PARADIGM UPDATED CORPORATE PRESENTATION

Paul Rennie, CEO & MD 15 April 2019 PHASE 2B SECONDARY ENDPOINTS MET & $77.9M CAPITAL RAISING • OBJECTIVE MRI/BML DATA • ACTIVITIES OF DAILY LIVING • KOOS PAIN DAY 165 2 IMPORTANT: Confidential information This document has been prepared by Paradigm Biopharmaceuticals Ltd (known as “Paradigm”, “Paradigm Biopharma” or the “Company”) in relation to the Company's proposed placement of new ordinary shares in Paradigm (the “New Shares”) as further described in this document (the “Capital Raising”). This document, together with any information communicated by Paradigm, in any presentation or discussion relating to this document (collectively, “Information”) is confidential, and has been prepared by the Company on the condition that it is for the exclusive information and use of the recipient. The Information is proprietary to Paradigm and may not be disclosed to any third party or used for any other purpose without the prior written consent of the Company. We will only give you this Information if you agree to keep the information absolutely confidential and not disclose it to anyone within your firm (other than as set out below) or anyone outside your firm. If we give you this Information, you will be subject to, and must comply with, all applicable insider trading laws. You must not deal or effect dealings in the relevant securities and related financial products (or enter into an agreement to do so), or procure or encourage anyone else to do so whilst any of the Information remains non-public and price sensitive. The restriction will apply to your entire firm, other than any personnel who are permitted to trade by your legal or compliance department because of information barriers. You will need to expressly confirm with us before you can regard yourself as free from these restrictions. You may only disclose the Information to persons in your firm on a need-to- know basis and provided appropriate information barriers have been established to ensure they can comply with these restrictions. Any such persons must be made aware that they are subject to the same restrictions. Summary information in relation to Paradigm This document contains summary information about Paradigm, its subsidiaries and their activities which is current as at the date of this document, unless otherwise indicated. The Information in this document remains subject to change without notice, and Paradigm is not responsible for updating, nor does it undertake to update, it. This document should be read in conjunction with Paradigm's periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at https://paradigmbiopharma.com/investors/asx- announcements/ or www.asx.com.au. The Information is based upon management forecasts and reflects prevailing conditions, which are accordingly subject to change. In preparing the Information, the Company has relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources, or which was otherwise reviewed by it. In addition, the analyses are not and do not purport to be appraisals of the assets, stock or business of the Company. Even when the Information contains a kind of appraisal, it should be considered preliminary, suitable only for the purpose described herein and should not be disclosed or otherwise used without the prior written consent of Paradigm. The Information is provided on the understanding that unanticipated events and circumstances may occur which may have significant valuation and other effects. Not an offer This document, and the Information contained in it, is provided for information purposes only and is not an offer or invitation or recommendation to subscribe for, acquire or buy any securities in Paradigm or any other financial products or securities in any jurisdiction. To avoid any doubt, this document is not a prospectus, product disclosure statement or other disclosure or offer document under the Corporations Act 2001 (Cth) (the “Corporations Act”) or other offering document under any other Australian law, or any law of any other jurisdiction. Accordingly, this document does not contain all the information that would be required to be included in a prospectus, product disclosure statement or other disclosure or offer document prepared in accordance with the requirements of the Corporations Act and has not been lodged with the Australian Securities and Investments Commission or any other financial services or securities regulator. DISCLAIMER Secondary Endpoints and Capital Raising Presentation – April 2019 3 Forward-looking statements Certain statements made in this document are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts but rather are based on the current expectations of the Company, their estimates, assumptions, and projections about the industry in which the Company operates. Material referred to in this document that use the words ‘estimate’, ‘project’, ‘intend’, ‘expect’, ‘plan’, ‘believe’, ‘guidance’, and similar expressions are intended to identify forward-looking statements and should be considered an at-risk statement. These forward-looking statements are not a guarantee of future performance and involve known and unknown risks and uncertainties, some of which are beyond the control of the Company or which are difficult to predict, which could cause the actual results, performance, or achievements of the Company to be materially different from those which may be expressed or implied by these statements. These statements are based on our management’s current expectations and are subject to a number of uncertainties and risks that could change the results described in the forward-looking statements. Risks and uncertainties include, but are not limited to, general industry conditions and competition, general economic factors, the impact of pharmaceutical industry development and health care legislation in the United States and internationally, and challenges inherent in new product development. Investors should be aware that there are no assurances that results will not differ from those projected and the Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this presentation. The Company is not under a duty to update any forward-looking statement as a result of new information, future events or otherwise, except as required by law or by any appropriate regulatory authority. Certain statements contained in this document, including, without limitation, statements containing the words “believes,” “plans,” “expects,” “anticipates,” and words of similar import, constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: the risk that our clinical trials will be delayed and not completed on a timely basis; the risk that the results from the clinical trials are not as favorable as we anticipate; the risk that our clinical trials will be more costly than anticipated; and the risk that applicable regulatory authorities may ask for additional data, information or studies to be completed or provided prior to their approval of our products. Given these uncertainties, undue reliance should not be placed on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments except as required by law. Participation in the Offer Determination of eligibility of investors for the purposes of the Capital Raising will be by reference to a number of matters, including legal and regulatory requirements, logistical and registry constraints and the discretion of the Company. The Company and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents disclaim any duty or liability (including for negligence) in respect of that determination and the exercise or otherwise of that discretion, to the maximum extent permitted by law. See the section of this document entitled “International Offer Restrictions” for restrictions on residents in certain other jurisdictions outside of Australiaon for participation in the Capital Raising . DISCLAIMER Secondary Endpoints and Capital Raising Presentation – April 2019 4 DISCLAIMER Secondary Endpoints and Capital Raising Presentation – April 2019 International offer restrictions The distribution of this document (including an electronic copy) in the United States and other jurisdictions outside Australia may also be restricted by law and any such restrictions should be observed. Persons who come into possession of this document who are not in Australia should seek advice on and observe any such restrictions. Any non-compliance with such restrictions may contravene applicable securities laws. Please refer to the section of this document entitled "International Offer Restrictions" for more information. This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933, as amended (“US Securities Act”) or the securities laws of any State or other jurisdiction of the United States. Accordingly, the New Shares may not be offered or sold, directly or indirectly, in the United States or to any person in the United States unless they have been registered under the US Securities Act (which Paradigm has no obligation to do or procure) or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and any other applicable US state securities laws. This document may only be distributed in the United States to persons who are either (i) institutional “accredited investors" (as defined in Rule 501(a)(1), (2), (3) or (7) under the US Securities Act or (ii) "Eligible US Fund Managers" (within the meaning of Rule 902(k)(2)(i) of Regulation S under the US Securities Act) (together, the “Approved US Investors”). Not financial product advice This document, and the information provided in it, does not constitute, and is not intended to constitute, investment or financial product advice (nor tax, accounting or legal advice) or any recommendation to acquire New Shares. This document does not, and will not, constitute or form any part of any contract for the acquisition of New Shares. This document should not be relied upon as advice to investors or potential investors and has been prepared without taking account of any person's individual investment objectives, financial situation or particular needs. Any investment decision should be made based solely upon appropriate due diligence. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. Recipients of this document are advised to consult their own professional advisers. An investment in any listed company, including Paradigm, is subject to significant risks, both known and unknown and including (without limitation) risks of loss of income and capital. A number of risks are beyond the control of Paradigm. Limited liability Neither Paradigm or its affiliates, related bodies corporate, directors, officers, partners, employees and agents (the “Limited Parties”) makes any warranty concerning the offer of New Shares referred to in this document. To the maximum extent permitted by law, each Limited Party makes no representation or warranty (express or implied) as to the fairness, accuracy, reliability, currency or completeness of the Information, opinions and conclusions contained in this document by any person. To the maximum extent permitted by law, the Limited Parties exclude and disclaim all liability for any statements, opinions, information or matters (express or implied) arising out of, or contained in or derived from this document, or for any omissions from this document, including without limitation for negligence or for any expenses, losses, damages or costs incurred by you as a result of your participation in the capital raising and the information in this document being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. Further, no Limited Party accepts any fiduciary obligations to or relation with any investor or potential investor in connection with the offer of the New Shares, or otherwise, and by accepting this document each recipient expressly disclaims any fiduciary relationship and agrees that it is responsible for making its own independent judgements with respect to the New Shares referred to in this document, and any other transaction or other matter arising in connection with this document. 5  Paradigm Biopharmaceuticals Ltd (PAR.ASX) is an ASX-listed biotechnology company focused on repurposing Pentosan Polysulfate Sodium (PPS), an FDA-approved drug that has a long track record of safely treating inflammation over sixty years.  Initial focus is on repurposing PPS (under the name ZILOSUL®) to treat Osteoarthritis (OA) – market with over 31m sufferers in the US alone  Phase 2b trial in OA of the knee has now met primary and secondary endpoints and will move to pivotal phase 3 in the US in 2019  Primary endpoint (released Dec 18) - 50% reduction in pain  Secondary endpoint (released today) – 6 month duration of effect and reduction in volume/size/grade of BML confirmed by MRI  Phase 2b trial demonstrated the combination of safety, subjective efficacy, objective efficacy, indicative regression of disease via reduced BML and mechanism of action  Competing treatments (NGF, steroid, opioid) have not demonstrated all in combination  Potential blockbuster drug may attract significant commercial interest  Raising A$77.9m to fund the Company for a minimum of 3 years and through to completion of pivotal trials and new drug applications in OA and MPS, putting the Company in a strong financial position  Additional news flow and catalysts expected in next 6 months (MPS, NFLPA, TGA provisional approval etc.) EXECUTIVE SUMMARY Secondary Endpoints and Capital Raising Presentation – April 2019 6 Volume (M)Share Price ($) CORPORATE SNAPSHOT Shares (m) % Paul Rennie (Managing Director) 21.6 15.4% Other Board and management 7.1 5.1% Irwin Biotech (technology vendor) 6.3 4.5% MJGD Nominees (technology vendor) 5.8 4.1% J.P. Morgan Nominees Aust Pty Ltd 4.2 3.0% Citicorp Nominees Pty Ltd 4.1 3.0% Top Shareholders Financial information Share price (8-April-2019) A$1.98 Number of shares 140m Number of Options 6.2m Market capitalisation A$278m Cash Mar-19 A$8.1m Pro-Forma Cash Post Transaction A$82.0m Secondary Endpoints and Capital Raising Presentation – April 2019 0.00 2.00mm 4.00mm 6.00mm 8.00mm 10.00mm 12.00mm 14.00mm 0.00 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 2.25 Paradigm Biopharmaceuticals Limited (ASX:PAR) - Volume Paradigm Biopharmaceuticals Limited (ASX:PAR) - Share Pricing 7 BACKGROUND ON PENTOSAN POLYSULFATE SODIUM (PPS) Secondary Endpoints and Capital Raising Presentation – April 2019 PPS has a long safety history and is currently being sold in the US and Europe Pentosan Polysulfate Sodium  Pentosan polysulfate sodium (PPS) is a semi-synthetic drug manufactured from beech-wood hemicellulose  PPS has been used in humans for more than 60 years  The oral formulation is FDA approved and sold under the name Elmiron, by Janssen Pharmaceuticals (Johnson & Johnson), for the treatment of interstitial cystitis (painful bladder syndrome). Also used to treat deep vein thrombosis  Paradigm has been granted patents to use PPS for new indications Excellent Safety Profile  PPS has a well established safety profile with no reported serious adverse events  Approved by FDA over 30 years ago for oral use, over 100 million injectable doses of PPS have been administered  PPS is a semi-synthetic, complex carbohydrate, which makes it well tolerated by the human body  PPS is a weak anti-coagulant compared to Heparin. PPS has 1/15th – 1/20th the anti-coagulant activity of Heparin. Data on file with US FDA  The clearance of PPS from the body, as measured by activated partial thromboplastin time (aPTT), is 300 minutes (5 hours).  Suggested sports physician treatment protocol:  Administration at least 48 – 72 hours before any contact sport is played  Blood test prior to contact sport to test coagulation parameters are within the normal range  Paradigm believes that the weak anti-coagulant properties of PPS should not present any notable issues Potential biological characteristics  Anti-inflammatory  Prevents cartilage degeneration  Anti-histamine  Anti-clotting  Prevents necrosis (premature cell death)  Non performance enhancing (WADA & ASADA Cleared)  Non-addictive 8 Valuable patent portfolio  Paradigm has patent protection because it is using PPS for new indications  Minimum life on patents is 2030 and beyond for more recent patents - i.e. 2035 - 2040  Established regulatory exclusivity and trademarks  Patents for MPS (ex Japan) + Orphan Status  Patent applications for Ross River virus and Chikungunya virus  Patent applications for osteoarthritis and concurrent BMEL  Patent for Heart Failure indication  Prosecuting new patent applications Secure manufacturing and supply  Exclusive long term supply agreement with bene PharmaChem1  bene pharmaChem makes the only FDA-approved form of PPS  Manufacturing methods are highly complex and a well kept trade secret  bene pharmaChem has been supplying J&J for over 20 years for oral use Multi-faceted IP protection increases barriers to entry for potential competitors BMEL patent granted in USA Patents granted for BMEL and respiratory diseases in Australia, China, and New Zealand EU patents granted for BMEL, respiratory diseases incl. AR, allergic asthma (AA) & chronic obstructive pulmonary disease (COPD) and IP1510 (IL-1RA) 1.bene pharmaChem is a private company located in Germany and manufactures the only officially approved and clinically tested medicinal PPS in the USA, Europe and Australia BMEL patent granted in Japan + other Asia STRONG PATENTS & IP POSITION Secondary Endpoints and Capital Raising Presentation – April 2019 9 PPS Exclusivity Royalty Buy per/kg Exclusive Supply License  Paradigm has executed a long term exclusive supply agreement with bene pharmaChem Gmbh & Co. KG  Bene pharmaChem are the original developer of PPS and the only FDA-approved manufacturer  Leading Big Pharma Co (J&J) source their PPS from bene for a different application (bladder pain).  Agreement grants exclusive supply of only FDA approved PPS for Paradigm’s orthopaedic and respiratory programs.  Paradigm to pay bene pharmaChem small single digit royalty on commercial sales EXCLUSIVE SUPPLY & MANUFACTURING Secondary Endpoints and Capital Raising Presentation – April 2019 10 There are no effective treatments for Moderate to Severe OA 1. 14m American have symptomatic knee OA – 7m are eligible for knee replacement (late stage 3/stage 4) – PAR Estimate - 5m x US$3,000 per iPPS treatment = US$15bn p.a. - https://www.arthritis.org/Documents/Sections/About-Arthritis/arthritis-facts-stats-figures.pdf NRS Pain Strata: 4-6 and 7-8. Stage 1 Minor OA Stage 2 Mild OA Stage 3 Moderate OA Stage 4 Severe OA MARKET DEMAND – OA STAGES AND TREATMENTS Opioids *Platelet-rich Plasma, *Stem Cells, *Viscosupplementation, *Orthokine iPPS (US Market potential of iPPS =US$15bn1) Surgery - Total Knee Arthroscopy *Royal Australian College of General Practitioners hold a ‘strong against’ recommendation Analgesics, NSAIDS, Corticosteroids Non-validatedEffective Ineffective Secondary Endpoints and Capital Raising Presentation – April 2019 11 BLOCKBUSTER POTENTIAL US MARKET REVENUE P .A Secondary Endpoints and Capital Raising Presentation – April 2019 Key Assumptions:  31m OA sufferers in the US  Annual dosing/treatment – assumed 12 month duration of effect as observed in TGA special access scheme  Indicative and potential pricing of US$2-3k per treatment MARKET PENETRATION (31m OA sufferers) 10% Market Penetration 20% Market Penetration 30% Market Penetration INDICITATIVE POTENTIAL PRICING US$1.5k p.a US$6.2bn p.a US$12.4bn p.a US$18.6bn p.a US$2.0k p.a US$7.7bn p.a US$15.5bn p.a US$23.2bn p.a US$2.5k p.a US$9.3bn p.a US$18.6bn p.a US$27.9bn p.a COMPANIES COMPOUND REGION UPFRONT TOTAL VALUE STATUS Anti-NGF Global US$200m US$1.8bn Phase 3 Anti-NGF Global US$250m US$1.25bn Phase 3 Corticosteroid Global Take-over* US$1.0bn* Commercialised Anti-NGF Global (ex Japan) US$50m US$435m Discontinued GLOBAL AVERAGE US$166m US$1.12bn ADAMTS-5 Inhibitor EU Unknown US$346m Phase 1 Gene therapy Japan US$24m** US$434m** Handed Back Gene therapy Japan US$27m US$591m Phase 3 Anti-NGF Asia US$55m US$325m Phase 3 REGIONAL AVERAGE US$35m US$424m 12 Recent transactions highlight big pharma interest in OA Sources: Bloomberg, company filings; *Sanofi-Flexion take-over rumoured – Fierce Biotech; **Mitsubishi handed back rights to TissueGene who executed deal with MundiPharma DEALS – GLOBAL BIG PHARMA INTEREST IN OA Safety Issues Secondary Endpoints and Capital Raising Presentation – April 2019 13 Re-purposed drugs have become true blockbusters Source: Therapeutic Drug Repurposing, Repositioning and Rescue, Drug Discovery World Spring 2015; * Elmiron Use Patents ended in 2012, despite this no generic has been approved in US SUCCESSFUL RE-PURPOSED DRUGS BRAND NAME ORIGINAL INDICATION NEW INDICATION PHARMA COMPANY PEAK ANNUAL SALES SPRAVATO Anaesthetic (Ketamine) Treatment Resistant Depression Janssen/J&J Approved March 2019 REVLIMID Structural Analogue of THALOMID (below) Multiple Myeloma Celgene $9.7B (2018) TECFIDERA Psoriasis Multiple Sclerosis Biogen/IDEC $4.0B (2017) VIAGRA Angina Erectile Dysfunction Pfizer $2.05B (2008) GEMZAR Anti-viral Various Cancers Lilly $1.72B (2008) RITUXAN Various Cancers Rheumatoid Arthritis Biogen & Roche $7.1B (2015) EVISTA Osteoporosis Invasive Breast Cancer Lilly $1.07B (2011) PROSCAR Hypertension BPH Merck $741.4M (2005) THALOMID Anti-Nausea Leprosy Multiple Myeloma Celgene Celgene $535.2M (2008) REVATIO Angina/ED PA Hypertension Pfizer $525.0M (2008) PROPECIA Hypertension Male Pattern Baldness Merck $429.1M (2008) ELMIRON (PPS) DVT Interstitial cystitis Janssen/J&J US$280m (2015) Secondary Endpoints and Capital Raising Presentation – April 2019 14 OA PHASE 2B TRIAL RESULTS PRIMARY & SECONDARY ENDPOINTS MET Secondary Endpoints and Capital Raising Presentation – April 2019 15 iPPS demonstrated efficacy on both Objective and Subjective and Measures PHASE 2B OA/BML CLINICAL TRIAL – SECONDARY ENDPOINTS OBJECTIVE DATA MEASURES OUTCOME 1. Reduction in Bone Marrow Edema lesions determined by MRI – NEW DATA Achieved  SUBJECTIVE DATA MEASURES OUTCOME 2. A mean change in KOOS pain scores from baseline to day 165 - NEW DATA Achieved  3. Number subjects that had a greater than 50% reduction in KOOS Pain score from baseline to day 165 – NEW DATA Achieved 4. Patient Global Impression of Change (PGIC) Achieved 5. A mean % change from baseline – KOOS Activities of Daily Living – NEW DATA Achieved *Very strong trends and statistical significance in the medial compartment that indicate iPPS is having an effect on BML volume and area Secondary Endpoints and Capital Raising Presentation – April 2019 16 SUMMARY – PHASE 2B DATA – PPP NRS 4-6 (PHASE 3 TARGET POPULATION) 0 10 20 30 40 50 60 11 25 39 53 81 109 165 Percentage of Subjects Days CLINICALLY MEANINGFUL - % of subjects with >50% reduction in KOOS pain from BL- (PPP NRS 4-6) -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Total volume Medial Compartment STRUCTURAL CHANGES - Median % Change from Baseline: BMEL Volume in Knee (PPP NRS 4-6)  Paradigm also achieved a statistically significant and clinically meaningful result in Patient Global Impression of Change (PGIC) (p=0.0062) P<0.021 P<0.026 P<0.0496 Secondary Endpoints and Capital Raising Presentation – April 2019 17 BONE MARROW LESIONS (BML): CLINICAL IMPLICATIONS FOR KNEE OA AND DISEASE REGRESSION WITH iPPS THERAPY INCREASING PAIN1 INCREASED CARTILAGE LOSS2 HIGH RISK OF JOINT DESTRUCTION3 HIGH RISK OF TOTAL KNEE REPLACEMENT4,5 REDUCED PAIN1 REDUCED CARTILAGE LOSS2 REDUCED RISK OF JOINT DESTRUCTION3 REDUCED RISK OF TOTAL KNEE REPLACEMENT4,5 Grade 3 medial tibial BML at baseline Grade 2 medial tibial BML at follow-up BML appear as increased signal intensity within the bone marrow Secondary Endpoints and Capital Raising Presentation – April 2019 18 BML Volume in Knee (3D analysis)  In both Total Knee and Medial Compartment, iPPS demonstrated a strong trend of efficacy from baseline to day 53 -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% Total volume Medial Compartment iPPS Placebo The median of the % Change in Volume from Baseline BML Volume in Knee (PPP Total Population) PHASE 2B OBJECTIVE DATA – REDUCTION IN BML VOLUME (TOTAL POPULATION) BML Volume is a 3D analysis of the total BML within the bone PPP Total Population: The median of the percentage change from Baseline: BML Volume in Knee Secondary Endpoints and Capital Raising Presentation – April 2019 19 BML Area in Knee (2D analysis)  In both Total Knee and Medial Compartment, iPPS demonstrated a strong trend of efficacy from baseline to day 53 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% Total area Medial Compartment iPPS Placebo The median of the % Change in Area from Baseline BML Area in Knee (PPP Total Population) BML Area in Knee is a 2D analysis of a MRI, to determine the size of a BML. PHASE 2B OBJECTIVE DATA – REDUCTION IN BML AREA (TOTAL POPULATION) PPP Total Population: The median of the percentage change from Baseline: BML Area in Knee Secondary Endpoints and Capital Raising Presentation – April 2019 PPP NRS 4-6 – The median of the percentage change from Baseline: BML Volume in Knee 20 BML Volume in Knee (3D analysis)  In both Total Knee and Medial Compartment, iPPS demonstrated a strong trend of efficacy from baseline to day 53 The median of the % Change in Volume from Baseline BML Volume in Knee (PPP NRS 4-6) BML Volume is a 3D analysis of the total BML within the bone -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Total volume Medial Compartment iPPS Placebo PHASE 2B OBJECTIVE DATA – REDUCTION IN BML VOLUME (PPP NRS 4-6) Secondary Endpoints and Capital Raising Presentation – April 2019 PPP NRS 4-6 – The median of the percentage change from Baseline: BML Area in Knee 21 BML Area in Knee (2D analysis)  In both Total Knee and Medial Compartment, iPPS demonstrated a strong trend of efficacy from baseline to day 53 The median of the % Change in Area from Baseline BML Area in Knee (PPP NRS 4-6) PHASE 2B OBJECTIVE DATA – REDUCTION IN BML AREA (PPP NRS 4-6) BML Area in Knee is a 2D analysis of a MRI, to determine the size of a BML. -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Total area Medial Compartment iPPS Placebo Secondary Endpoints and Capital Raising Presentation – April 2019 22  In the PPP Total Population and PPP NRS 4-6 Stratum Paradigm demonstrated a statistically significant mean change in KOOS Pain from Baseline versus Placebo at day 39 and day 53  A mean change in KOOS Pain from Baseline greater than 10 is considered clinically meaningful,this was achieved the PPP Total Population and PPP NRS 4-6 Stratum from day 25 onward  Improvement MEAN CHANGE IN KOOS PAIN SCORE FROM BASELINE Secondary Endpoints and Capital Raising Presentation – April 2019 0 10 20 30 40 50 60 11 25 39 53 81 109 165 Percentage of Subjects Days PPP NRS 4-6: Proportion of subjects with at least 50% reduction in KOOS pain score from Baseline iPPS Placebo 23 GREATER THAN 50% REDUCTION IN KOOS PAIN FROM BASELINE (PPP NRS 4-6)  Statistically greater proportions of subjects with >50% reductions in pain from Baseline after iPPS as measured by KOOS Pain subscale (chi-square analysis) at day 39, day 53 and day 165  >50% pain reduction corresponds to high reduction in pain (OARSI definition) Treatment Period P<0.0496 P<0.026 P<0.021 Secondary Endpoints and Capital Raising Presentation – April 2019 24 CLINICALLY MEANINGFUL IMPROVEMENT IN PHYSICAL FUNCTION – KOOS ACTIVITIES OF DAILY LIVING What is KOOS Activities of Daily Living (Secondary Endpoint)?  KOOS Activities of Daily Living (ADL) is a secondary endpoint and measures physical function while performing daily activities.  It includes 17 different items, which patients score the degree of difficulty experienced in the last week on a scale of 0-4 (None, Mild, Moderate, Severe, Extreme). The items include, ascending/descending, standing, going shopping, putting on/taking off socks etc.  A normalized score (100 indicating no symptoms (positive) and 0 indicating extreme symptoms (negative)) is determined in subjects during the course of treatment and post-treatment. Secondary Endpoints and Capital Raising Presentation – April 2019 PPP Total Population - iPPS shows improvement in Activities of Daily Living compared to Placebo 25  In PPP Total Population iPPS demonstrated a statistically significant mean percentage change in KOOS Activities of daily living from Baseline versus Placebo at day 39  In PPP Total Population iPPS demonstrated a statistically significant mean percentage change from baseline (p=0.006) p = 0.006 CLINICALLY MEANINGFUL IMPROVEMENT IN PHYSICAL FUNCTION – KOOS ACTIVITIES OF DAILY LIVING (PPP TOTAL POPULATION) Secondary Endpoints and Capital Raising Presentation – April 2019 0 5 10 15 20 25 30 35 40 45 50Mean % Change from Baseline Mean % Change in ADL from Baseline Mean from Day 11 to Day 165 (PPP NRS 4-6) iPPS Placebo PPP NRS 4-6 - iPPS shows improvement in Activities of Daily Living compared to Placebo 26  In PPP NRS 4-6 Stratum iPPS demonstrated a statistically significant mean percentage change in KOOS Activities of daily living from Baseline versus Placebo at day 39, day 53, day 81, day 109 and day 165  In PPP NRS 4-6 Stratum iPPS demonstrated a statistically significant mean percentage change from baseline (p=0.0001) p=0.0001 CLINICALLY MEANINGFUL IMPROVEMENT IN PHYSICAL FUNCTION – KOOS ACTIVITIES OF DAILY LIVING (PPP NRS 4-6) Secondary Endpoints and Capital Raising Presentation – April 2019 27  Clinical trial met the primary endpoint - change in the KOOS pain score from baseline at Day 53 for the total trial population (p < 0.0001);  Mean Change in KOOS pain score from Baseline – Total Population and NRS:4-6 Strata - Clinically meaningful and statistically significant results.  Number of subjects with a >50% Reduction from Baseline in KOOS Pain Score at Day 53 – NRS:4-6 Strata. Clinically meaningful and statistically significant results (p<0.026)  Mean Percentage Change in NRS Pain from Baseline – NRS:4-6 Strata. Clinically meaningful and statistically significant results (p<0.028).  A key measure in pain outcomes is the Patient Global Impression of Change (PGIC) the total population and placebo was statistically (PGIC, p=0.0062);  All data will be the subject of a peer-review publication in CY2019;  Safety of drug confirmed. PHASE 2B OA/BML CLINICAL TRIAL – PRIMARY ENDPOINTS PREVIOUSLY REPORTED 18 DECEMBER 2018. Secondary Endpoints and Capital Raising Presentation – April 2019 28 CAPITAL RAISING & POTENTIAL NEWSFLOW Secondary Endpoints and Capital Raising Presentation – April 2019 29 CAPITAL RAISING STRUCTURE Secondary Endpoints and Capital Raising Presentation – April 2019 Current Shares on issue 140.3m Placement Shares Issued 34.4m Shares on issue post Placement 174.7m Entitlement Offer Shares Issued 17.5m Shares on issue post Entitlement Offer and Placement 192.2m Market capitalisation at A$1.90 A$365.2m Pro-forma cash position 31-March-19 (incl proceeds of offer minus costs) A$82.0m Pro-forma Enterprise Value A$283.2m  A$77.9m capital raising at A$1.50 per share comprising A$51.6m Placement to Sophisticated and Professional investors under Listing Rule 7.1 and 7.1a A$26.3m 1 for 8 Fully Underwritten Accelerated Entitlement Offer to existing eligible shareholders. Placement shares will not be eligible to participate in the Entitlement Offer  Bell Potter Securities Ltd is Sole Lead Manager and Underwriter to the Offer 30 USE OF FUNDS  A$77.9m anticipated to fund the Company’s OA and MPS programs through to end of their pivotal phase 3 studies and new drug applications. A$82.0m cash position post capital raising will put the Company in a strong negotiating position on commercial transaction. $ Amount Comments Complete Phase 2/3 MPS(Rare Disease) Pivotal Clinical Trial A$7.0m • Complete Phase 2/3 pivotal clinical trial. Randomise, double-blind, placebo-controlled, multi-national clinical trial. (n=100) Complete Phase 3 Osteoarthritis Pivotal Clinical Trial A$30.0m • Commence Phase 3 Pivotal Clinical Trial in the USA, EU and AUS with 70% of subjects from the USA (n=100). Forecast maximum of A$30M (n=500). Employ additional 2x US based staff A$3.0m • Two FT Clinical Research Associates and Two FT project managers to work with US Based CMO. Working capital, costs of the offer, further preclinical studies and IP acquisitions A$37.9m • Ongoing working capital and costs of the offer • Future acquisitions of Intellectual Property outside of PPS to further broaden portfolio • Further preclinical work to expand pipeline Total A$77.9m Secondary Endpoints and Capital Raising Presentation – April 2019 31 ANTICIPATED AND POTENTIAL CATALYSTS & NEWS FLOW  Successful OA Phase 2b trial secondary endpoints released with capital raising  Ongoing partnering discussions with big pharma  Release of scientific journal detailing mechanism of action via NGF – Q2 2019  Appointment of highly regarded US based CMO – Q2 2019  Potential to treat to MPS patients in Australia via the SAS – Q2 CY2019  Up to 50 ex-NFL players in the US to be treated with iPPS for OA pain - Potential for significant media attention if treatment is successful – Q2 CY2019  File IND for Phase 2/3 for Mucopolysaccharidosis (MPS) - Q2 CY2019  Further release of patients OA data under the TGA special access scheme throughout 2019  File TGA Provisional Approval to sell ZILUSOL (iPPS) in Australia, potential for near term revenue – Q2 CY2019  Ross River Phase 2a (safety study) trial results release – Q2/Q3 CY2019  File IND and meet with FDA re Phase 3 trial in OA - Q3 CY2019  Possibility of being granted “Fast Track status” for Phase 3 OA trial Secondary Endpoints and Capital Raising Presentation – April 2019 32 INDICATIVE TIMETABLE Secondary Endpoints and Capital Raising Presentation – April 2019 Release of OA Phase2b Secondary Endpoints Pre-Market Monday 15 April 2019 Trading Halt Monday 15 April – Tuesday 16 April 2019 Company resumes trading and Offer announced Record date for eligibility under the Entitlement Offer Wednesday 17 April 2019 Settlement of New Shares issued under the Placement Entitlement Offer Opens Wednesday 24 April 2019 Allotment of New Shares issued under the Placement Friday 26 April 2019 Entitlement Offer closes 6 May 2019 Entitlement Offer shares are allotted 14 May 2019 33 Results Presentation Secondary Endpoints and Capital Raising Presentation – April 2019 This section outlines some (but not all) of the key risks associated with an investment in Paradigm. Paradigm’s assets and business is subject to a number of risk factors both specific to its assets / business and of a general nature which may impact on its future performance and forecasts. This is not an exhaustive list of the relevant risks and the risks set out below are not in order of importance. The risks set out below and other risks not specifically referred to below may in the future materially adversely affect the value of Paradigm shares and their performance. Accordingly, no assurance or guarantee of future performance or profitability is given by Paradigm in respect of Paradigm shares. Before subscribing for Paradigm shares, prospective investors should carefully consider and evaluate Paradigm, its assets andits business and whether Paradigm shares are suitable to acquire having regard to their own investment objectives and financial circumstances and taking into consideration the material risk factors, as set out below. In deciding whether to participate in the Offer, you should read this presentation in its entirety and carefully consider therisks outlined in this section. Prospective investors should also consider publicly available information on Paradigm, examine the full content of this presentation and consult their technology, financial, tax and other professional advisers before making an investment decision. Research and Development Activities: Paradigm’s future success is dependent on the performance of Paradigm in clinical trials and whether it proves to be a safe and effective treatment. Paradigm’s lead product is an experimental product in clinical development and product commercialisation resultingin potential product sales and revenues is likely to be years away, and there is no guarantee that it will be successful. It requires additional research and development, including ongoing clinical evaluation of safety and efficacy in clinical trials and regulatory approval prior to marketing authorisation. Drug development generally is often associated with a high failure rateand until Paradigm is able to provide further clinical evidence of the ability of Paradigm’s product to improve outcomes in patients, the future success of the product in developed remains speculative. Research and development risks include uncertainty of the outcome of results, difficulties or delays in development and generally the uncertainty that around surrounds the scientific development of novel pharmaceutical products. Dilution Risk: Eligible shareholders that do not take up all or part of their entitlements will be diluted by not participating to the full extent in the Entitlement Offer and by the Institutional Placement, but will not be exposed to future increases or decreases in Paradigm’s share price in respect of those shares which would have been issued to them had they taken up all of their entitlement. Risk Factors 34 Results Presentation Secondary Endpoints and Capital Raising Presentation – April 2019 Economic Risks: Paradigm is exposed to economic factors in the ordinary course of business. A number of economic factors / conditions, bothdomestic and global, affect the performance of financial markets generally, which could affect the price at which Paradigm Shares trade on ASX. Among other things, adverse changes in macroeconomic conditions, including movements on international and domestic stock markets, interest rates, exchange rates, cost and availability of credit, general consumption and consumer spending, input costs, employment rates and industrial disruptions, inflation and inflationary expectations and overall economic conditions, economic cycles, investor sentiment, political events and levels of economic growth, both domestically and internationally, as well as government taxation, fiscal, monetary, regulatory and other policy changes may affect the demand for, and price of, Paradigm Shares and adversely impact Paradigm’s business, financial position and operating results. Trading prices can be volatile and volatility can be caused by general market risks such as those that have been mentioned. New Shares in Paradigm may trade at or below the price at which they are currently commence trading on ASX including as a result of any of the factors that have been mentioned, and factors such as those mentioned may also affect the income, expenses and liquidity of Paradigm. Additionally, the stock market can experience price and volume fluctuations that may be unrelated or disproportionate to the operating performance of Paradigm. Dividend Guidance: No assurances can be given in relation to the payment of future dividends. Future determinations as to the payment of dividends by Paradigm will be at the discretion of Paradigm and will depend upon the availability of profits, the operating results and financial conditions of Paradigm, future capital requirements, covenants in relevant financing agreements, general business and financial conditions and other factors considered relevant by Paradigm. No assurance can be given in relation to the level of tax deferral of future dividends. Tax deferred capacity will depend upon the amount of capital allowances available and other factors. Forward-Looking Statements: There can be no guarantee that the assumptions and contingencies on which the forward-looking statements, opinions and estimates contained in this presentation are based will ultimately prove to be valid or accurate. The forward-looking statements, opinions and estimates depend on various factors, including known and unknown risks, many of which are outside the control of Paradigm. Actual performance of Paradigm may materially differ from forecast performance. Product Safety and Efficacy: Serious or unexpected health, safety or efficacy concerns with Paradigm’s (or similar third party) products may expose Paradigm to reputational harm or reduced market acceptance of its products, and lead to product recalls and/or product liability claims and resulting liability, and increased regulatory reporting. There can be no guarantee that unforeseen adverse events or manufacturing defects will not occur. Paradigm will / may seek to obtain adequate product liability insurance at the appropriate time in order to minimise its liability to such claims however there can be no assurance that adequate insurance coverage will be available at an acceptable cost. Any health, safety or efficacy concerns are likely to lead to reduced customer demand and impact on potential future profits of Paradigm. Risk Factor Continued 35 Results Presentation Secondary Endpoints and Capital Raising Presentation – April 2019 Intellectual Property risks: Securing rights in technology and patents is an integral part of securing potential product value in the outcomes of biotechnology research and development. Competition in retaining and sustaining protection of technology and the complex nature of technologies can lead to patent disputes. Paradigm’s success depends, in part, on its ability to obtain patents, maintain trade secret protection and operate without infringing the proprietary rights of third parties. Because the patent position of biotechnology companies can be highly uncertain and frequently involves complex legal and factual questions, neither the breadth of claims allowed in biotechnology patents nor their enforceability can be predicted. There can be no assurance that any patents which Paradigm may own, access or control will afford Paradigm commercially significant protection of its technology or its products or have commercial application, or that access to these patents will mean that Paradigm will be free to commercialise its drug candidates. The granting of a patent does not guarantee that the rights of others are not infringed or that competitors will not develop technology or products to avoid Paradigm's patented technology. Paradigm’s current Patenting strategies do not cover all countries which may lead to generic competition arising in those markets. Competition: The biotechnology and pharmaceutical industries are intensely competitive and subject to rapid and significant technological change, both in Australia and internationally, and there are no guarantees about Paradigm’s ability to successfully compete. Paradigm's products may compete with existing alternative treatments that are already available to customers. In addition, a number of companies, both in Australia and internationally, are pursuing the development of competing products. Some of these companiesmay have, or may develop, technologies superior to Paradigm’s own technology. Some competitors of Paradigm may have substantially greater financial, technical and human resources than Paradigm does, as well as broader product offerings and greater market and brand presence. Paradigm’s services, expertise or products may be rendered obsolete or uneconomical or decrease in attractiveness or value by advances or entirely different approaches developed by either Paradigm or its competitors. Regulatory Approval. Paradigm operates within a highly regulated industry, relating to the manufacture, distribution and supply of pharmaceutical products. There is no guarantee that Paradigm will obtain the required approvals, licenses and registrations from all relevant regulatory authorities in all jurisdictions in which it operates. The commencement of clinical trials may be delayed and Paradigm may incur further costs if the Food and Drug Administration (FDA) and other Regulatory Agencies observe deficiencies that require resolution or request additional studies be conducted in addition to those that are currently planned. A change in regulation may also adversely affect Paradigm’s ability to commercialise and manufacture its treatments. Clinical Development: Clinical trials are inherently risky, and may prove unsuccessful or non-efficacious, impracticable or costly, which may impact profitability and commercial potential. Failure or negative or inconclusive results can occur at many stages in development, and the results of earlier clinical trials are not necessarily predictive of future results. In addition, data obtained from trials is susceptible to varying interpretations, and regulators may not interpret the data as favourably as Paradigm, which may delay,limit or prevent regulatory approval. Risk Factors Continued 36 Results Presentation Secondary Endpoints and Capital Raising Presentation – April 2019 Commercial Risk: Paradigm may, from time to time, consider acquisition, licensing, partnership or other corporate opportunities for Paradigm’s product development programs. There can be no assurance that any such acquisition, licensing, partnership or corporate opportunities can be concluded on terms that are, orare believed by Paradigm to be, commercially acceptable. In the case of licensing and partnership opportunities, even if such terms are agreed there is a risk that the performance by and the delivery of contracted outcomes by collaborators may not occur due to a range of unforeseen factors relating to environment, technology and market conditions. Market penetration: Where Paradigm does obtain regulatory approval, future success will also depend on Paradigm’s ability to achieve market acceptance and attract and retain customers, which includes convincing potential consumers and partners of the efficacy of Paradigm’s products and Paradigm’s ability to manufacture a sufficient quantity and quality of products at a satisfactory price. Manufacturing: There is a risk that scale-up of commercial quantities or the supply of PPS may present technical difficulties. Any unforeseen difficulty relating to manufacturing or supply o PPS may negatively impact Paradigm’s ability to generate profit in future. Reliance on Key Personnel: Paradigm is reliant on key personnel employed or engaged by Paradigm. Loss of such personnel may have a material adverse impact on the performance of Paradigm. In addition, recruiting qualified personnel is critical to Paradigm’s success. As Paradigm’s business grows, it may require additional key financial, administrative, investor and public relations personnel as well as additional staff for operations. While Paradigm believes that it will be successful in attracting and retaining qualified personnel, there can be no assurance of such success. The loss of key personnel or the inability to attract suitably qualified additional personnel could have a material adverse effect on Paradigm’s financialperformance. Insurance and Uninsured Risks Although Paradigm maintains insurance to protect against certain risks in such amounts as it considers to be reasonable, its insurance will not cover all the potential risks associated with its operations and insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. It is not always possible to obtain insurance against all such risks and Paradigm may decide not to insure against certain risks because of high premiums or other reasons. Litigation: In the ordinary course of conducting its business, Paradigm is exposed to potential litigation and other proceedings, including through claims of breach of agreements, intellectual property infringement or in relation to employees (through personal injuries, occupational health and safety or otherwise). If such proceedings were brought against Paradigm, it may would incur considerable defence costs (even if successful), with the potential for damages and costs awards against Paradigm if it were unsuccessful,which could have a significant negative financial effect on Paradigm’s business. Changes in laws can also heighten litigation risk (for example, antitrust and intellectual property). Circumstances may also arise in which Paradigm, having received legal advice, considers that it is reasonable or necessary to initiate litigation or other proceedings, including, for example, to protect its intellectual property rights. There has been substantial litigation and other proceedings in the pharmaceutical industry, including class actions from purchasers and end users of pharmaceutical products. Risk Factors Continued This document does not constitute an offer of New Shares of the Company in any jurisdiction in which it would be unlawful. Inparticular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except to the extent permittedbelow. Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). No action has been taken in Hong Kong to authorise or register this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Shares have not been and will not be offered or sold in Hong Kong other than to "professional investors" (as defined in the SFO and any rules made under that ordinance). No advertisement, invitation or document relating to the New Shares has been or will beissued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely tobe accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities. The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you shouldobtain independent professional advice. New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the "FMC Act"). The New Shares are not being offered to the public within New Zealand other than to existing shareholders of the Company with registered addresses in New Zealand to whom the offer of these securities is being made in reliance on the FMC Act and the Financial Markets Conduct (Incidental Offers) Exemption Notice 2016. Other than in the entitlement offer, the New Shares may only be offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) to a person who: • is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act; • meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act; • is large within the meaning of clause 39 of Schedule 1 of the FMC Act; • is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or • is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act. Investor Presentation37 March 2018 INTERNATIONAL OFFER RESTRICTIONS Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sale,or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of aninvitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part XIII of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), or as otherwise pursuant to, and in accordance with the conditions of any other applicable provisions of the SFA. This document has been given to you on the basis that you are (i) an existing holder of the Company’s shares, (ii) an "institutional investor" (as defined in the SFA) or (iii) an "accredited investor" (as defined in the SFA). In the event that you are not an investor falling within any of the categories set out above, please return this document immediately. You may not forward or circulate this document to any other person in Singapore. Any offer is not made to you with a view to the New Shares beingsubsequently offered for sale to any other party. There are on-sale restrictions in Singapore that may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly. United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the New Shares. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of the FSMA) in the United Kingdom, and the New Shares may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or anyother document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) of the FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom. Any invitation or inducementto engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company. In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and any offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Investor Presentation38 March 2018 INTERNATIONAL OFFER RESTRICTIONS United States This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. Investor Presentation39 March 2018 INTERNATIONAL OFFER RESTRICTIONS 40 THANK YOU Results Presentation Secondary Endpoints and Capital Raising Presentation – April 2019

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