Potential in multiple
In-house disease indications
library Licence to
pipeline of
pharma
drug
Revenues: major
candidates upfronts + milestones
& royalties
Invest up to key
value inflection point
----- End of picture text -----

22

Market benchmarks

April-16 with Abbvie $40m upfront + $645m milestones & royalties Dec -15 with Roche $6.4m upfront + $410m milestones & royalties Nov-15 with Novo-Nordisk €9m upfront + €182m milestones & royalties) Fibrosis lead AD-114 Next gen antibodies Sep-15 acquired by Roche $105m + $475m milestones phase I asset Nov-14 acquired by BMS $444m phase I asset Aug-15 acquired by BMS $150m + $1.25b milestones phase IIa asset	April-16 with Abbvie $40m upfront + $645m milestones & royalties Dec -15 with Roche $6.4m upfront + $410m milestones & royalties Nov-15 with Novo-Nordisk €9m upfront + €182m milestones & royalties) Fibrosis lead AD-114 Next gen antibodies Sep-15 acquired by Roche $105m + $475m milestones phase I asset Nov-14 acquired by BMS $444m phase I asset Aug-15 acquired by BMS $150m + $1.25b milestones phase IIa asset	April-16 with Abbvie $40m upfront + $645m milestones & royalties Dec -15 with Roche $6.4m upfront + $410m milestones & royalties Nov-15 with Novo-Nordisk €9m upfront + €182m milestones & royalties) Fibrosis lead AD-114 Next gen antibodies Sep-15 acquired by Roche $105m + $475m milestones phase I asset Nov-14 acquired by BMS $444m phase I asset Aug-15 acquired by BMS $150m + $1.25b milestones phase IIa asset	April-16 with Abbvie $40m upfront + $645m milestones & royalties Dec -15 with Roche $6.4m upfront + $410m milestones & royalties Nov-15 with Novo-Nordisk €9m upfront + €182m milestones & royalties) Fibrosis lead AD-114 Next gen antibodies Sep-15 acquired by Roche $105m + $475m milestones phase I asset Nov-14 acquired by BMS $444m phase I asset Aug-15 acquired by BMS $150m + $1.25b milestones phase IIa asset	April-16 with Abbvie $40m upfront + $645m milestones & royalties Dec -15 with Roche $6.4m upfront + $410m milestones & royalties Nov-15 with Novo-Nordisk €9m upfront + €182m milestones & royalties) Fibrosis lead AD-114 Next gen antibodies Sep-15 acquired by Roche $105m + $475m milestones phase I asset Nov-14 acquired by BMS $444m phase I asset Aug-15 acquired by BMS $150m + $1.25b milestones phase IIa asset	April-16 with Abbvie $40m upfront + $645m milestones & royalties Dec -15 with Roche $6.4m upfront + $410m milestones & royalties Nov-15 with Novo-Nordisk €9m upfront + €182m milestones & royalties) Fibrosis lead AD-114 Next gen antibodies Sep-15 acquired by Roche $105m + $475m milestones phase I asset Nov-14 acquired by BMS $444m phase I asset Aug-15 acquired by BMS $150m + $1.25b milestones phase IIa asset	Nov-14 acquired by BMS $444m phase I asset
				Acquired by Celgene July-15 $8b Ph III, Ph II and GPCR platform		April-16 with Boehringer €8m payment for Ph1 GPCR nanobody (€125m milestones & royalties)
GPCRs	Acquired Feb-15 by So $400m Phase Ib asset + 7 clinical leads

23

Management and Board in place to deliver strategy

==> picture [72 x 71] intentionally omitted <==

Sam Cobb: Founding CEO and Director

Extensive experience in raising equity, contract and grant funding

15 years of commercialisation and management experience

==> picture [72 x 72] intentionally omitted <==

Dr John Chiplin: Independent Director

CEO of investment Company NewStar Ventures Managing Director of acquired antibody company Arana Therapeutics

==> picture [72 x 72] intentionally omitted <==

Dr Paul MacLeman: Chairman

Managing Director of a ASX listed IDT Australia Ltd

Founded biologics companies, experienced ASX listed executive

==> picture [72 x 72] intentionally omitted <==

Liddy McCall & Dr James Williams : Yuuwa Capital Directors

Founders and investment Directors of Yuuwa Capital

Founders of iCeutica Inc (acquired 2011) and Dimerix Limited

==> picture [72 x 71] intentionally omitted <==

Dr Robert Peach

Founder and CSO of Receptos Inc, acquired by Celgene Corporation in 2015 for US$7.8bn

Deep experience in research and drug development

==> picture [72 x 72] intentionally omitted <==

Directors of several Australian biotech and Agritech companies

Multiple FDA, CE Mark and TGA approvals

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

24
----- End of picture text -----

Scientific Advisory Board

Internationally recognised with proven track record of drug development

==> picture [72 x 72] intentionally omitted <==

David McGibney: pre-clinical and clinical advisor

20 years with Pfizer, including Head of European R&D

Ex Pfizer Ltd board member

Developed Viagra, and 10+ blockbuster drugs

==> picture [72 x 71] intentionally omitted <==

John Westwick: pulmonary drug discovery and development

Over 14 years experience at Novartis, head of respiratory drug discovery

Five product launches and 13 positive proof of concepts in respiratory, including a number of antibodies which are now in phase III.

==> picture [72 x 71] intentionally omitted <==

Brian Richardson: drug discovery and development expert

Ex-Sandoz and Novartis (40+ years), including Head of Pre-clinical Research Over 60 original peer reviewed research papers

==> picture [72 x 71] intentionally omitted <==

Dr Mick Foley, AdAlta CSO

Expert in phage display

NIH, NHMRC, ARC, Gates funding and over 70 scientific publications

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

25
----- End of picture text -----

AdAlta investment summary

==> picture [7 x 8] intentionally omitted <==

Powerful proprietary technology platform to develop a pipeline of i-bodies for the treatment of a wide range of human diseases

==> picture [8 x 9] intentionally omitted <==

Initial focus on treating Idiopathic Pulmonary Fibrosis and other fibrotic diseases - high unmet clinical need

==> picture [8 x 9] intentionally omitted <==

Advanced lead candidate with significant pre-clinical validation of AD-114 demonstrating anti-fibrotic and anti-inflammatory effects

==> picture [8 x 9] intentionally omitted <==

Early commercialisation opportunity

==> picture [8 x 9] intentionally omitted <==

Experienced management and Board to drive AD-114 development and secure technology platform partnerships and product licensing deals

==> picture [8 x 9] intentionally omitted <==

IPO August 2016 raised $10M to meet major milestones: clinical trials of AD-114 in lung fibrosis and development of i-body pipeline

==> picture [720 x 35] intentionally omitted <==

----- Start of picture text -----

26
----- End of picture text -----