one Target: infinite Hope™Corporate Presentation

March 2017

Forward Looking Statements

Certain statements in this presentation are “forward-looking statements. Any statements that express or involve discussions withrespect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often,but not always using words or phrases such as “expect”, “seek”, “endeavour”, “anticipate”, “plan”, “estimate”, “believe”, “intend”,or stating that certain actions, events or results may, could, would, might or will occur or be taken, or achieved) are notstatements of historical fact and may be “forward-looking statements”. Forward-looking statements are based on expectations,estimates and projections at the time the statements are made that involve a number of risks and uncertainties which wouldcause actual results or events to differ materially from those presently anticipated. Forward-looking statements are based onexpectations, estimates and projections at the time the statements are made and involve significant known and unknown risks,uncertainties and assumptions. A number of factors could cause actual results, performance or achievements to be materiallydifferent from any future results, performance or achievements that may be expressed or implied by such forward-lookingstatements. These include, but are not limited to, the risk factors discussed in the public filings made by Medicenna with theapplicable securities commissions in Canada, including the filing statement dated February 27, 2017. Should one or more ofthese risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actualresults, performance or achievements could vary materially from those expressed or implied by the forward-looking statementscontained in this document. These factors should be considered carefully and prospective investors should not place unduereliance on these forward-looking statements. Although the forward-looking statements contained in this document are basedupon what Medicenna currently believes to be reasonable assumptions, Medicenna cannot assure prospective investors thatactual results, performance or achievements will be consistent with these forward-looking statements. Except as required bylaw, Medicenna does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission fromany forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-lookingstatements to reflect new events or circumstances.

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Medicenna: Corporate Highlights‣ Publicly listed, clinical-stage, immuno-oncology company developing a novel targeted

therapy for cancers with Interleukin-4 Receptor (IL4R) biomarker

‣ Every year >1 million cancer patients afflicted with IL4R tumors1

‣ MDNA55 (lead): highly compelling, Phase II clinical data for recurrent glioblastoma (rGB), the most common and aggressive form of brain cancer

‣ MDNA55 market opportunity: $650 million in annual sales for rGB; >$2 billion including other brain cancers1,2

‣ MDNA55 has Orphan Drug (FDA, EMA) & Fast Track Designations (FDA)

‣ Awarded a USD$14.1M non-dilutive grant from Cancer Prevention & Research Institute of Texas (CPRIT)

‣ Exciting pre-clinical IL-2, IL-4 and IL-13 Superkine platform

‣ Seasoned management with technology platform protected by 12 patent families

1. BioXcel Strategic Analysis Report, 2014.2. Decision Resources, Inc Glioblastoma Report, Sept 2013

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Treatment Pathway for Glioblastoma (GB)

Surgery(85-90%)

GBDiagnosis

Radiotherapy+ Chemotherapy

Relapse

Chemotherapy

Surgery MDNA55 Treatment(Direct infusion into tumor - CED)

Add’l Chemo.or Experimental

Therapies

GB is uniformly fatal; virtually all tumors will recur (rGB)

55% of GB Chemo.

Resistant*

* Expression of the DNA repair protein O6-methylguanine-DNA methyltransferase (MGMT) is responsible for resistance to alkylating agents used in GB treatment.

25%

75% of rGB is non-operable

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MDNA55: A Powerful Molecular Trojan HorsePotently toxic to tumor cells with a wide therapeutic window

‣ Specific targeting of known cytotoxic agent to tumor cells

‣ Proven payload efficacy– identical to Medimmune’s anti-CD22 immunotoxin, Moxetumomab Pasudotox, currently in PhIII trial for Hairy Cell Leukemia1

‣ Reliable, cost-efficient fermentation-based manufacture

‣ Ability to modulate the tumor microenvironment (TME)

1 https://www.medimmune.com/our-therapy-areas/oncology.html

PE AAs 253-364, 381-608

Tumor Targeting Domain Tumor Killing “Cytotoxic” Domain

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MDNA55: Brain Cancer Market Opportunity

Tumor Type Annual Incidence Projected Market

Recurrent Glioblastoma (rGB) 33,3001 $650M2

Metastatic Brain Cancer 91,5003 $1.30B4

Pediatric Glioma 3,8001 $50M4

TOTAL 133,500 $2.0B

1. Decision Resources Glioblastoma Report, Sept 20132. Assumes peak sales for rGB monotherapy and combination therapy at $43K per patient – BioXcel Strategic Analysis Report, 20143. Breast, Colon and Kidney Cancer Metastasis to Brain – BioXcel Strategic Analysis Report, 20144. Assumes 33% treatable with MDNA55 and priced at $43K per patient - BioXcel Strategic Analysis Report, 2014 7

Current Therapies Do Not Address Key Challenges

Therapeutic Challenges Rationale for MDNA55

‣55% of GBs are chemo-resistant 1

‣Immunosuppressive tumor microenvironment (TME) comprises 40% of GB tumor mass 2

‣Blood Brain Barrier (BBB) blocks transport of therapeutic to tumor

‣High doses are required due to BBB causing systemic toxicities

‣ MDNA55 targets resistant tumors3

‣ IL4R over-expressed in GB and its TME (Myeloid Derived Suppressor Cells) but not in normal brain 4

‣ Delivery by direct injection (CED) of MDNA55 by-passes the BBB

‣ Precision delivery achieves high doses without systemic exposure

1. Hegi ME (2005). N Engl J Med;352(10):997-1003.2. Kennedy B, et al (2013). J Oncol. Vo; 2013: 486912.3. Shimamura, et al.(2007.Cancer Res;67:9903-9912.4. Kohanbash et al (2013).Cancer Res.;73(21):6413-23 8

Efficacy in Non-Resected Recurrent GB (n=25)

Pre-treatment 9 months

Pre-treatment Week 26

Complete Response (CR): 5/25

PartialResponse(PR): 9/25

High Objective Response

Rate

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Kawakami, et al (2003)Interleukin-4-Pseudomonas exotoxin chimeric fusion protein for malignant glioma therapy Journal of Neuro-Oncology Vol 65 p 15-25

MDNA55: Clinical EfficacyNon-Resectable rGB (n=25)

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SD – Stable diseasePD – Progressive diseaseInvestigators Brochure (page 82)

p – p-value showing statistical significance. Original design was that less than 0.2 would be considered statistically significant.

2nd Generation Infusion Will Improve Outcomes

Images courtesy of John Sampson, Duke University

• Inaccurate catheter placement

• Drug leakage due to backflow

• Inadequate tumor coverage

• Image-guided catheter placement

• New catheters prevent backflow

• Real-time monitoring ensures tumor coverage

Real-Time Monitoring

of Drug Distribution

1st Generation CED: Past Studies 2nd Generation CED: Future Studies

Saito and Tominaga (2012), Neurol Med Chir (Tokyo) 52, 531

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NeuroExact™: Personal Molecular NeurosurgeryCombining Personalized Therapy with Precision Delivery

DRUG: MDNA55 Selectively Targets Tumor Over-Expressing the IL4R

DELIVER: Precise Image Guided Convection Enhanced Delivery of MDNA55

DISTRIBUTE: Ensure Complete Tumor Coverage with MDNA55 Using Real Time Monitoring

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MDNA55: A Pipeline in a Product Opportunity

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Future Indications: 1 Million IL4R Cancers Annually>2000 Patient Biopsies Analyzed Consistently Show IL4R Over-Expression1-14

1. BioXcel Strategic Analysis Report, 20142. Ishige et al (2008); Int J Cancer;123(12):2915-22.3. Joshi et al (2014 Cancer Med. 3(6):1615-28.4. P. Leland, et al (2000) Mol Med; 6(3): 165–178.5. Koller , et al (2010); Carcinogenesis 31(6), 1010-17

6. Strome SE, et al (2002).Clin Cancer Res.n;8(1):281-6.7. Puri, et al (1996). Cell Immunol.10;171(1):80-6.8. Kawakami, et al (2005) Blood; 105(9): 3707–3713.9. Kay, et al (2005) Leuk Res.;29(9):1009-18.10. Kawakami, at al (2002). Clin Cancer Res.;8(11):3503-11.

11. Burt, et al (2012) Clin Cancer Res;18(6):1568-7712. Kioi, et al (2005) Cancer Res;65(18):8388-9613. Kawakami et al (2002) Cancer Res.;62(13):3575-80.14. Joshi et al (2015) Discov. Med.;20(111):273-84.

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Multiple Near Term Value Inflection MilestonesPursue Accelerated Approval for rGB in 2018

Milestone Estimated Timing

Commenced Enrollment in Phase 2b rGB Trial Q4/2016Commence Phase 2 Metastatic Brain Cancer Trial Q3/2017Complete Enrollment in Phase 2b rGB Trial Q4/2017Report rGB Phase 2b Interim Top-Line Results Q1/2018End of Phase 2 Meeting with FDA Q2/2018Pursue Accelerated Approval for rGB Q3/2018Report Interim Top-Line Results from P2 Metastatic Brain Cancer Trial

Q3/2018

Commence IND Enabling Studies with MDNA57 Q4/2018

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Seasoned Management and Experienced BoardManagement Team

Fahar Merchant, PhD: Chairman, President & CEOFormer CEO Sophiris Bio (TSX); Former Director, President & CTO at KS Biomedix (LSE); Founder, President & CEO of Avicenna Medica and IntelliGene Expressions

Sam Denmeade, MD: Chief Scientific OfficerProf Oncology at JHU; Former CSO at Sophiris Bio; Co-founder and Chief Clinical Advisor of Inspyr Therapeutics

Elizabeth Williams, CPA,CA: Chief Financial OfficerFormer VP Finance & Admin and interim CFO at Aptose (TSX and Nasdaq); Previously with Ernst & Young

Martin Bexon, MD: Head of Clinical DevelopmentFormer Medical Director at CSL Behring; Medical Director at Hoffman La Roche (UK and Switzerland)

Nina Merchant, MESc.: Chief Development OfficerFormer SVP Development at Sophiris Bio; Formerly VP Development at KS Biomedix (LSE); Previously at Avicenna Medica, IntelliGene, Pharmacia and Sanofi Pasteur

Patrick Ward, MBA: Chief Operating Officer Former COO of Aviara Pharma; President/COO at Ocusoft, Executive Director at Encysive Pharma

Shafique Fidai, PhD: Head of Corp DevelopmentFormer VP of Business Development at Sophiris Bio; Formerly with Xenon Pharma, Chromos

Board of Directors

Fahar Merchant, PhD Chairman, President & CEO

Albert Beraldo, CPA, CA Independent DirectorFounder, President and CEO of Alveda Pharmaceuticals until its acquisition by Teligent, Inc. (NASDAQ: TLGT); Former President and CEO of Bioniche (TSX) and Director of Telesta (TSX); Currently Independent Director of Helix Biopharma (TSX).

Chandra Panchal, PhDIndependent DirectorFounder, Chairman and CEO of Axcelon; Former Co-Founder, President, and CEO of Procyon Biopharma Inc (TSX); Former Senior Executive VP of Business Development at Ambrilia Biopharma Inc. (TSX)

Andrew Strong, JDIndependent DirectorPartner at Pillsbury Winthrop Shaw Pittman - leading the Life Sciences Team in Houston, TX. Formerly General Counsel and Compliance Officer for the Texas A&M University System. Led formation of bio-manufacturing company, Kalon Biotherapeutics; CEO of Kalon until its sale to FujiFilm Diosynth Biotech. Director of Ashford Hospitality Prime (NYSE)

Nina Merchant, M.E.ScDirector, Chief Development Officer

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World Class Advisors and CollaboratorsCollaborators & InventorsClinical & Scientific Advisors

John Sampson, MD, PhD, MBADuke University: Principal Investigator and Expert in Drug Delivery to the Brain

Stewart Grossman, MDJohns Hopkins University: Novel therapies for primary & metastatic brain tumors

Nicholas Butowski, MDUCSF:Principal Investigator; Novel therapies for brain cancer

Guido Kroemer, MD, PhD University of Paris:Chair: SAB and Expert in Cancer Immunotherapy

Ralph Smalling, MScRegulatory Advisor: Former VP Regulatory Affairs at Amgen; Filed 40 INDs; 5 NDAs

Michael Rosenblum, PhD MD Anderson Cancer CenterHead, Immunopharmacology and Targeted TherapyCollaborator: MDNA57

Raj Puri, MDUSFDADirector at CBERInventor of MDNA55

Aaron Ring, MD, PhDYale UniversityAsst. Prof Immunobiology & Cancer BiologyCo-Inventor of IL-2 Superkines

Chris Garcia, PhDStanford UniversityCo-Inventor of IL-2, IL-4 and IL-13 Superkines

Haya Loberboum Galski. PhDHebrew University of JerusalemInventor of Fully Human Payloads

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USD$14M Non-Dilutive Grant Validates Platform

‣ Diligence by top-tier scientific, clinical, regulatory, chemistry manufacturing and control, intellectual property & venture capital teams

‣ Solid third-party platform validation

‣ Funds MDNA55 Phase 2b rGB clinical development and next generation pre-clinical IL-4 Empowered Cytokine program

‣ The USD$14.1M grant effectively provides 2:1 leverage on USD$7M investment1

‣ Favorable grant repayment terms begin post-launch (low single digit royalties to a maximum payment amount of 4 times the original grant)

1. http://www.cprit.state.tx.us/images/uploads/rfa-172-txco.pdf

Recipient of Cancer Prevention & ResearchInstitute of Texas (CPRIT) Grant

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Capitalization

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Publicly Listed as of March 3, 2017

‣ Listed on the TSX Venture on March 3, 2017 at $2.00 per share following a successful Reverse Takeover

‣ Trading to begin on March 8, 2017 under the Ticker “MDNA”

‣ Fully funded for two years with cash on hand and funds remaining to be advanced under the CPRIT grant

NumberIssued and Outstanding 24,307,343Fully Diluted* 28,852,583

* Fully diluted includes 4,402,383 options and warrants with a $2.00 exercise price and 142,857 options and warrants with a $1.40 exercise price

Medicenna Public Company Comparables

Company (Listing/Symbol) Price(16-Jan-17)

Market Cap (MM)

Enterprise Value (MM) Lead Indication (Stage)

ZIOPHARM Oncology, Inc. (NASDAQ:ZIOP) $5.78 $761.4 $817.9 Breast Cancer (PhII), Recurrent Glioblastoma

(Ph I)(w/ CED*)

Agenus Inc. (NASDAQ:AGEN) $3.95 $344.1 $373.2 Glioblastoma and Recurrent Glioblastoma (Ph II)

Stemline Therapeutics, Inc. (NASDAQ:STML) $12.10 $231.8 $180.4 Recurrent Glioblastoma (Ph I/II)

Celldex Therapeutics, Inc. (NASDAQ:CLDX) $3.52 $420.7 $163.9 Glioblastoma (Ph III), Recurrent Glioblastoma

(Ph II)

Vascular Biogenics Ltd. (NASDAQ:VBLT) $5.20 $139.6 $92.2 Recurrent Glioblastoma (Ph II)

Diffusion Pharmaceuticals Inc. (NASDAQ:DFFN) $5.75 $59.5 $62.2 Glioblastoma (Ph II)

TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) $5.25 $84.5 $41.7 Recurrent Glioblastoma (Ph II x 2), among other

cancers

Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM) $0.29 $74.7 $21.9 Recurrent Glioblastoma (Ph II)(w/ CED*)

Average $264.5 $219.2 Median $185.7 $128.1

Medicenna Therapeutics1 $1.50 $37.5 $29.5 Recurrent Glioblastoma (Ph II)

(1) Medicenna market cap estimate based on current basic shares O/S and the initial listing price of Cdn $2.00. Enterprise value for Medicenna calculated using pro forma cash at September 30, 2016 including the February 28, 2017 financing estimated net proceeds.Source: FactSet & Company filings 22

All amounts in USD

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Medicenna: Corporate Highlights

1 See entire list of References on Slide 14 (Also see BioXcel Strategic Analysis Report); 2 BioXcel Strategic Analysis Report (2014); 3 Globocan 2012: Estimated Cancer Incidence, Mortality and Pervalence Worldwide 2012; 4 Extrapolated using the Effective Dose per patient

1 Focused on ONE TARGET: the IL4R

20 Number of Cancers

Known to Over-Express the IL4R1

250,000 Annual Incidence of

Glioblastoma and Metastatic Brain Cancer3

10,000 Brain Tumor Patients that

can be treated with 1 Gram of MDNA554

∞

HOPE

2 Billion

Potential Market of MDNA55 Market for Brain

Cancer ($US)

40 Number of Patents Filed

or Issued

1 Million

Annual Incidence of IL4R Positive Cancers2

30+ Million

Non-Dilutive Grant and Equity (Funding in Cdn$)

Thank Youone Target: infinite Hope™

www.medicenna.com

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