Developing first-in-class treatments in Haematology Jefferies Healthcare Conference, London, 16 November Luigi Costa, Chief Executive Officer

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1 Developing first-in-class treatments in Haematology Jefferies Healthcare Conference, London, 16 November 2016 Luigi Costa, Chief Executive Officer

2 Forward-looking statements This presentation may contain certain forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on Nordic Nanovector s business, financial condition and results of operations. The terms anticipates, assumes, believes, can, could, estimates, expects, forecasts, intends, may, might, plans, should, projects, will, would or, in each case, their negative, or other variations or comparable terminology are used to identify forward-looking statements. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied in a forward-looking statement or affect the extent to which a particular projection is realised. Factors that could cause these differences include, but are not limited to, implementation of Nordic Nanovector s strategy and its ability to further grow, risks associated with the development and/or approval of Nordic Nanovector s products candidates, ongoing clinical trials and expected trial results, the ability to commercialise Betalutin, technology changes and new products in Nordic Nanovector s potential market and industry, the ability to develop new products and enhance existing products, the impact of competition, changes in general economy and industry conditions and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Nordic Nanovector disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2

3 Nordic Nanovector at a glance Focused on the development of targeted therapies for haematological cancers Leveraging its proprietary Immuno-Conjugate technology to build a pipeline of candidates Pipeline led by Betalutin for treating non-hodgkin lymphoma (NHL) Novel anti-cd37 ARC in Phase 1/2 clinical trials Promising efficacy with sustainable duration of response, confirmed favourable safety profile Clear plan to bring Betalutin to market Designed to enhance Betalutin s chances of gaining regulatory approval with a competitive product profile Intend to independently commercialise Betalutin in major markets Deep pipeline of targeted therapies for haematological cancers Successful IPO in March 2015 (OSE: NANO) raising $70m, strong current cash position (US$74m) * * As at 30 th June

4 Strong Management Team with international experience Luigi Costa, Chief Executive Officer (CEO) More than 20 years of experience in the international pharmaceuticals and biotech industry Formerly VP of Europe, Middle East and Africa for Onyx Pharmaceuticals, various management positions with Amgen including head of International Oncology Franchise and general manager of Italy and France and various positions with Eli Lilly BSc in Business Administration from the University of Parma and an MBA from SDA Bocconi in Milan Jostein Dahle, Chief Scientific Officer (CSO) More than 15 years of experience in cancer research Formerly leader of the Radioimmunotherapy group at Institute for Cancer Research at the Norwegian Radium Hospital Ph.D. in radiation biology from University of Oslo and a M.Sc. in biophysics from Norwegian University for Science and Technology in Trondheim Co-founder of Nordic Nanovector Rita Dege, Chief Human Resources Officer (CHRO) Over 15 years of experience from global organizations and international start-ups Formerly head of HR with an international environmental advisory firm; senior positions within HR and learning and development with global maritime industry, management consulting and finance. Diploma in languages, business and finance from Euro Business and Language School, Germany Tone Kvåle, Chief Financial Officer (CFO) More than 20 years of experience from the biotech industry. CFO in Nordic Nanovector since November 2012 Formerly CFO in NorDiag (public Company), Kavli Holding and Dynal Biotech and senior management positions at Invitrogen/Life Technologies/Thermofischer (US) Diploma in Finance and Administration from Harstad University College Marco Renoldi, MD, Chief Operating Officer (COO) Strong track record of commercial and financial results over 28 years of industry experience Has developed product lines and businesses, including start-ups, for established and innovative companies such as Novartis, Searle/Pharmacia, Amgen and Shionogi Medical degree and post-graduate studies in Child Neuropsychiatry from the University of Milan, and an MBA from Fondazione Istituto Dirigenti Italiani Anniken Hagen, Chief Technical and Operations Officer (CTOO) More than 20 years of experience from the pharmaceutical industry with specialty in radiopharmacy Formerly Head of QA and QP at Norwegian Medical Cyclotron Centre, QC Manager at Algeta and scientist at Pronova Biomedical M.Sc. in radiochemistry from the University of Oslo Lisa Rojkjaer, MD, Chief Medical Officer (CMO) Board-certified hematologist with more than 15 years of executive global and regional clinical development and medical affairs expertise within biotech and pharma industry Formerly Global Clinical Program Head, Oncology Global Development with Novartis Pharmaceuticals, CMO at Molecular Partners and Vice President, Head of Clinical Development at Morphosys AG Medical degree from University of Toronto, and board certified in both internal medicine and hematology

5 Leveraging expertise to develop a broad pipeline of targeted therapies for haematological cancers Betalutin ADC: antibody-drug conjugate; ARC: antibody-radionuclide conjugate; ASCT: autologous stem cell transplant; chhh1: chimeric HH1 antibody; DLBCL: diffuse large B-cell lymphoma; FL: follicular lymphoma; NHL: non-hodgkin lymphoma 5

6 Betalutin is specifically designed to treat NHL Design Property Differentiation CD37 a validated target for B-cell NHL Highly expressed in B-cell population Internalization of the antibody anchors the payload to the cancer cells, resulting in a prolonged irradiation of the cancer cell nucleus Different target ideally suited to be effective for patients previously treated with CD20-based therapies Lutetium-177 ideal therapeutic and safety properties Beta-emitting radionuclide with halflife (6.7 days) matching the circulation time of the antibody The mean range of the Lu-177 beta particles is 0.67mm Radionuclide payload with properties that are well suited for treating NHL while limiting unnecessary side effects Multi-cell kill approach Localized tumor cell kill (40-cell radius): even poorly perfused or nonantigen expressing cells suffer from cytotoxic radiation effects ARC (a multi-cell kill approach) is expected to deliver better treatment outcomes than anti-cd20 therapies and chemotherapy (single cell kill approach) 6

7 BUSD NHL represents a serious unmet medical need A cancer of the white blood cells Two types: B-cell (~85%) and T-cell (~15%) 10th most common cancer: estimated 850,000 prevalent patients with B-cell NHL 66% of diagnosed patients age years High mortality rate, despite available treatments Incidence expected to grow due to the ageing population (1.5% CAGR) Treatment currently dominated by anti-cd20 immunotherapy and chemotherapies High medical need for differentiated products NHL market expected to reach ~ USD 12bn by Americas EMEA APAC Sources: DataMonitor Pipeline Insight: Lymphomas, Multiple Myeloma and Myelodysplastic Syndromes DMHC2595/ Published 03/2010, National Cancer Institute at the National Institutes of Health, seer.cancer.gov/, annonc.oxfordjournals.org/content/19/3/570.full, Global Non-Hodgkin Lymphoma Therapeutics Market : (TechNavio), Roche website Investor Relations 2014 webpage 7

8 FL market is expected to grow by 50% over the next 10 years, 2L and 3L segments combined will exceed 2 USD billions 3L FL $0.6B approx. 5,900 (US) + 4,800 (EU-5) patients 2L FL $1.5B approx. 9,200 (US) + 7,100 (EU-5) patients 1L FL $1.4B approx. 14,000 (US) + 10,800 (EU-5) patients Current Options: R squared, idelalisib, ibrutinib, rituximab, ibritumomab tiuxetan Current Options: Anti-CD20 Mab plus chemo, R squared (rituximab - lenalidomide), idelalisib, ibrutinib,ibritumomab tiuxetan Current Standard of Care: Anti-CD20 Mab (rituximab, obinutuzumab) plus chemo (CHOP, Bendamustine or CVP) Decision Resources, 2015 Total: $2.3B (2015) $3.5B (2024) 8

9 Betalutin s development plan in FL designed to select optimal dosing regimen Lymrit Phase 1/2 trial Phase 1 Phase 2 Pivotal Phase 2 PARADIGME trial Arm 1 10MBq/kg (- llo + R0) N = 1 10MBq/kg (+ llo 40mg) N = 3 20MBq/kg (+ llo 40mg) N = 3 15MBq/kg (+ llo 40mg) N = 6 15MBq/kg (+ llo 40mg) N = 16 20MBq/kg* (+ llo 100mg/m 2 ) N >3 Arm 2 Arm 3 15MBq/kg (- llo) N = 2 15MBq/kg (- llo + R0) N = 3 10MBq/kg (- llo) N = 1 Discontinued Discontinued for futility First Patient: 2H 2017 Dose TBD N=85 Last Patient: 2H 2018 MBq = Megabecquerel (radioactivity measurement unit) llo = lilotomab - CD37 B-cell seeking antibody (previously HH1) R0 = rituximab predosing on day 0 N = number of patients = completed step (all patients enrolled) Arm 4 15MBq/kg (+ Ilo 100mg/m 2 ) N = 3 20MBq/kg (+ Ilo 100mg/m 2 ) N 3 Regulatory submission: 1H 2019 * Dose decision based on safety data and Safety Review Committee s recommendation PARADIGME dose decision: 1Q

10 Clinical program progressing at higher dosing regimen based on favourable safety data Arm 4 Initiating dose escalation Proceed at higher dose of Betalutin (20 MBq/kg) and lilotomab 100 mg/m 2 Patient recruitment underway Completion of dose-finding study / finalise dose decision for PARADIGME Arm 1/Phase 2 Preparing dose escalation Arm 3 Discontinued Escalate Betalutin dosing (20 MBq/kg) and lilotomab pre-dosing (100 mg/m 2 ), pending confirmation of safety from Arm 4 and protocol amendment approval Generate further safety data at higher regimen Discontinued Rationale Pre-dosing protects bone marrow, minimal effect on tumour uptake Dose escalation expected to improve clinical profile of Betalutin 10

11 Data presented at AACR 2016 show strong and durable efficacy as single agent Efficacy Duration of response ORR = Overall response rate, CR = Complete response, PR = Partial response, SD = Stable disease, PD = Progressive disease Tumour response assessed according to Cheson criteria 2007 One patient with a transformed lesion has been excluded from the efficacy analysis of the 15MBq/kg group but included the incidence of DLTs AACR 2016, Poster version of the Abstract LB-252, Prof. A. Kolstad et al. DoR exceeds 12 months in most responders in the 15 MBq/kg group followed up for at least 12 months 11

12 2 nd Line 3 rd Line Betalutin monotherapy holds a significant edge over existing and upcoming competitors in R/R FL CR ORR mdor (months) mpfs (months) mos (months) Source Betalutin (Phase I) 32% 64% >12m Kolstad et al, 2016 (21 patients) CTL019 (Phase II) 64% 73% -- ~12m -- Novartis, 2015 (11 patients) Ibrutinib (Phase II) 3% 30% -- ~10m -- Bartlett et al, 2014 (40 patients) Copanlisib (Phase II) 23% 46% ~13m ~10m 12m 70% 15m 60% Dreyling et al, 2014 (33 patients) Idelalisib (Launched) 8% 54% >12.5m -- ~20.3m Gopal et al, 2014 (125 patients) Nivolumab (Phase I) 10% 40% Lesokhin et al, 2016 (10 patients) MOR208 (Phase II) 11% 29% >16m 12m >40% -- Jurczak et al, 2016 (45 patients) Duvelisib* (Phase II) 41% Infinity Pharma, 2016 (129 patients) Rituximab (Launched) 6% 48% -- ~13m -- McLaughlin et al, 1998 (166 patients) Ibritumomab tiuxetan (Launched) 15% 74% ~6.5m ~7m -- Witzig et al, 2002 (57 patients) * Data read-out suggests not very strong results. Infinity is still in touch with FDA to look for future action All agents are approved based on different phase results as mentioned along with asset Results from different trials for comparison purpose only and NOT head to head studies 12

13 Betalutin s unique value proposition in FL is based on important differentiating factors High and durable response* Significantly higher Complete Response than current and future competitors, as a single agent Duration of Response exceeding 12 months in heavily pre-treated patients Predictable and manageable toxicity* Minimal non haematological toxicity Predictable, transient and reversible cytopenias Convenience for patients and physicians One-time therapy: 100% patient compliance and improved convenience vs. oral TKIs No repeat visits to cancer center: improved QoL for patient Optimized healthcare resource utilization New target and combination potential Potential synergy from combination with anti-cd20 mab New target (CD37) ideal for patients who progress after rituximab-based regimens *AACR 2016, Poster version of the Abstract LB-252, Prof. A. Kolstad et al 13

14 Latest clinical results to be presented at ASH on 3 December 2016 Updated clinical results with Betalutin in FL Poster will include response rates, DOR and safety data from all evaluable patients to date Abstract 1780 reports a 57% ORR, based on patients available until August Results from studies of Betalutin in combination with rituximab in preclinical NHL model Betalutin increased binding of rituximab to NHL cells and uptake of rituximab in NHL tumours % survival for 150 days after combination treatment compared to % survival for each treatment alone 14

15 Clinical study of Betalutin in DLBCL initiated Lymrit Phase 1 Pivotal Phase 2 trial 10 MBq/kg (+ Intermediate dose llo) 10 MBq/kg (+High dose llo) 15 MBq/kg (+ Intermediate or high dose llo) N = 3 20 MBq/kg (+ Intermediate or high dose llo) N = 3 Several combinatorial approaches to be explored First patient: 2H 2018 Dose TBD Last patient: 2H 2019 N = 3 N = 3 N = 3-24 llo = lilotomab - CD37 B-cell seeking antibody Day -14: rituximab Day 0: Intermediate dose llo Day 0: High dose llo Day 0: Betalutin* Protocol design pending SAB and regulatory validation Phase 2 dose decision: 1H

16 Median survival (days) Betalutin + rituximab increased the survival in a preclinical NHL model 1 Increase in rituximab binding after Betalutin treatment Median survival of a mouse model of NHL % CD20 Upregulation MBq/mlBetalutin 177 Lu-HH1 0.4 MBq/ml Betalutin 177 Lu-HH1 1.5 Gy Gy External Beam Radiation 0.5 Gy Gy External Beam Radiation Placebo *p<0.05 vs placebo Rituximab only * Betalutin only * Betalutin + Rituximab Time after seeding (days) 1. Repetto-Llamazares AHV, et al. Poster presented at ASH

17 Important research collaborations to develop new Immuno-Conjugates for leukemias Develop new ARCs optimised for treating leukaemias, e.g. CLL* and AML* > patients relapse every year worldwide Market estimated to grow to USD 5 billion by 2024 Supported by grant funding from the Research Council of Norway Early stage R&D collaborations with goal to develop new ADCs optimised for treating leukaemias Market estimated to grow to USD 5 billion by 2020 Leveraging CD37 targeting and biologics expertise of Nordic Nanovector and complementary technologies of partners New area for Nordic Nanovector using non-radionuclide payloads * CLL: chronic lymphocytic leukaemia, AML: acute myeloid leukaemia 17

18 Operating expenses reflect focus on development activities Cash flow Operating expenses distribution YTD 2016 MNOK (109) (17) % USD 88M* USD 74M* 71 % Cash Operating activities Investing & financing activities FX Cash Development* Administration * USD/NOK 8.39 *Development costs: preclinical, clinical, regulatoryand CMC activites Current cash resources expected to be sufficient to reach first regulatory submission for Betalutin in 3L FL in 1H

19 Key milestones through

20 Nordic Nanovector investment proposition Market Leading Product Evidence Strategy Team Substantial unmet medical need and orphan drug opportunities, a growing market worth over USD 30 bn Betalutin : first in a new class of Antibody-Radionuclide-Conjugates, designed to deliver better treatment outcomes for NHL patients Promising clinical data from Phase 1/2 study indicates the potential for a competitive target product profile Well thought-out clinical strategy - unencumbered asset with all options open to maximize shareholder value Management team with extensive industry experience in both development and commercialization of anticancer drugs 20

21 Thank you for your attention! Nordic Nanovector ASA Kjelsåsveien 168 B, 0884 Oslo, Norway IR contact:

22 Glossary of terms 1L, 2L, 3L: first, second and third line of treatment ADC: Antibody-Drug Conjugate ARC: Antibody-Radionuclide-Conjugate (A)SCT: (Autologous) stem cell transplant ASH: American Society of Hematology Annual Meeting B-cell: A type of lymphocyte (white blood cell) in the humoral immunity of the body s adaptive immune system. Can be distinguished from other lymphocytes by the presence of a protein on the B-cell s outer surface known as a B cell receptor (BCR). This specialised receptor protein allows a B-cell to bind to a specific antigen. CD20: B-lymphocyte antigen CD20 is an activated-glycosylated phosphoprotein expressed in the surface of all B-cells beginning at the pro-b phase and progressively increasing in concentration until maturity CD37: B-lymphocyte antigen CD-37 is a protein, a member of the transmembrane 4 superfamily, also known as the tetraspanin superfamily of cell surface antigens CR: Complete response DLBCL: Diffuse Large B-Cell Lymphoma FL: Follicular Lymphoma FDA: Food and Drug Administration Lilotomab: Betalutin consists of the radionuclide lutetium-177 conjugated to the B-cell seeking anti-cd37 antibody lilotomab (formerly referred to as HH1). IFRS: International Financial Reporting Standard IND: Investigational New Drug IPO: Initial Public Offering KOL: Key opinion leader LCM: Lifecycle management 177 Lu: Radionuclide lutetium-177 MBq: Megabecquerel (radioactivity measurement unit) MD: Medical doctor nasct: Not eligible for autologous stem cell transplant NNV003: chimeric anti-cd37 antibody developed by Nordic Nanovector 22

23 Glossary of terms NHL: non-hodgkin Lymphoma OSE: Oslo Stock Exchange ORR: Overall response rate (the CR and PR, jointly) PARADIGME: Name of Nordic Nanovector s pivotal Phase 2 study PFS: Progression free survival PR: Partial response QoL: Quality of life R: rituximab RIT: Radioimmunotherapy SAB: Scientific Advisory Board SD: Stable disease T-cell: A type of lymphocyte (white blood cell) that plays a central role in cell-mediated immunity. Can be distinguished from other lymphocytes by the presence of a T-cell receptor (TCR) on the cell surface. They are called T-cells because they mature in the thymus. 23