Investor Presentation

June 2017 Disclaimer

This presentation contains forward looking statements including, but not limited to, statements concerning the outcome or success of Mithra Pharmaceutical’s clinical trials; its ability to successfully gain regulatory approvals and commercialize products; its ability to successfully advance its pipeline of product candidates; the rate and degree of market acceptance of its products;anditsabilityto developsales andmarketingcapabilities. Forward looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, Mithra Pharmaceutical operates in a very competitive and rapidly changing environment.Newrisks emergefromtime to time.It is not possiblefor MithraPharmaceutical’s managementto predictallrisks, nor can Mithra Pharmaceuticalassess theimpactof all factors on itsbusinessor theextent to whichanyfactor,or combinationof factors,maycause actualresults to differmateriallyfromthosecontainedin anyforwardlookingstatements it may make.In light of these risks, uncertainties and assumptions, the forward looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adverselyfromthoseanticipatedor impliedin theforwardlookingstatements. You should not rely upon forward looking statements as predictions of future events. Although MithraPharmaceutical believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward looking statements will be achieved or occur. Moreover,exceptas requiredby law,neitherMithraPharmaceuticalnor anyotherpersonassumesresponsibilityfortheaccuracyandcompletenessof theforwardlookingstatements.Forward lookingstatementsin thispresentationrepresentMithraPharmaceutical’sviewsonlyas of thedateof thispresentation.MithraPharmaceuticalundertakesno obligationto updateor reviewany forwardlookingstatement,whetheras aresultof newinformation,futuredevelopmentsor otherwise,exceptas requiredby law. This presentation has been prepared by the management of Mithra Pharmaceuticals. It does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for,underwrite or otherwise acquire, any securities of Mithra Pharmaceuticals or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of Mithra Pharmaceuticals or any member of its group, nor shall it or any part of it form the basis of or be relied on in connection withanycontractor commitmentwhatsoever. The information included in this presentation has been provided to you solely for your information and background and is subject to updating, completion, revision and amendment and such informationmaychange materially. No personis under anyobligationto updateor keepcurrenttheinformationcontainedin this presentationandany opinionsexpressedin relation theretoare subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein. NeitherMithraPharmaceuticals nor anyotherpersonacceptsanyliabilityforanyloss howsoeverarising,directlyor indirectly,fromthispresentationor itscontents.

François Fornieri Jean-Michel Foidart Chief Executive Officer Scientific Committee & Board member Co-founder Co-Founder 30 years in the Pharma industry Former CSO of UteronPharma & Actavis Belgium Founder & CEO of UteronPharma (sold to Watson/Actavis) Former Head of the Gynecology and Obstetrics Department of the University of Liège Master in Chemical Engineering MD & PhD in Cell Biology & Biochemistry

Expert in Women’s Health , re-energizing the €14 billion Contraceptive and €6 billion Hormone Therapy markets - Markets characterized by a lack of innovation, which have recently seen a return of interest from Big Pharma - Unique portfolio based around (1) E4 natural estrogen with improved benefit / risk profile and (2) Complex Therapeutics

E4: two potential blockbusters in Leveraging know-how in Mithra CDMO : fully integrated late-stage development for Complex Therapeutics ecosystem for state-of-the-art launch from 2020 Pipeline of complex, polymer- research, development & Estelle® - 5th generation oral based generics, with international manufacturing contraceptive in Phase III; launches of Tibelia® as of 2017 Develop products from POC to Donesta® next-generation HT in and MyringTM potentially as of market, for own product portfolio Phase II 2018 and partners

Clear growth strategy: Existing commercial portfolio combined with partnering strategy with leaders in Women’s Health at key value inflection points - Multiple mid- to near-term catalysts - Cash flow generative commercial generics portfolio and partnering strategy

Unique Women’s Health portfolio of E4-based Market characterized by a lack of innovation, pipeline and Complex Therapeutics recent return of interest from Big Pharma 10% • Highly innovativenew approaches based on E4, a natural Fertility estrogenwith improved benefit/risk profile

• Complex Therapeutics: leveraging polymer science & formulation expertise to develop complex generics 42% 30% EUR 33.2bn • Poweredby Mithra CDMO (Contract Development & Hormonal Osteoporosis (CAGR: 3%)* Contraceptives Manufacturing Organization) €14 bn

18% Hormone Therapy (HT) *Based on Datamonitor 2014; CAGR 2010-2018 €6 bn

Product Indication Ph1 Ph2 Ph3 Next milestone

E4* Estelle® Contraception PhIII results Q3 2018-Q1 2019

Donesta® Menopause PhII results Q1 2018

*Preclinical: Neuroprotection

PK/PD BioEq Filing Market Next Approval milestone

Complex Myring™ Contraception Q2/Q3 2017: Therapeutics Filing EU/US MA Zoreline® Cancer H2 2017: Results 1 month profile

Tibelia® Menopause H2 2017: 36- month shelf life; Add’l MAs

E4: native estrogenproduced by human fetus around week 9

Fetal plasma levels 12x higher than those of mother

E4’s broad potential for use in Women’s Health validated in multiple peer-reviewed academic journals1-7

E4-based programs protected by 26 patent families, including synthesis pathway until 2032

1 Kluft C et al., Contraception. 2016.; 2 Gerard C et al., Oncotarget. 2015;6(19):17621-36.; 3 Visser M et al., Horm Mol Biol Clin Invest. 2012;9:95-103.; 4 Visser M et al., Climacteric. 2008; 11 Suppl 1:64-8.; 5 Mawet M et al., Eur. J. Contracept. Reprod. Healthcare 2015:1-13.; 6 Apter D. et al., Contraception. 2016;94(4):366-73; 7 Abot et al., EMBO 2014: 6 (10)

Cells exhibit 2 types of estrogen receptors (ERα): membrane and nucleus receptors

Depending on the tissue either the membrane or the nucleus receptor is predominantly active

E4 acts differently compared to other estrogens depending on the tissue:

• Agonist on nuclear receptor: E4 acts as an estrogen in bone, vagina, endometrium stability & heart to provide beneficial effects (as other estrogens)

• Antagonist on the membrane receptor: E4 blocks the estrogen receptor in breast and has a neutral effect on the liver (unlike other estrogens)

Estrogen’s E4 has the potential to address systemic side effects: most of these concerns:

- Heart and liver: increasedrisk of Myocardial + Favorable VTE risk profile¹ infarction, Thrombophlebitis

-Brain: increasedrisk of Stroke, Alzheimer’s and + Favorable drug-drug interaction profile⁴ Dementia + Minimal increase of triglycerides5

- Ovary and uterus: increased risk of Ovarian and 6 Endometrial cancer + Lower breast pain and lower carcinogenic potential in the presence of E2*,2,3 - Breast: increasedrisk of Breast cancer + Good user acceptability, body weight control,excellent cycle control, improved spotting and general well-being6,7 - Quality of life: bleeding, cycle control

1 Kluft C et al., Contraception. 2016.; 2 Gerard C et al., Oncotarget. 2015;6(19):17621-36.; 3 Visser M et al., Horm Mol Biol Clin Invest. 2012;9:95-103.; 4 Visser M et al., Climacteric. 2008; 11 Suppl 1:64-8.; 5 Mawet M et al., Eur. J. Contracept. Reprod. Healthcare 2015:1-13.; 6 Data on file ; 7 Apter D. et al., Contraception. 2016;94(4):366-73

Program Trial Patients Characteristics Objectives Results Estelle® Phase IIa 109 Healthy premenopausal Ovulation inhibition No ovulation women of childbearing Effect on liver function (surrogate Only slight increase vs EE of SHBG1 potential markers of VTE) plasmatic concentration (surrogate marker of VTE risk)

Estelle® Phase IIb 389 Healthy premenopausal Vaginal bleeding profile Well controlled bleeding pattern women of childbearing Cycle control Indications of reduced VTE risks potential

Donesta® Phase Ia 32 Healthy postmenopausal Safety and tolerability Fast oral absorption women Half life +/- 28 hours

Donesta® Phase Ib 49 Healthy postmenopausal Safety and tolerability Decrease in number of hot women: Hysterectomized& flushes Number of hot flushes & non-hysterectomized sweating E4 as efficient as 2 mg E2V in decreasing hot flushes

Excellent safety and efficacy results for Estelle® (15 mg E4/3mg DRSP) & Donesta® (E4 alone) 1Sex hormone-binding globulin

Regulators are encouraging new approaches through non-reimbursement, market withdrawal and warnings for existing products

Better user Improved Generation pill acceptability safety profile 1st & 2nd generation   3rd & 4th generation  (e.g. Yazfamily: peak sales € 1.2bn)1  24% 27% 30% use alternative use no of US women not Potential 5th generation methods1 contraceptive taking pill mainly due   at all2 to safety or convenience4

1 Datamonitor 2014. €14bn is total hormonal contraceptive market. 2 IMS Health Data 3 In the 8 biggest markets: US, France, Germany, UK, Spain, Italy, Belgium & Netherlands. United Nations, Department of Economic and Social Affairs, World Bank 4 K. Daniels et al., National Health Statistics report n° 62, 2013

Evaluation of ovulation inhibition: % of patients scored according to Hoogland score (treatment cycle 3; n= 109 healthy premenopausal women of child bearing age)1

100

80 E4 inhibits ovulation in 60 association with a 40 progestin and allows rapid & complete return 20 to fertility 0 5 mg E4/DRSP 10 mg E4/DRSP 20 µg EE/3 mg 5 mg E4/LNG 10 mg E4/LNG 20 mg E4/LNG (n=17) (n=19) DRSP (Yaz) (n=18) (n=17) (n=18) (n=20) No activity Potential activity Non-active FLS Active FLS LUF Ovulation

Note: Hoogland score is a validated tool to assess ovarian function and evaluate ovulation inhibition, which is assessed by transvaginal ultrasounds (TVUS) monitoring of follicle size and analysis of serum E2 and progesterone levels, and consequently classified according to a 6-point scoring (1 = no ovarian activity; 2 = potential activity; 3 = non-active follicle-like structure (FLS); 4 = active FLS; 5 = luteinised unruptured follicle (LUF); 6 = ovulation).

1 Duijkers et al. 2015, Eur.J. Contracept. Reprod. Healthcare

Low increase in SHBG demonstrating significantly reduced VTE risk as compared to Yaz®1

Change of sex hormone-binding globulin (SHBG) plasma levels, as marker of VTE risk

450 400 20µg EE/DRSP (Yaz) 350 (n=20) 300 250 5mg E4/3 mg DRSP 200 (n=17) 150 10mg E4/3 mg DRSP 100 (n=19) 50 0 Day 3 Day 3 Day 24 Day 3 Day 24 Follow-up

1 Kluft C et al., Contraception. 2016

Higher rates of Unscheduled bleeding / spotting after withdrawal bleeding 6 treatment cycles 100 100 90 80 80 70 60 60 50 40 40 30

20 % % of subjects % of subjectsof % 20 10 0 0 E2V/DNG 15 mg 20 mg 15 mg 20 mg E2V/DNG 15 mg 20 mg 15 mg 20 mg (n=78) E4/DRSP E4/DRSP E4/LNG E4/LNG (n=78) E4/DRSP E4/DRSP E4/LNG E4/LNG (n=79) (n=79)75) (n=80) (n=77) (n=79) (n=79)75) (n=80) (n=77) QIairaTM Estelle® QIairaTM Estelle®

1 Apter D. et al., Contraception. 2016;94(4):366-73

Two multicenter, open-label, single arm studies, 13 cycles

EU / Russia : June 2016 (Results expected: Q3 2018) US / Canada : Sept 2016 (Results expected: Q1 2019) Contraceptive 1,550 subjects, 18-50 years  Contraceptive 2,000 subjects, 16-50 years Efficacy Efficacy Study Study 1,350 subjects, 18-35 years  1,800 subjects, 16-35 years Endometrial 175 subjects, 18-50 years  Safety Substudy PK Substudy 500 subjects, 16-50 years (body weight, race, smoking)

Study objectives

Primary objective: Secondary Endpoints: Contraceptive efficacy based on Cycle control – bleeding pattern; Safety – S(AE) reporting; Subject’s well being; the Pearl Index (PI) Population PK substudy (US/CA); Endometrial safety (EU)

Menopause market (in €bn)³,⁴ > 78%¹ of menopausal women suffer VMS (hot flushes) - only 7.8% receive HT² 24 > Increased safety issues: VTE, stroke, breast cancer risks > No new estrogen-based products for more than 10 years, but renewed interest 6.4 & developments (hormonal & non-hormonal)

> €24 billion potential HT Market in 2024 – 5.3 3.5 6.0 VMS potential with safer alternative 2002 2005 2014 2024

potential value Sources: (1) Symphony Health Solutions: “The Hormone Replacement Therapy Market for the Treatment of Menopausal Symptoms in the U.S“ achieved value Dec 2013 ; (2) KBC company report Aug 2015 (3) IMS link Q2 2016; (4) Datamonitor 2014

14 11.5 12 (5-18) 9 10 8.4 8 (6-16) (4-16) (2-14) Consistent decrease in the mean number of 8 6.8 6.5 (2-14) 5.6 (1-17) hot flushes was observed in all dose groups 5 5 (5-6) 6 (2-8) (0-15) (49 subjects with 35+ hot flushes per week at screening)

day(range) 4 1.8 1.8 1.8 2 (0-5) (0-6) (0-6) 0 Mean number of hot flushes perflushesofhot number Mean 2mg E2V 2 mg E4 10 mg E4

Screening Day 14 Day 28 Day 56 (follow up)

A Multicenter Dose-Finding, Randomized, Double-Blind, Placebo-Controlled Study to Select the Daily Oral Dose of E4 for the Treatment of Vasomotor Symptoms (VMS) in Postmenopausal Women

Study Design: Secondary Endpoints: Key safety objectives: > 225 subjects > Genitourinary syndrome of menopause (GSM) > Transvaginal ultrasonography (TVUS) change of > Aged 45 to 65 years or vulvovaginal atrophy (VVA) endometrial thickness at each study visit during > Presenting at least 7 moderate to severe hot flushes / > Vaginal maturation index (MI) the E4/placebo treatment period day or at least 50 moderate to severe hot flushes / > Vaginal pH > Serious adverse event S(AE) monitoring week > Change in the Menopause Rating Scale (MRS) > Electrocardiogram (ECG) > 4 dose levels of E4 or Placebo up to 13 weeks (2.5 –5 – > Lipid and glucose metabolism > Bleeding control 10 –15 mg) > Hemostatic and bone laboratory variables > E4 therapy is followed by a Progestin therapy > E4 concentrations at baseline and steady state (Dydrogesterone 10 mg) for 2 weeks

Primary objective: Minimum effective dose of E4 for vasomotor symptoms (VMS) or hot flushes

• Expertise in developing complex and innovative polymer products

• Targeting safer, long-lasting delivery and controlled release of trusted, established approaches to contraception, menopause and hormone- dependent cancers

• Duration ranging from 1 month to 5 years

• One of handful of companies that can deliver multiple drug delivery strategies including vaginal rings, implants and intra-uterine systems (IUS)

• To be developed and manufactured in-house at Mithra‘s dedicated CDMO research, development and specialist manufacturing center

Expected Path to dossier Approval Obtained Path to Approval newsflow submission Targeted market Development path Product description Opportunity 2015 2016 2017 2018

Q2: GMP TM Non-biodegradable, flexible, Circa $720m1 Myring Approval Nuvaring transparent, combination Contraception Original product: (Merck’s original product) contraceptive vaginal ring Bioequivalence study patent expiry Q2 2018 / NuvaRing® from Expected MyringTM Launch Made of ethylene vinylacetate Merck US/EU filing for marketing copolymers approval Q2/Q3 2017

3 month formulation upgrade: PD & Zoreline® Biodegradable subcutaneous Circa €920m1 PK implant Prostate & breast cancer Original product: and benign women’s For prostate & breast cancer Zoladex® from 1 month formulation: PK study conditions and benign gynecological AstraZeneca indications (endometriosis, uterine fibroids) Results expected H2 2017

® 1 Tibelia Synthetic steroid (tibolone) Circa $170m Q1 2016: Product launched in intended to be used for HT Europe HT and Osteoporosis Original product: 2017: Additional MAs & product launches expected 24 months stability Used especially for the relief of Livial® from Merck symptoms occurring after menopause H2 2017: 36 month shelf life evaluation results expected

Specialized pharmaceutical ecosystem, to take products from POC to market

Rationale for CDMO: > Keep quality control, IP & expertise in-house > Operate independently from 3rd parties using its own proprietary production technology > Additional source of revenue via production of (partnered) programs > Leverage development expertise through 3rd party production contracts

2-Phase construction process: > H2 2016: R&D facility and polymeric forms, implants and sterile injectables production line facilities > Received European GMP approval for MyringTM (May 2017); FDA expected to follow (2017) > H1 2019: Production line for tablets to be completed

Accelerating business development while strengthening in-house expertise

E4 Partnering Strategy* Complex Therapeutics

Estelle® intendedpartnering after Phase III Develop concepts internally until market Partnering for world-wide commercialization commercialization Donesta® intended partnering after Phase II Selecting specialist, regional partners e.g. Myring™ : MaynePharmain the US (2017); Fuji Pharma has signed partnering agreements for Gynial in Austria (2017) both Estelle® (2016) and Donesta® (binding term sheet signed 2017) for Japan & ASEAN

Mithra CDMO

*Preclinical research in neuroprotection (ODD received for neonatal encephalopathy in Q2 2017): Partnering intended for clinical development

EU US RoW

Partnering ongoing Estelle® Intended partnering after Phase III Key Women’s Health player in Japan & ASEAN

Partnering ongoing Donesta® Intended partnering after Phase II Key Women’s Health player in Japan & ASEAN

Partnering Myring™ discussions Partnering discussions ongoing ongoing

Other products Partnering discussions ongoing* Partnering discussions ongoing (incl. Zoreline® ; Partnering discussions ongoing Tibelia®)

*Tibelia® distribution partners include Gedeon, Mercury, Procare, Campus

H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 E4 Recruitment of Estelle® QT evaluation Results of Estelle® Estelle® hemostasis study hemostasis study Results PK study Q3 2018 completed for E4 alone Topline results (Europe/Russia) – Donesta® phase II Q1 2019 (US/Canada): Top ODD received from Completion of line results of EMA in neonatal ® ovarian function Estelle Phase III encephalopathy inhibition data studies Estelle® : 15 mg E4/3mg DRSP

Complex Myring™ US/EU Myring™ US/EU MA marketing approval Therapeutics expected submissions Tibelia® 36-month shelf life evaluation

Completion of Zoreline® 1 month profile

CDMO CDMO Phase II FDA GMP approval Ready

Share capital as of December 2016 IFRS P&L and cash balance (in k€, FY as of 12/31)

FY 2015 FY 2016 27% > OTC products Women’s Health: EUR 17m Free Float 16% Revenues 20.435 22.468 > Licensing 5.5m (Fuji deal for Estelle) Alychlo/ Mylecke => Cash flow generation thanks to R&D Expenses (9.491) (34.299) recurring generic business and partnering strategy G&A (10.329) (8.226)

Selling expenses (5.009) (7.567) 16% Operating Income 33% Meusinvest (14.267) (35.976) CEO (loss) 5% Cash & Equivalents 96.794 45.750 3% OGEO Scorpiaux/Verlsluys BVBA Fund OFP

*Market Cap: €288m as of May 2017 (Euronext: MITRA).

• Multiple prospective near- and mid-term milestones and launches to drive long-term growth

• Estelle® and Donesta® – late-stage potential blockbusters built on unique E4 platform Additional indications (e.g. neuroprotection; • Acceleration of business development including endometriosis) partnerships for E4-based programs Donesta® • Industry partner with specialist research, development and manufacturing capabilities Estelle® Estelle®

• Diversified model spreads risk and maximizes Complex Complex Complex Therapeutics Therapeutics Therapeutics product opportunities through collaborations 2017 2018 -2020 > 2020

François Fornieri Mithra – CEO MITRA (Euronext) [email protected] Rue Saint-Georges 5/7 Sofie Van Gijsel IR Officer 4000, Liège [email protected] Belgium

Website: investors.mithra.com

investors.mithra.com Appendices

Minimal interference with liver cells and drug degradation process No unwanted inhibition of cytochrome P450, major family of drug degradation enzyme1

% inhibition of cytochrome P450 enzymes

Compound CYP 1A2 CYP 2C9 CYP 2C19 CYP 2D6 CYP 3A4

EE <10 <10 82 <10 45

E2 19 <10 63 <10 <10

E4 <10 <10 <10 <10 <10

1 Visser M et al., Horm Mol Biol Clin Invest. 2012;9:95-103

Elevated triglyceride levels are associated with coronary heart disease

Different dose levels of E4 show minimal impact on triglyceride levels1

1 Coelingh Bennink et,al. Menopause. 2017.

In the laboratory, E4 was shown to protect against breast cancer development and to decrease size of already existing tumors

Lower carcinogenic potential¹

No production of carcinogenic catechol estrogens metabolites

No stimulation of normal or malignant breast cell growth at therapeutic doses

Anti-estrogenic effects in the presence of E2²,³

1 Yagi E et al., Carcinogenesis. 2001;22(9):1505-10. Female rats exposed to DMBA for 8 weeks and 2 Gerard C et al., Oncotarget. 2015;6(19):17621-36.; 3 Visser M et al., Horm Mol Biol Clin Invest. 2012;9:95-103.11 Suppl 1:64-8. receiving E4 in parallel

1990-2001: HT widely use for TM menopause symptoms and Donesta (E4) prevention

2003-2006: Impact of HERS & 2016: Pharma Industry reinvests in menopause WHI => No HT Bazedoxifene/Estrogen conjugate (e.g. Pfizer) Estradiol/Progesterone (e.g. TherapeuticsMD) NK3R antagonists for the 5% women in whom Estrogen are contraindicated (e.g. Ogeda) 2006: Low dose HT reintroduced for symptomatic women

2007-2016: Multiples safety/efficacy studies (DOPS, KEEPS, ELITE, EPAT, COMPREHEND, REGISTRY, FINNISH Study,Cochrane...) => HT safe for healthy, recently postmenopausal women

> EU and US-based advisory boards of key opinion leaders for both Donesta® and Estelle® > Endorsement of the major potential of E4, providing strategic guidance on clinical programs > Clinical collaborations with world renowned leaders in women’s health

NNon-exhaustive list