one Target: infinite Hope™Corporate Presentation

Q3, 2017

Forward Looking Statements

Certain statements in this presentation are “forward-looking statements. Any statements that express or involve discussions with

respect 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 not

statements 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 would

cause actual results or events to differ materially from those presently anticipated. Forward-looking statements are based on

expectations, 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 materially

different from any future results, performance or achievements that may be expressed or implied by such forward-looking

statements. These include, but are not limited to, the risk factors discussed in the public filings made by Medicenna with the

applicable securities commissions in Canada, including the Annual Information Form dated June 15, 2017. Should one or more

of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect,

actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking

statements contained in this document. These factors should be considered carefully and prospective investors should not place

undue reliance on these forward-looking statements. Although the forward-looking statements contained in this document are

based upon what Medicenna currently believes to be reasonable assumptions, Medicenna cannot assure prospective investors

that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by

law, Medicenna does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from

any forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-looking

statements to reflect new events or circumstances.

2

Medicenna: Corporate Highlights

➢ Publicly listed (TSXV: MDNA), clinical-stage, immuno-oncology company

developing a novel therapy targeting the 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)

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

➢ Well funded with $14M US non-dilutive grant and $14M CAD Private Placement

➢ Seasoned management with technology platform protected by 12 patent families

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

3

Treatment Pathway for Glioblastoma (GB)

Surgery

(85-90%)GB

Diagnosis

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

4

MDNA55: Targeted Dual-Action

ImmunotherapeuticA Powerful Molecular Trojan Horse

➢ Potently toxic to tumor cells with a wide therapeutic window

➢ Simultaneously purges the Tumor Microenvironment (TME) and un-blinds the

immune system to cancer 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

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

PE AAs 253-364, 381-608

Tumor Targeting Domain Tumor Killing “Cytotoxic” Domain

5

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 2013

2. Assumes peak sales for rGB monotherapy and combination therapy at $43K per patient – BioXcel Strategic Analysis Report, 2014

3. Breast, Colon and Kidney Cancer Metastasis to Brain – BioXcel Strategic Analysis Report, 2014

4. Assumes 33% treatable with MDNA55 and priced at $43K per patient - BioXcel Strategic Analysis Report, 20146

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):6413-237

Compelling Efficacy in Non-Resected rGB

(n=25)

Pre-treatment 9 months

Pre-treatment Week 26

Complete

Response

(CR): 5/25

Partial

Response

(PR): 9/25

High

Objective

Response

Rate

8

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 EfficacyLong Term Survival Results Consistent With Immunotherapy

Benefits

Superior Long Term Survival When Compared to Avastin Despite Poorer Patient Population (N =57)

0 300 600 900 1200 15000

50

100

Days

Pe

rce

nt s

urv

iva

l

Non-Resectable Recurrent GBM:Survival of Responders vs Non Responders

Responders (CR + PR): MS = 379 days (n=14)

Non-Responders (SD + PD) MS = 98 days (n=11)

9

SD – Stable disease

PD – Progressive disease

Investigators Brochure (page 82)

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

10

Open-Label Single Arm Study in 43 PatientsPrimary Objectives:

ORR

SECONDARY

OBJECTIVES:MOS

Safety

PFS-6

TERTIARY

OBJECTIVES:Correlate IL4R

Expression with Efficacy

DIAGNOSIS ONE TREATMENT FOLLOW-UP

1 2 3 4

PLANNING

11

Phase 2b Study Design SummaryCED Of MDNA55 in IL4R Up-Regulated GB Patients At First Relapse (COUGAR)

Efficacy AnalysisStatistical Design and Sample Size

Primary Endpoint: Objective Response Rate (ORR) per modified RANO (Response

Assessment for Neuro-Oncology) Criteria relative to pre-treatment baseline in adult subjects

with GB that has recurred or progressed following standard therapy

Test Hypothesis: Null hypothesis that ORR is 6% (kill) versus the alternative hypothesis

(pursue) that ORR is 18% following treatment with MDNA55. Assumptions regarding primary

end point are based on ORR from previous rGB studies1

Primary Efficacy Analysis: Assessed according to a single-arm, single-stage binomial

design at 1-sided alpha = 0.10. A total of 43 Subjects will provide 80% power.

121 Levin VA, Tonge PJ, Gallo JM, et al. CNS Anticancer Drug Discovery and Development Conference White Paper. Neuro-Oncology, v17:1–26, 2015

13

US Sites Participating in the Study

OSU (Columbus, OH)

Cleveland Clinic (Cleveland,

OH)

Weill Cornell +

MSKCC

(New York, NY)

Duke

(Durham, NC)

UT Southwestern (Dallas, TX)

UT San Antonio (San Antonio, TX)

UCSF

(San Francisco, CA)

JWCI

(Santa Monica, CA)

Marcus Neuroscience

Institute

(Boca Raton, FL)

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

78%

B-Cell CLL

67%

Hodgkins Lymphoma

56%

Biliary Tract

73%

Bladder

82%

Breast

89%

Colorectal

75%

Head and Neck

79%

NSCLC

96%

Mesothelioma

60%

Ovarian

60%

Pancreatic

91%

Anaplastic Thyroid

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.

14

IL-2 Superkines: Tunable Immune Modulators

15

Secured Exclusive World Wide Rights from Stanford University

TARGET AND

MECHANISMCANDIDATE

POTENTIAL

INDICATION(S)

MDNA109 IL-2 Super-

Agonist

Cancer

Immunotherapy

Autoimmune

Diseases

IL-2 Super-

AntagonistMDNA209

Solid Tumors

Respiratory,

Fibrotic and

Atopic

Diseases

IL4/13 Dual

Super-

Antagonist

MDNA413

RECENT TRANSACTIONS DEAL SIZE

$2 Billion

with $60M

Upfront

UNDISCLOSED

$775M with

$300M

Upfront

UNDISCLOSED

Deep Early Stage PipelineTargets Validated by Multiple Big Pharma Transactions

16

$400M with

$150M

Upfront

Combination Therapy Produces Robust Responses

➢ MDNA109 and anti-PD-1 produce limited efficacy alone

➢ Combination treatment sufficient to cure most mice without increased toxicities

17

17

MDNA109 Synergizes With Anti-PD-1

Immunotherapy

18

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

Milestone Estimated Timing

Commenced Enrollment in Phase 2b rGB Trial

First Patient In - Phase 2b rGB Trial

Commence Phase 2 Metastatic Brain Cancer Trial Q4/2017

Complete Enrollment in Phase 2b rGB Trial Q4/2017

Report rGB Phase 2b Interim Top-Line Results Q1/2018

End of Phase 2 Meeting with FDA Q2/2018

Commence IND Enabling Studies with MDNA109 Q2/2018

Pursue Accelerated Approval for rGB Q3/2018

Report Interim Top-Line Results from P2 Metastatic Brain

Cancer Trial

Q3/2018

Commence IND Enabling Studies with MDNA57 Q4/2018

19

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

20

Use of Cash Resources

21

Lead Programs Funded Through 2018

Cost Center Status by end of 2018Estimated Cost

(in Cdn)

MDNA55 Clinical Program

- Recurrent Glioblastoma (rGB)

- Metastatic Brain Cancer

Pursue Accelerated Approval

Top-line Phase 2 data

$ 14,300,000

MDNA57 and MDNA109 Pre-Clinical

Research

Complete PoC Studies: Ready for

IND Enabling Studies2,100,000

General and Administrative On-going 6,000,000

Total Projected Spend $22,400,000

Balance of Grant Revenue from CPRIT US$6.5million to be advanced (8,700,000)

Net Cash required $13,700,000

Cash available (as at 3/31/17)* $14,000,000

*As reported June 15, 2017

Capitalization

22

Publicly Listed as of March 3, 2017

➢ Listed on the Toronto Stock Exchange Venture on March 3, 2017 at

$2.00 per share following a successful Reverse Takeover

➢ Trading under the Ticker “MDNA”

➢ Funded for two years with cash on hand and funds remaining to be

advanced under the CPRIT grant

Number

Issued and Outstanding 24,313,334

Fully Diluted* 28,899,096

* Fully diluted includes 3,294,105 warrants with a $2.00 exercise price

and 1,291,657 stock options with a weighted average exercise price of $1.97

Medicenna Public Company Comparables

Company (Listing/Symbol) Price(03-Jul-2017)

Market

Cap (MM)

Enterprise

Value (MM)Lead Indication (Stage)

ZIOPHARM Oncology, Inc. (NASDAQ:ZIOP)

US$6.15 $873.9 $936.8 Breast Cancer (PhII), Recurrent or Progressive

Glioblastoma (Ph I)(w/ CED*)

Agenus Inc. (NASDAQ:AGEN)

US$4.00 $396.5 $384.3 Newly Diagnosed Glioblastoma (Ph II)

Tocagen Inc.(NASDAQ:TOCA)

US$12.12 $240.1 $141.8 Recurrent High Grade Glioma (Ph II)

Stemline Therapeutics, Inc. (NASDAQ:STML)

US$9.25 $232.3 $142.7 Recurrent Glioblastoma (Ph II)

Newlink Genetics Corporation (NASDAQ:NLNK)

US$7.50 $219.2 $107.4 Malignant Brain Tumors (Ph II)

Kadmon Holdings, Inc. (NYSE:KDMN)

US$3.98 $206.4 $234.2 Recurrent Glioblastoma (Ph II)

Vascular Biogenics Ltd. (NASDAQ:VBLT)

US$4.50 $120.8 $81.2 Recurrent Glioblastoma (Ph III)

Diffusion Pharmaceuticals Inc. (NASDAQ:DFFN)

US$2.40 $24.8 $15.0 Newly Diagnosed Glioblastoma (Ph II)

Average $289.2 $255.4

Median $225.8 $142.2

Medicenna Therapeutics1

(TSXV:MDNA)C$1.95 $36.5

(C$47.4M)$25.7 Recurrent Glioblastoma (Ph II)

(1) Medicenna market cap estimate based on current basic shares O/S and current share price. Enterprise value estimate based on net debt as of Mar. 31, 2017

Source: FactSet & Company filings23

All amounts in USD, unless noted otherwise

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

Jay Stoudemire, PhD: Chief Scientific OfficerFormer VP Preclinical Development, Regulatory, and QA at Mirna

Therapeutics, previously at Genentech, Ascenta, Chugai-Roche, Cytel,

Genetics Institute, and Xoma

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 Director

Founder, 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, PhD

Independent 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.Sc

Director, Chief Development Officer

16

World Class Advisors and Collaborators

Collaborators & InventorsClinical & Scientific Advisors

John Sampson, MD, PhD, MBA

Duke University: Principal Investigator and Expert in Drug Delivery to the Brain

Sam Denmeade, MD Johns Hopkins University:

Professor of Oncology: Targeted therapies for cancer

Nicholas Butowski, MD

UCSF:Principal Investigator; Novel therapies for brain cancer

Guido Kroemer, MD, PhD

University of Paris:Chair: SAB and Expert in Cancer Immunotherapy

Ralph Smalling, MSc

Regulatory 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, MD

USFDADirector at CBER

Inventor of MDNA55

Aaron Ring, MD, PhD

Yale UniversityAsst. Prof Immunobiology & Cancer Biology

Co-Inventor of IL-2 Superkines

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

Haya Loberboum Galski. PhD

Hebrew University of JerusalemInventor of Fully Human Payloads

25

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Medicenna: Corporate Highlights

Thank Youone Target: infinite Hope™

www.medicenna.com