Portage Biotech : Corporate Presentation - September 2023

Corporate Presentation

Nasdaq: PRTG

September 2023

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Legal Disclaimer

This presentation is for information purposes only. This presentation does not constitute a general advertisement or general solicitation or an offer to sell or a solicitation to buy any securities in any jurisdiction. Such an offer can only be made by prospectus or other authorized offering document. This presentation and materials or fact of their distribution or communication shall not form the basis of, or be relied on in connection with any contract, commitment or investment decision whatsoever in relation thereto. No securities commission or similar authority in Canada, the United States or any other jurisdiction has in any way passed upon the adequacy or accuracy of the information contained in this presentation.

Forward-Looking Information

This presentation contains "forward-looking statements" that involve risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. The statements contained in this presentation that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the "Securities Act," and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements are often identified by the use of words such as, but not limited to, "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "seek," "should," "strategy," "target," "will," "would" and similar expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to the Company's ability to obtain financing in the future to cover its operational costs and progress its plans for clinical development, its estimates regarding its capital requirements, and its ability to continue as a going concern; the Company's plans and ability to develop and commercialize product candidates and the timing of these development programs; the Company's clinical development of its product candidates, including the results of current and future clinical trials; the benefits and risks of the Company's product candidates as compared to others; the Company's maintenance and establishment of intellectual property rights in its product candidates; the Company's estimates of future revenues and profitability; the Company's estimates of the size of the potential markets for its product candidates; its selection and licensing of product candidates; and other factors set forth in "Item 3 - Key Information-Risk Factors" in the Company's Annual Report on Form 20-F for the year ended March 31, 2023, and those discussed in the Company's other reports filed with the Securities and Exchange Commission from time to time. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

No representation or warranty, express or implied, is or will be given by Portage Biotech Inc. (the "Company") or any of its affiliates, directors officers, employees or advisers or any other person as to the accuracy or completeness of the information in this presentation, and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency of this presentation or for any errors, omissions, misstatements, negligent or otherwise, contained herein.

A shelf registration statement on Form F-3 relating to the public offering of the Company's common stock was declared effective by the Securities and Exchange Commission on March 8, 2021. Before you invest, you should read the prospectus in the registration statement and related preliminary prospectus supplement that the Company will file with the Securities and Exchange Commission for more complete information about the Company and the offering. An electronic copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering will be available on the website of the Securities and Exchange Commission at www.sec.gov.

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Investment Highlights

Immuno-Oncology Company with Four First/Best in Class Compounds in the Clinic

Multiple Phase 1b/2 Data Catalysts in 2024

Experienced Leadership Team from Bristol Myers Squibb

Cost-Efficient Business Model, Potential Runway to Achieve Multiple Inflection Points

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Proven Leadership with Oncology and Financing Expertise

Ian Walters, MD	Rob Kramer, PhD	Steve Innaimo	Justin Fairchild	Brian Wiley	Allan Shaw
CEO, Chairman	CSO	VP PM & Operations	VP Clin Dev	CBO	CFO

Board of Directors

Gregory Bailey, MD

Rob Glassman, MD

Linda M. Kozick

Jim Mellon

Steven Mintz

Mark Simon

St. Germain Capital Corp

Over 10 Oncology Approvals, Several Billion $ Exits

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Our Formula for Success

First/Best in Class

I/O Agents

• Compounds with broad targets, single agent activity
• Address ~70-80% of patients that don't respond

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De-Risked

Development

• Randomized studies early
• Enrich patient population when possible

Strong Academic &

Industry Network

• Active CRADA with National Cancer Institute
• Programs vetted with Big Pharma companies likely to transact

Structured to Create

Significant Value

• Partner with large oncology-focused companies
• Retain IP exclusivity

Potential for Large

Returns

• >$35B market growth to >$100B
• Data catalysts create meaningful inflections