Delcath Systems

Corporate Presentation (OTCQB: DCTH) January 2020 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.

2 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

3 Delcath Systems

♦ (IO) company with multiple near term catalysts ♦ Enrollment completed ♦ Mid-2020 - Topline data expected ♦ Q1 2021 - FDA NDA submission for indication expected ♦ “IO is the Fourth pillar of Oncology treatment” - ASCO ♦ Competitors include Boston Scientific (BTG), Sirtex

♦ Proprietary IO system (PHP) designed to treat 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 ♦ ~750 commercial procedures performed ♦ Late-stage (Phase 3) clinical development in the US (Melphalan/HDS) ♦ Pursuit of orphan indications in metastatic ocular (mOM) and intrahepatic cholangiocarcinoma (ICC)

4 Our Mission is to Make a Clinically Meaningful Difference for Patients with Cancers of the Liver 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

5 Cancers of the Liver - A Major Unmet Need Need

 Large global patient population

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

 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

6 Focused On Fastest Path To U.S. Market

EU & US Total Addressable Market Estimated Annual Annual Cancer Type Eligible PTS2 Incidence1 Addressable Market 3,4 Ocular Melanoma ~4,700 ~2,000 ~$200MM Orphan Indications Intrahepatic ~14,000 ~11,000 ~$825MM Cholangiocarcinoma (ICC) Total EU & U.S. ~18,700 ~13,000 ~$1.25B

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

Cancers Of The Liver Remain a Multibillion-Dollar Unmet Medical Need 7 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 ♦ DCTH believes this is fastest pathway to NDA approval in the U.S ♦ FDA granted Melphalan hydrochloride orphan drug designation for treatment of OM ♦ Efficacy signal seen in multiple publications with Melphalan/HDS

8 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) Trial 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 ♦ Enrollment complete

9 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 Safety analysis showed 14 serious AEs, no deaths, no 2018* (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.

* Oral Presentation – ECIO, Not yet published Superior Results 10 FDA Has Approved a Number of Treatments for Oncology Indications Based on Single-Arm Trials Measuring ORR

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) 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

11 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: ♦ CR: 1 (7%) - CR patient not retreated and is still alive ♦ PR: 2 (13%) ♦ SD: 8 (53%) ♦ Disease Control rate (CR+PR+SD) was 73% ♦ 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 ♦ Results after the second PHP TX – 5 patients with SD received 2nd PHP treatment ♦ PR:1 (20%) ♦ SD: 3 (60%) ♦ PD: 1 (20%) ♦ 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 12 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)

• Enrollment slow under the existing trial protocol as patients are presenting to trial center already on Gem/Cis which makes them ineligible. • We intend to seek FDA approval to amend the trial protocol so that such patients are no longer excluded and will then fully open all centers. 13 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

14 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

15 2019 Private Placements

 $29.5 Million raised (July 2019 - August 2019) ♦ $12.0 million in debt equitized in addition to cash proceeds ♦ Cash runway to mid-year ♦ Foundation for a possible path to National Exchange listing

 Positioned for success through multiple value inflection points ♦ Enrollment complete ♦ Expect Top line data mid-2020 ♦ Expect NDA filing Q1 2021

16 Capitalization (post-reverse split) as of Jan 23, 2020

Issued and Authorized Outstanding Preferred Shares 10,000,000 41,447

Common Shares 1,000,000,000 70,056

Warrants and Options: Warrants ($42.00; exp 2/20 - 10/21) 29 2019 Warrants ($23.04; exp 12/2024) 1,826,579 Options 1,640 Total shares reserved for warrants and options: 1,828,248

Shares reserved for conversion of Preferred Stock: 1,799,093 Shares reserved for conversion of convertible notes: 63,493

Total shares issued and reserved: 3,760,890

17 Summary

 Ocular Melanoma (OM)

 Late-stage clinical development trial completed enrollment

 Topline data expected mid-2020

 FDA NDA submission expected in Q1 2021

 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

 ~750 commercial procedures performed

 Pursuing indications representing large addressable markets

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