Delcath Systems

Corporate Presentation (OTCQB: DCTH) October 2019 Forward-looking Statements

This presentation contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to: the timing and results of the Company’s clinical trials including without limitation the OM and ICC clinical trial programs, timely enrollment and treatment of patients in the global Phase 3 OM and ICC Registration trials, IRB or ethics committee clearance of the Phase 3 OM and ICC Registration trial protocols from participating sites and the timing of site activation and subject enrollment in each trial, the impact of the presentations at major medical conferences and future clinical results consistent with the data presented, the Company’s ability to successfully commercialize the HDS/CHEMOSAT system and the potential of the Melphalan HDS/CHEMOSAT system as a treatment for patients with primary and metastatic disease in the liver, our ability to obtain reimbursement for the CHEMOSAT system in various markets, approval of the current or future Melphalan HDS/CHEMOSAT system for delivery and filtration of melphalan or other chemotherapeutic agents for various indications in the U.S. and/or in foreign markets, actions by the FDA or other foreign regulatory agencies, the impact of the Company’s exclusive licensing agreement with medac on commercial adoption in Europe and resulting revenue, if any, the Company’s ability to successfully enter into other strategic partnerships and distribution arrangements in foreign markets and the timing and revenue, if any, of the same, uncertainties relating to the timing and results of research and development projects, and uncertainties regarding the Company’s ability to obtain financial and other resources for any research, development, clinical trials and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made. Management Team

Jennifer Simpson, PhD., M.S.N., C.R.N.P. - President & Chief Executive Officer ♦ Vice President, Global Marketing, Brand Lead at ImClone Systems, Inc/Eli Lilly ♦ Product Director, Oncology Therapeutics Marketing at Ortho Biotech. ♦ Earlier in her career Dr. Simpson spent over a decade as a hematology/oncology-nurse practitioner and educator. ♦ Dr. Simpson earned a Ph.D. in Epidemiology from the University of Pittsburgh, an M.S. in Nursing from the University of Rochester, and a B.S. in Nursing from the State University of New York at Buffalo. Barbra C. Keck, Chief Financial Officer ♦ Deloitte & Touche, LLP. ♦ Earlier in her career, Ms. Keck spent several years in executive roles in the non-profit sector. ♦ Ms. Keck earned her M.B.A. in Accountancy from Baruch College and Bachelor of Music in Music Education from the University of Dayton. John Purpura, Executive Vice President - Global Head of Operations

♦ Vice President and then Executive Director of International Regulatory Affairs with Bracco/ E-Z-EM ♦ Associate Vice President for Regulatory and CMC with Sanofi- Aventis ♦ Prior to Sanofi, Mr. Purpura held various quality and regulatory management roles with Pharma companies from 1985 to 1995. He earned a MS in Management & Policy and BS degrees in Chemistry and Biology at the State University of New York at Stony Brook. Delcath Systems

♦ (IO) company with multiple near term catalysts ♦ 2H 2019 - FOCUS trial expected to complete enrollment; Publication from Prospective Phase 2 Study ♦ 1H 2020 - Topline data expected to be complete ♦ 2H 2020 - FDA NDA submission for indication expected

♦ “IO is the Fourth pillar of Oncology treatment” - ASCO ♦ Competitors include BTG, Boston Scientific, Sirtex

♦ Proprietary IO system (PHP) treats primary/metastatic liver ♦ Delivers directly to the liver ♦ Minimally invasive, repeatable, predictable, manageable systemic toxicity profile, can delay tumor progression and could potentially improve survival

♦ Commercial / Clinical Status ♦ Commercial stage in the EU under the CHEMOSAT® brand ♦ Late-stage (Phase 3) clinical development in the US (Melphalan/HDS) ♦ Pursuit of orphan indications in metastatic ocular (mOM) and intrahepatic cholangiocarcinoma (ICC) Our Mission is to Make a Clinically Meaningful Difference for Patients with Cancers of the Liver Building Shareholder Value Through Clinical Development

Tumor Type Program Tasks 2018 2019 2H 2019 1H 2020 2H 2020

Amended Protocol Focus Trial P3 Pivotal Study in FPI Amended Hepatic Dominant Trial Ocular Melanoma OM Safety Analysis (OM) (DSMB) ** Fastest path to US market LPI approval Top Line Data FDA Submission

ALIGN Trial Enrollment Open Intrahepatic P3 Pivotal Trial in ICC Cholangiocarcinoma (ICC) ** Strong signal in First PTS TX commercial setting

Completed Focused On Fastest Path To U.S. Market

EU & US Total Addressable Market Annual Potential Annual Market Type Eligible PTS2 Incidence1 Opportunity (Millions)3,4 Ocular Melanoma ~4,700 ~2,000 ~$200-$300 Orphan Indications Intrahepatic ~14,000 ~9,300 ~$372-$930 Cholangiocarcinoma (ICC) Colorectal (CRC) 411,000 40,000-55,000 ~$1,600-$5,500

Total EU & U.S. 429,700 51,300-66,300 ~$2,172-$6,730

Notes: 1) Globocan, American Cancer Society 2) LEK, Strategy&, Company Estimates 3) Assumes 4-6 TX/patient for OM and 2-4TX/patient for ICC, CRC 4) Utilizes current reimbursed amount in Europe ~$20,000-$25,000 USD/TX

Cancers Of The Liver Remain a Multibillion-Dollar Unmet Medical Need 6 Broad Device Indication in Europe Demonstrates Potential

 Device label permits use in broad range of primary & Tumor Types Treated metastatic liver cancers  13 tumor types treated since CHEMOSAT launch Vast Majority:  Presence established in several major markets (~22 OM Mets cancer centers)  ~750 commercial procedures performed Other Types Treated:  German Guidelines Program in Oncology added HCC CHEMOSAT to national treatment guidelines for ICC metastatic melanoma CRC  Added to Medical Oncology National Treatment Guidelines for Ocular Melanoma liver metastases in Breast the Netherlands Pancreatic  European centers producing data to support mNET reimbursement applications in additional markets Cutaneous  Data from EU experience providing steady flow of supporting abstracts and publications Our Solution – Liver Focused Disease Control

♦ CHEMOSAT® Melphalan/HDS product uniquely positioned to treat the entire liver as a standalone or a complementary therapy

♦ System isolates the liver circulation, delivers a high concentration of chemotherapy (melphalan), and filters most chemotherapy out of the blood prior to returning it to the patient

♦ Repeatable procedure typically takes ~2-3 hours

Liver Isolated Via Double Balloon Melphalan Infused Directly Into Liver Blood Exiting The Liver Filtered By Catheter In IVC Via Catheter In Hepatic Artery Proprietary Extra-corporeal Filters Cancers of the Liver - A Major Unmet Need Need

 Large global patient population

~1.2 million* patients diagnosed annually with primary or metastatic liver cancer

 Liver a common site of metastases

Often the life-limiting organ for cancer patients

 Prognosis is poor

Overall survival (OS) generally < 12 months

 Currently available/emerging therapies

Limited

* SOURCE – 2008 GLOBOCAN Metastatic Ocular Melanoma (mOM) Rationale

♦ OM has high incidence of liver metastases o ~4,700 cases of OM diagnosed in U.S. and EU annually o Up to 90% of patients with metastases will have liver involvement o Life expectancy of approximately 6 months ♦ Currently no standard of care; therapies utilized include: o Immunotherapy o TACE o Y-90 ♦ Believed to be fastest pathway to NDA approval in the U.S. ♦ FDA granted Melphalan hydrochloride orphan drug designation for treatment of OM ♦ Clear efficacy signal seen in multiple publications with Melphalan/HDS Melphalan/HDS Response Comparison - Reasons for Confidence

Publication CR PR ORR SD DCR mOS Safety (mos)

Hughes 2015 Majority of adverse events were related to bone marrow suppression. Four deaths were attributed to PHP-Mel, (n=44) 0.0% 27.3% 27.3% 52.3% 79.6% 10.6 three in the primary PHP-Mel group, and one post- (Gen 1 Filter) crossover to PHP-Mel from BAC.

37.5% had Grade 3 or 4 non-hematologic toxicity Karydis 2018 N=9 (17.6%) of PTS showed cardiovascular toxicity (n=51) 3.9% 43.1% 47.0% 37.2% 84.3% 15.3 31.3% PTS showed Grade 3 or 4 neutropenia vs 85.7% in (Gen 2 Filter) prior P3 trial No TX related deaths

Burgmans 2018 Safety analysis showed 14 serious AEs, no deaths, no (n=35) 3.1% 71.0% 74.1% 12.5% 86.6% 20.3 severe bleeding complications, myocardial or cerebral (Gen 2 Filter) infarctions observed

Artzner 2019 Safety analysis showed Grade 3 SAEs observed in 14% of TX (anemia, leukopenia, thrombocytopenia) (n=15) 0.0% 60.0% 60.0% 33.3% 93.3% 27.4 Most SAEs were Grade 1/2, 5% of reported Grade 3/4 (Gen 2 Filter) SAEs required intervention

* Ocular Melanoma Cohort Only † Not yet published Superior Results Global Registrational Clinical Trial

Clinical Trial For Patients with Hepatic-Dominant Ocular Melanoma Primary Endpoint (Objective Response Rate) Multinational, Multicenter Secondary Non-Randomized Melphalan/HDS Endpoints Registration Trial in TX every 6-8 weeks ≤ 6 (Duration of Response, cycles Disease Control Rate, Patients with Hepatic Overall Survival, Progression Dominant Ocular Free Survival) Melanoma Safety, (N=~80) Pharmacokinetics, QoL (Rigorous Analyses to Assess Risk/Benefit Profile) Amendment Highlights ♦ Ability to collect and report Overall Survival data when survival data matures (all patients followed until death) ♦ Non-randomized, single-arm trial ♦ Prior enrollment counted to amended enrollment target ♦ PTS treated in prior randomized protocol continue to be treated/evaluated ♦ Anticipate completing enrollment in 2H 2019 ORR trials in oncology

Approval Endpoint Trial Design/Results

Erivedge (vismodegib) Standard ORR 1 single-arm trial; ORR 43%, duration 7.6 months; (2012) metastatic ORR 30%, duration 7.6 months

Istodax (romidepsin) Standard ORR 2 single-arm trials; ORR 34% duration 454 days, (2009) ORR 35% duration 336 days

Libtayo (cemiplimab) Standard ORR 2 single-arm trials; ORR 47% from pooled results (2018) Odomzo (sonidegib) Standard ORR 1 P2 randomized trial; ORR 58% (2015) Mvasi (bevacizumab- Standard ORR 1 randomized trial; ORR 39% awwb) (2017)

Darzalex (daratumumab) Accelerated ORR Single-arm trial; ORR 29% (2015) Kyprolis (carfilzomib) Accelerated ORR Single-arm trial; ORR 23% duration 7.8 months (2012) Velcade (bortezomib) Accelerated ORR 2 Single-arm trials; ORR 29.6% (2003) Darzalex with Regular-sNDA ORR Single-arm trial; ORR 59.2% pomalidomide (2017) Xpovio (selinexor) with Accelerated ORR Single-arm trial; ; ORR 25.3% dexamethasone (2019) duration 3.8 months Pemigatinib Topline data released – NDA ORR Single-arm trial; ORR 36% submission planned shortly INTERNAL-CONFIDENTIAL ICC Development Path

 Phase 2 ICC Cohort initiated to determine efficacy signal

 Patient treatment and data collection continuing; interim data to be released upon maturity

 Concurrently a multi-center retrospective data collection by EU investigators was conducted in 2015 and determined efficacy signal prior to completion of the ICC cohort  Promising outcomes and observations obtained by EU investigators published in European Journal of Radiology

KOL input on retrospective data led to Registration trial in ICC Multi-Center ICC Outcomes Data Published in European Radiology

Percutaneous Hepatic Perfusion (Chemosaturation) with Melphalan in Patients with Intrahepatic Cholangiocarcinoma: European Multicentre Study on Safety, Short Term Effects and Survival, European Radiology 2018, Marquardt, et al

♦ Study evaluated 15 PTS with ICC selected for PHP TX after failing prior therapies; PTS TX at nine hospitals in Europe between 2012 and 2016 ♦ TX outcomes assessed by imaging every three mos following PHP TX ♦ Results after the first PHP TX: ♦ One patient (7%) CR, two PTS (13%) had PR, and SD observed in eight PTS (53%); CR patient not retreated and is still alive ♦ Control rate (CR+PR+SD) was 73% ♦ Three PTS (20%) progressed after the first TX; and one patient died prior to post-procedure imaging ♦ Five PTS with SD received a second PHP TX, resulting in one PR (20%), three SD (60%), and one PD (20%); During the follow-up phase two of the SD PTS received additional PHP treatments ♦ Median OS was 26.9 months from initial diagnosis and 7.6 months from first PHP TX ♦ One-year OS from first PHP TX was 40%, Median PFS was 122 days, and median hepatic hPFS was 131 days ♦ Side-effects were potentially under-reported but were considered by the investigators to be tolerable and comparable to other systemic and local therapies ♦ Practitioners observed no Grade 3/4 AEs during the PHP procedure; significant hematological toxicity was observed post-procedure in the form of anemia and thrombocytopenia 5-7 days after the PHP TX ♦ Investigators concluded that PHP Therapy provides “promising response rates in patients with ICC,” and that side-effects were tolerable and comparable to other treatment strategies

Promising response rates in the salvage setting The ALIGN Trial - Global Pivotal Trial in ICC

A Randomized, Controlled Study to Compare the Efficacy, Safety and Pharmacokinetics of Melphalan/HDS Treatment Given Sequentially Following Cisplatin/Gemcitabine versus Cisplatin/Gemcitabine (Standard of Care) in Patients with Intrahepatic Cholangiocarcinoma

Primary Endpoint Melphalan/HDS (Overall Survival) TX every 6-8 weeks ≤ 6 cycles Screening Phase GEM/CIS Induction Phase R 1:1 (4 cycles) (N=295) Secondary GEM/CIS Endpoints Re-Induction (Progression Free Survival, Objective Response Rate, Safety)

♦ Continuing to support enrollment in existing network of enrolling centers ♦ Utilizing efficient allocation of resources to advance this trial in conjunction with OM Registration Trial European Commercialization – medac Licensing

 Licensing agreement announced December 2018  Extensive network throughout Europe  €6 million in upfront and milestone payments  Allows Delcath to focus on Clinical  Fixed transfer price and royalty payments Development Program  Agreement includes EU member states plus United Kingdom, Norway, Switzerland, Liechtenstein 2019 Private Placements

 $29.5 Million raised (July 2019 - August 2019) -$12.0 million in debt equitized in addition to cash proceeds -Cash runway beyond top line data -Clean capitalization table -Foundation for a possible path to National Exchange listing

 Positioned for success through multiple value inflection points -Full enrollment 2H 2019 -Top line data 1H 2020 -NDA filing Q4 2020

18 Cap Table

Issued and Authorized Outstanding Preferred Shares 10,000,000 41,933

Common Shares 1,000,000,000 18,277,807

Total shares issued and reserved for conversion: 701,373,570 Total shares reserved for warrants and options: 702,523,599

Total shares issued and reserved: 1,422,174,977

 One for one-hundred (1:100) reverse stock split anticipated to be effected in 4Q 2019

19 Summary

 Ocular Melanoma (OM)

 Late-stage clinical development trial expected to complete accrual in 2H 2019

 Topline data expected to complete in 1H 2020

 FDA NDA submission for indication expected in 2H 2020

 Focused on cancers of the liver with high unmet medical need & no established SOC

 Commercial experience from Europe & recent clinical data provide confidence in clinical development path

 Pursuing indications representing ~$1 billion opportunity in the U.S. & Europe with additional potential in Latin America