Developing OPT-302:

a VEGF-C/VEGF-D ‘Trap’ for wet AMDJanuary 2016

Biotech Showcase Presentation, San Francisco

Opthea Limited

(ASX:OPT, OTCQX:CKDXY)

Megan Baldwin PhD, CEO & Managing Director

megan.baldwin@opthea.com

Investment in Circadian Technologies Limited (‘Circadian’) is subject to investment risk, including possible loss ofincome and capital invested. Neither Circadian nor any other member company of the Circadian Group guaranteesany particular rate of return or performance, nor do they guarantee the repayment of capital.

This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. Itdoes not take into account the investment objectives, financial situation and particular needs of the investor.Before making any investment in Circadian, the investor or prospective investor should consider whether such aninvestment is appropriate to their particular investment needs, objectives and financial circumstances and consultan investment advisor if necessary.

This presentation may contain forward-looking statements regarding the potential of the Company’s projects andinterests and the development and therapeutic potential of the company’s research and development. Anystatement describing a goal, expectation, intention or belief of the company is a forward-looking statement andshould be considered an at-risk statement. Such statements are subject to certain risks and uncertainties,particularly those inherent in the process of discovering, developing and commercialising drugs that are safe andeffective for use as human therapeutics and the financing of such activities. There is no guarantee that theCompany’s research and development projects and interests (where applicable) will receive regulatory approvals orprove to be commercially successful in the future. Actual results of further research could differ from thoseprojected or detailed in this presentation. As a result, you are cautioned not to rely on forward-looking statements.Consideration should be given to these and other risks concerning research and development programs referred toin this presentation.

Disclaimer

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Extensive worldwide intellectual property platform in respect of VEGF-C, VEGF-D and VEGFR-3

Lead compound OPT-302 blocks VEGF-C and VEGF-D

OPT-302 in development for treatment of wet AMD

Potential in a range of eye diseases

- As a monotherapy or in combination with approved anti-VEGF-A therapies

Phase 1/2A clinical trial initiated under FDA approved IND

Trial exclusively at US clinical sites

Funded through end of 2017 and completion of Phase 1/2A and 2B clinical studies

Management team with substantial experience in developing drugs targeting the VEGF pathway

Corporate Summary

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Initiated Phase 1/2A clinical trial:30 June 2015

OPT-302 Wet AMD Program:Milestones

Ph 1 Primary Data Analysis:1Q16

IND Approval for OPT-302June 2015

Ph 2A Primary Data Analysis:2H16

Financial Position (Unaudited)

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Key Financial Details ASX: OPT

Ticker Symbol ASX:OPT

Share Price (as at Jan 8 2015) ~A$0.47

Total Ordinary Shares on Issue 150,190,303

Options on Issue 49,722,697

Market Capitalisation (as at Jan 8 2015)

~A$70m(~USD50m)

Trading Range (last 12 months) A$0.14 – 0.55

Cash Balance (at 30 Nov 2015) ~A$18.2m

Listed Investments ~A$1.3m

Top 10 Shareholders Own 69%

Substantial Shareholders % Holding

Biotechnology Value Fund (BVF)*

18%

Baker Bros (NY, USA) 9%

Packer & Co. 8.5%

* Increased substantial holding 13% to 17.7% on June 25 2015

Share Price Performance (Jan ‘15 – Jan‘16)

Biotechnology Value Fund (BVF)*

Baker Bros (NY, USA)

Packer & Co.

Choroid

Normal Retina ‘Wet’ AMD

The disease process of ‘wet’ (neovascular) AMD

Figure: The Angiogenesis Foundation5

Routine Non-Invasive Monitoring Procedures for Disease and Treatment Efficacy

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Eye Chart (Visual Acuity) Retinal Image

OCT (Optical Coherence Tomography)(Fluid, hemorrhage, retinal thickness, retinal detachment)

Lead molecule:

– OPT-302 (soluble VEGFR-3, VEGF-C/-D ‘Trap’)

Mechanism:

– Blocks VEGF-C and VEGF-D:

Inhibits blood vessel growth

Inhibits vessel leak

Strategy:

– To investigate activity as a monotherapy

– To develop OPT-302 for use in combination with existing VEGF-A inhibitors for the treatment of wet AMD

– Achieve complete blockade of the VEGF pathway

– Blocks a mechanism of ‘escape’ from existing therapies

Lead Program: OPT-302 for Wet AMD

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VEGF-A

OPT-302 blocks members of the VEGF family

Long-term single-agent therapy with VEGF-A inhibitors is associated with sub-optimal response

– Sub-optimal improvements in VA (<15-letter gain)

– Persistent fluid on OCT

Resistance to VEGF-A monotherapy may be related to other VEGF family members

VEGF-C and VEGF-D bind and activate VEGFR-2 and VEGFR-3

Complete blockade of VEGFR-2 requires VEGF-A, VEGF-C and VEGF-D inhibition

VEGFR-3 also stimulates angiogenesis via a VEGF-A independent pathway

LucentisTMEyleaTM

OPT-302 combination therapy with an anti-VEGF-A inhibitor achieves more complete suppression of the VEGF/VEGFR pathway

Targets functional redundancy and mechanisms of sub-response to VEGF-A inhibition

OPT-302

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VEGF-C Causes Blood Vessels to Grow & Leak

Tammela et al., Nature Cell Biology, 2011; Cao et al,. Circ Res., 2004

- Persistent angiogenesis and retinal vascular leakage are observed in patients that are ‘sub-responsive’ to Lucentis®/Eylea® (VEGF-A inhibitors)

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VEGF-C is required for the development of retinal blood vessels

VEGF-C is a potent inducer of vessel leakage

Elevated VEGF-C in wet AMD patients

VEGF-C is elevated in the plasma of wet AMD patients compared to healthy volunteers and patients with dry AMD World Congress on Angiogenesis, Boston, 2015, #1509

VEGF-C is expressed in the RPE of healthy eyes.

In wet AMD, VEGF-C is expressed in RPE and endothelial cells associated with CNV.

VEGF-C levels in the retina increase with disease severity. World Congress on Angiogenesis, Boston, 2015, #1509

Mean Plasma Levels of VEGF-C

Elevated VEGF-C and its receptors in wet AMD clinical specimens

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Large Market Opportunity & Unmet Medical Need

Long term therapy with Lucentis™ or Eylea™ is associated with sub-optimal response:

- >50% patients do not achieve a significant gain in vision

- 50-70% patients have retinal fluid despite anti-VEGF-A therapy

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Wet AMD is the leading cause of blindness in the western world

Market Opportunity: world-wide $US10BN*

Only two targeted therapies approved for wet AMD (Lucentis™ & Eylea™, off-label Avastin®)

All target VEGF-A, but not VEGF-C or VEGF-D

*Cowen Analyst Report: Ophthotech July 7 2015

VEGF-A Inhibitors

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The opportunity for OPT-302: An unmet medical need remains despite anti-VEGF-A therapy

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- To increase the number of patients who experience a significant gain in vision

- To increase the magnitude of the vision gain

- To prolong response to therapy and prevent visual decline

- Potential to reduce dosing frequency

OPT-302

OPT-302: a soluble form of VEGFR-3

Comprises the extracellular domains 1-3 of VEGFR-3 and the Fc Fragment of human IgG1

Potent inhibitor of VEGF-C (~5pM) and VEGF-D (~0.5 nM)

A ‘trap’ that binds and neutralises the activity of VEGF-C and VEGF-D, blocking binding to the receptors VEGFR-2 and VEGFR-3

OPT-302 PK in rabbit and cyno vitreous humor following IVT similar to aflibercept, prolonged exposure in posterior and anterior segments

Completed IND enabling safety toxicology studies in cyno & rodents to support Ph 1/2A (IV and IVT administration, single and repeat-dose, monoTx & Lucentis combination)

ELISA

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VEGFR-3 bioassayVEGFR-2 bioassay

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OPT-302 has comparable single-agent and additive activity with Eylea® in mouse AMD

Control OPT-302

EYLEA™ OPT-302 + EYLEA®

70%78%

91%

*

* Pairwise comparison: OPT-302 vs Eylea + OPT-302 (p<0.02)Eylea vs Eylea + OPT-302 (p<0.05)

Combined inhibition of VEGF-A (Eylea®), VEGF-C and VEGF-D (OPT-302) is more effective than inhibition of VEGF-A alone

Ophthotech and Opthea:Distinct approaches for wet AMD combination therapy

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p<0.05

p<0.02

“Macugen®” – targets VEGF-A165 isoform; “Fovista®” – aptamer targeting PDGF-b; Jo et al., Am.J.Pathol., 168(6), 2036-2053, 2006.

Control Fovista® Macugen® Fovista ® +

Macugen®

Activity in in mouse wet AMD model

FOVISTA™ OPT-302

Preclinical: Activity as Monotherapy? NO YES

Preclinical: Activity in Combination? YES YES

Potential Use in DME? Unlikely YES

Drug Class Aptamer Protein

Mechanism Strips pericytes (supportive cells for vessel wall) which may enhance a-VEGF-A delivery/activity

Directly targets vessel wall (endothelium, through same and independent pathway to Lucentis/Eylea). Blocks a mechanism of resistance to existing a-VEGF therapies.

Valuation at NASDAQ listing US$662 m (At end Phase 2) N/A

Current Market Cap. USD 2.3bn (Phase 3) AUD 50 m (Phase 1)

OPT-302 (0.3 mg)+ Lucentis® (0.5 mg)

IVT Q4W x 3

OPT-302 (1.0 mg)+ Lucentis® (0.5 mg)

IVT Q4W x 3

OPT-302 (2.0 mg)+ Lucentis® (0.5 mg)

IVT Q4W x 3

28

Day

DLT

win

do

w

OPT-302 (2.0 mg)Monotherapy*

IVT Q4W x 3

Cohort 4

Cohort 3

Cohort 2

Cohort 1

OPT-302 Phase 1/2A: Protocol: OPT-302-1001

Dose-escalation & dose-expansion of repeated IVT injections

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• Comprises of 4 treatment cohorts of 5 subjects each• Should a dose limiting toxicity (DLT) occur, 3

additional subjects will be enrolled in that cohort

Phase 1: Dose-escalation(Open-label)

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OPT-302 (2.0 mg)+ Lucentis® (0.5 mg)

IVT Q4W x 3, ~n=15 pts

OPT-302 (2.0 mg)Monotherapy*

IVT Q4W x 3, ~n=15 pts

Phase 2A: Dose-expansion(Randomised)

IND #: 122162Sterling IRB study #: 5123 (Approved)ClinTrials.gov ID#: NCT02543229

OPT-302 Phase 1/2A study objectives

Primary Objectives:

To evaluate the safety and establish the dose of OPT-302 administered by intravitreal (IVT) injection in combination with IVT ranibizumab in subjects with wet AMD

Secondary Objectives:

Mean change in central retinal thickness from baseline (SD-OCT)

Mean change in CNV lesion area from baseline (FA)

Mean change in BCVA (ETDRS) from baseline

Mean time to, and number of, retreatment injections of anti-VEGF-A therapy during long term follow-up (week 12 to 24)

Need for ‘rescue therapy’ with ranibizumab in subjects receiving OPT-302 monotherapy

Pharmacokinetics (PK) of OPT-302

Incidence of anti-OPT-302 antibody formation

Exploratory Objective(s):

To evaluate changes in systemic levels of angiogenesis-related biomarkers

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OPT-302 Wet AMD Program:Milestones

Ph 1 Primary Data Analysis:1Q16

IND Approval & Ph1/2A InitiatedJune 2015

Ph 2A Primary Data Analysis:2H16

Clinical Advisory Board of internationally recognised and experienced key opinion leaders from Australia and US

Extensive experience in development of novel and FDA approved therapeutics for wet AMD, including Macugen™, Fovista ™, Eylea ™ and Lucentis™

- Pravin Dugel MD (Retinal Consultants Arizona, Keck School of Medicine USC)

- Mark Gillies MD (Save Sight Institute, Sydney Uni.)

- Peter Campochiaro MD (Johns Hopkins, Wilmer Eye Institute)

- Kameran Lashkari MD (Schepens Eye Research Inst., Mass.Eye & Ear)

Actively recruiting

ClinTrials.gov ID#: NCT02543229

Clinical Advisory Board & InvestigatorsNear-term Clinical Milestones

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OPT-302: Intellectual PropertySummary covering sVEGFR-3 IP for Eye Disease

COMPOSITION OF MATTER TERM

Covering sVEGFR-3 (inc. OPT-302)• Granted Patents: Europe, Japan, Canada, Australia• Granted Patent: USA

20222026

Covering OPT-302• Recently filed new specific composition of matter PCT international patent

application

~2034

‘USE’ PATENT

• US Patent granted covering generic use of sVEGFR-3 capable of binding VEGF-Cto inhibit blood vessels in mammal having disease characterised by expression of VEGFR-3 in blood vessels

2023

PATENT TERM EXTENSION/EXCLUSIVITY

+5 years under patent term extensionOPT-302 entitled to data exclusivity (DE) and market exclusivity (ME) in many jurisdictions, eg.

• US (12 years DE for biologics• Europe (10 years made up of 8 years DE + 2 years ME)• Japan (up to 8 years de facto DE)• South Korea (5 years DE)• Canada (up to 8 years incl. up to 6 years DE + 2 years ME)• Australia (5 years DE)

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Listed Ophthalmology Companies in Phase 1-3

PDGF-B aptamerWet AMD

$2.3BN(Phase 3)

$226M(Phase 1/2)a-VEGF-A gene therapy

Wet AMD

ROCK inhib., small mol.Glaucoma

$593M(Phase 3)

Sustained deliveryWet AMD

$220M(Phase 3)

SqualamineWet AMD

$177M(Phase 2)

Gene therapyEye diseases

$357M(Phase 1/2)

OPT-302Wet AMD

~$50M(b)

(Phase 1)

Market Cap (US $m) Listed Ophthalmology Companies Ph1-3

a At Jan 6 2016, in USDb A$70M converted into USD20

- 500 1,000 1,500 2,000 2,500

Ophthotech

Aerie

AGTC

Avalanche

Ocular Ther.

Ohr

Opthea

Avg.

OPT-302 is a fully owned asset with broad development potential in a range of eye diseases

Large unmet medical need and market for wet AMD

Targets validated pathway involved in wet AMD progression

Differentiated mechanism of action

Strong IP position

Capital raising (Nov ‘14) supported by specialist healthcare investors (US, EU, AUS)

Fully funded through 2017 and Phase 1/2A and Phase 2B clinical studies in wet AMD patients

World class CAB, advisors and trial investigators

Near-term clinical milestones

Phase 1 clinical trial for wet AMD initiated under FDA IND June ‘15

Primary analysis Phase 1 data 1Q’16

Phase 2A data 2HQ’16

OPT-302 Program Highlights

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Megan Baldwin , PhD

CEO & Managing Director

Opthea Limited (ASX:OPT, OTCQX:CKDXY)

Megan.baldwin@opthea.com

+61 (0) 447 788 674