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Corporate Presentation

November 2019

Legal Disclaimer

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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 anysecurities 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 orcommunication shall not form the basis of, or be relied on in connection with any contract, commitment or investment decision whatsoever in relation thereto. No securitiescommission 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 thispresentation.

Forward-Looking Information

Certain disclosure in this presentation, including statements regarding the potential market for Portage’s products constitute forward-looking statements. In making the forward-looking statements in this release, Portage has applied certain factors and assumptions that are based on Portage’s current beliefs as well as assumptions made by and informationcurrently available to Portage. Although Portage considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and theforward-looking statements in this presentation are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressedor implied in such forward-looking statements Such risk factors may include, among others, the risk that the market for Portage products will not increase or continue as anticipated.Readers are cautioned not to place undue reliance on forward-looking statements. Except where required by law, Portage does not intend and expressly disclaims any

intention or obligation to update or revise any forward-looking statements whether as a result of of new information, future events or otherwise.

Investment summary

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A unique approach to catalyzing research and development; proven to maximize potential returns by eliminating overhead costs associated with many biotechnology companies

Novel Approaches

Novel approaches in immuno-oncology,

focusing on identified resistance mechanisms for

PD-1 directed therapy

Asset Developers

Efficient strategy to develop assets through

clinical proof-of-concept, then monetize through

sale, licensing, or capital markets

Strong Foundation

Company founders created investment thesis

while working on oncology development

strategy at BMS

Proven Track Record

10 investments completed to date, with

an 18-asset pipeline

Experienced Leadership

Managed by leading immuno-oncology drug development experts

Structured as a portfolio of subsidiary companies

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Shared services with a strong network of executives

IPO 2017Dividend vast

majority

Cell Penetrating

peptides

Stem cellFilter

Acute renal

iNKT agonist Intratumoralformulations

Tregantibodies

MDSC/TAM antibodies

Dual targeting particles

STING

Our team

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Ian B. Walters, MD

CEO

Former BMS, Millenium, 21 years in R&D, developing 30+

compounds, 5 approvals.VC & BD experience, MBA from

Wharton

Rob Kramer, PhD

CSO

Former Head of Oncology Discovery at BMS & JNJ. 24 years in industry, 35 drugs from discovery into the

clinic. Postdoc at the NCI, Assistant Professorship at Harvard Med

Steve Innaimo

VP PM & Operations

Former Head of PM Office, Covance. PM and Clinical

Operations at BMS. 27 yrs in pharma/biotech

BO

AR

D

Jim Mellon

Serial Entrepreneur, Speaker and Investor. Co-author of 5 books including Juvanescence: Investing in the Age of Longevity and Cracking the Code.

Gregory Bailey, MD

Cofounder of Portage. Founded and financed companies, that have exceeded $20 billion in market cap including Medivation MDVN:NASDAQ, Ascent Health Care and Biohaven BHVN: NYSE

Declan Doogan, MD

Former head of R&D Pfizer, Head of R&D/CMO/CEO Amarin, Chairman and co-founder of Biohaven. CMO and co-founder of Juvenescence.

Founding management team with unique insights in immuno-oncology

Kam Shah

CFO

25 Years Financial and Management Experience.

Certified Public Accountant in Canada and US

The Portage Model

Available Upfront:

Virtual SpaceC-SuiteFunding

Deck MaterialsProject Management

LegalTechnology

Portage is a more efficient development model for biotech

Maximizing potential returns by eliminating typical overhead costs

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Identify Technology Proof of ConceptPhase IIPhase I

Portage Model

milestone tranched financing

Traditional Biotech Model

Many rounds of financing, hire 30-100 people,large fixed costs

Portage Model:

Traditional Biotech Model:

Both models strive to get to proof of concept

Three core capabilities create a better development model

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Portage minimizes early development risk with a diverse portfolio, experienced senior team, and efficient operations

In-House Expertise Outsourcing Extended Teams

Shared service model, cost offset by service contracts

Clinical DevelopmentBusiness Development

Early DevelopmentRegulatory

FinanceMedical Writing/Submissions

Project Management

Selective model Big pharma, commercial experience

Portfolio Review

iOx Therapeutics preparing to file first in-human CTA

Novel formulations using iNKT agonists to boost and prime an immune response

TECHNOLOGY SOURCE

MILESTONES ACHIEVED

• Preclinical proof of concept

‒ Monotherapy activity in PD1 resistant models

‒ Upregulate PDL1 on cancer cells

‒ Synergize with anti-PD1 antibody

‒ Reverse resistance to PD1 antibodies

• 12 patents covering platform and formulations (PR 8/16)

• Collaborative research agreement with Oxford to cover first in multi arm phase 1/2 study (PR 3/16)

• Horizon 2020 grant to cover second product development and clinical study (PR 4/16)

UPCOMING MILESTONES

• First in human start for IMM60

• First in human start for IMM65

• Key collaborations with other companies

IMM652 | Planned Phase I/II | NY-ESO + Bladder/Ovarian

IMM60 | Planned Phase I/II | Melanoma & Lung Cancer

OWNERSHIP

• 60% owned by Portage

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ROLE OF PORTAGE MANAGEMENT

• CEO, CSO, PM, Finance

• Chairman and exec member of BOD

Intensity Therapeutics is gathering data in a multi-tumor Phase 1/2 study

Specific formulation to inject into tumor and release tumor antigens, leads to vaccine-like effect

TECHNOLOGY SOURCE

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MILESTONES ACHIEVED

• R&D Agreement with National Cancer Institute

• Research collaborations with numerous academic labs

• Issued patents covering platform and formulations (PR 12/18)

• Phase 1/2 study opened in two countries (PR 5/17)

• Data presentations at AACR, SITC, ESMO, ASCO (PR 6/19)

• Fast track designation for triple negative breast cancer (PR 4/19)

• Clinical collaboration with Merck for PD1 combination (PR 6/19)

KEY CATALYSTS

• Monotherapy Phase 2 data in ongoing trial

• Combination data in ongoing trial

• Key collaborations with other companies

• Launch of registration study

OWNERSHIP



• CMO, PM

• Non exec member of BOD

INTXX | Preclinical | Solid Tumor

INT230-6 | Phase I | Solid Tumor

Nekonal Oncology is establishing proof of concept for novel antibodies

Target is up stream from CTLA4, potential for greater activity and improved safety

TECHNOLOGY SOURCE

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B | IND-Enabling | Solid Tumor

A | IND-Enabling | HemeTumor

MILESTONES ACHIEVED

• Joint venture formed, team recruited

• Patents filed in national phase

• Early proof of concept in vitro

UPCOMING MILESTONES

• POC in vivo

• Humanization of leads

• IND enabling studies

OWNERSHIP

• 25% owned by Portage, additional milestone payments




RIFT is developing first in class tumor microenvironment antibodies

Target reprograms TME (decrease MDSCs and TAMs, cytokine, increased CD8, vascular normalization)

TECHNOLOGY SOURCE

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MILESTONES ACHIEVED

• Initial work done by former Scripps

• Proof of concept in vivo, can reprogram the Tumor Microenvironment

• Won Golden Ticket to BioLabSD at Boehringer Ingelheim’s first startup competition

• Antibodies licensed to Portage

UPCOMING MILESTONES

• Determine clinical strategy

• Humanization of leads

• IND enabling studies

OWNERSHIP





A | IND-Enabling | Solid Tumor

Saugatuck Therapeutics has a unique approach to co-formulate known targets

Co-formulate a PD1 blocker with other protein and small molecule agents to look for synergies

TECHNOLOGY SOURCE

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A | Preclinical | Solid Tumor

B | Preclinical | Solid Tumor

UPCOMING MILESTONES

• In vivo proof of concept

• Screen different combinations

• Select lead for IND enabling

• Discussions with potential partners

OWNERSHIP





MILESTONES ACHIEVED

• License from Yale for particle technology

• License from Sunnybrook Institute for aptamer platform

• Initial formulation work of PD1 aptamer in particle

Stimunity has potent STING agonists for immune priming

Novel systemic and local formulations leveraging virus like particles

TECHNOLOGY SOURCE

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A | Preclinical | Solid Tumor Intratumoral

B | preclinical | Solid Tumor Systemic

UPCOMING MILESTONES

• GMP manufacturing

• File IND

• Progress systemic formulation

• Discussions with potential partners

OWNERSHIP


• Additional tranches if hit milestones


• Strategic advisors

• Chairman of BOD

MILESTONES ACHIEVED

• Received the BIOVISION 2016 Catalyzer Biotech Special Award

• Laureate of the i-Lab 2017 national competition (PR 7/17)

• Preclinical proof of concept, more potent and better immune activation compared to competitors (PR 3/19)

• Begun CMC campaign

• Unique systemic formulation

• Patent granted in US (PR5/18)

Financials

Future plans

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IDEA PLAN SUCCESS

Explore Strategic Deals

Seek Partnerships & additional

collaborations

New Opportunities

Stay on the cutting edge of IO

Fund IND Enabling Work

Get 2 additional products

ready to enter the clinic

Fund Clinical Trials

Move next asset ready

into proof-of-concept trial

Build Team

Add regulatory, medical

writing, additional business

development capabilities

In summary: Why Portage?

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Portage has screened 100’s of opportunities

Picked 10 first in class/best in class assets Diverse types of business deals that can do with partners (M&A, build-to-by, license, etc)

Capital efficient

Modest initial capital outlay; leverage shared services; invest more heavily behind promising assets

Unique model for capital returns

Can return capital to shareholders in tax efficient manner

Become a preferred partner for pharma in I/O

Frequent interactions with big pharma and biotech

We can navigate a complicated area, where experience and insights are critical

Different PD1 combination studies

Appendix

The immunotherapy deal landscape

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Close to $1B for preclinical assets

One product in the PD1 resistance space with 40

pts worth of human data, licensed by BMS

$10B

Immuno-oncology, still an attractive area for early company building

* Cancer Progress Meeting, NY | May, 2019 22

PD1 competition

• 11 Approved PD1 Abs, only way to

differentiate is with combinations

High-value acquisitions

• In 2018, 9 out of top 10 license deals were IO*

• Competitive fear drives value

• Drugs being approved on phase 1, so discussions

happen early

Easy POC

• Don’t need to put lots of $ at risk

• $5-20M to get to human POC

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