AdAlta : Company Presentation

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Developing high value drugs for challenging diseases

Tim Oldham PhD, CEO and Managing Director

July 2022

Disclaimer

Investment in AdAlta is subject to investment risk, including possible loss

onlyof 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

r a recommendation of securities. It does not take into account the

useinv stment objectives, financial situation and particular needs of the investor.

B fore 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. onal

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.

COMPANY OVERVIEW - JULY 2022

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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.

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AdAlta at a glance

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Building out pipeline

Targeting 10 programs by end 2023

Immuno-oncology: two co-development collaborations

1. i-CAR-Twith Carina Biotech: US$20b market by 2028
2. GZMB i-PET imaging agent with GE Healthcare: US$6.4b market

Fibrosis/inflammation: wholly owned pipeline

1. AD-214first in class anti-fibrotic preparing for Phase II clinical trials
2. Second target in discovery

i-body platform

Powerful drug discovery tool for creating drugs against diseases underserved by traditional antibodies

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Four human health needs AdAlta is addressing today

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Antibodies cannot do everything!

AdAlta's i-bodies are a differentiated drug discovery platform for difficult diseases

Idiopathic Pulmonary Fibrosis: degenerative, fatal

AdAlta's AD-214 could meet a desperate need for new approaches for a debilitating disease

CAR-T cell therapy providing new hope … for blood cancer patients

AdAlta and Carina's iCAR-T cells could offer same hope for patients with solid tumours

Immuno-oncology drugs revolutionising cancer treatment … for some

AdAlta and GE Healthcare's GZMB iPET imaging agent could identify responders early

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Platform: i-bodies