Island Pharmaceuticals : Updated Investor Presentation & Conference Participation

For personal use only

5 April 2022

ASX Announcement

Updated investor presentation and conference participation

MELBOURNE Australia, 5 April 2022: Australian mid-clinical stage antiviral drug development company, Island Pharmaceuticals Ltd (ASX: ILA; "Island"; "the Company") is pleased to release a copy of an investor presentation that will be delivered to investors over the coming weeks.

In addition, Island announces its participation in the inaugural PAC Partners Healthcare conference which takes place in Sydney, Australia this Wednesday 6 April 2022. During his presentation, Chief Executive Officer, Dr. David Foster will discuss the coming catalysts for Island as it moves lead drug candidate, ISLA-101 toward Phase 2 clinical trials for dengue fever.

Approved for release to the ASX by:

Dr Paul MacLeman

Executive Chairman Island Pharmaceuticals [e-mail]

Investors and media, for further information, please contact:

Jane Lowe

IR Department Mobile: [phone]

About Island Pharmaceuticals

Island (ASX: ILA) is a mid-clinical-stage drug repurposing company, focused on the topical area of antiviraltherapeutics for infectious diseases. Our lead asset is ISLA-101, a drug with a well- established safety profile, being repurposed for the prevention and treatment of dengue2 fever and other mosquito (or vector) borne diseases. The Company is close to commencing a Phase 2a clinical trial in dengue-infected subjects.

If ISLA-101 achieves FDA approval, and certain other criteria are met, Island may be eligible to obtain a "Priority Review Voucher" at the time of FDA approval. This means that as well as getting approval to manufacture and sell ISLA-101, the Priority Review Voucher (PRV) could permit Island to expedite the FDA approval process for a new drug or sell the PRV in a secondary market.

Island encourages all current investors to go paperless by registering their details with the Company's share registry, Automic Registry Services, whose contact info is housed on the Shareholder Services page of the Company's website.

Visitwww.islandpharmaceuticals.comfor more on Island.

Island Pharmaceuticals Limited ACN 641 183 842 | Registered office: Suite 201, 697 Burke Rd, Camberwell VIC 3124, Australia

SOLVING URGENT VIRAL DISEASE THREATS

(ASX: ILA)

PAC Partners Inaugural Healthcare conference - April 2022

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DISCLAIMER

This presentation has been prepared by Island Pharmaceuticals Limited (ABN 641 183 842) (Company or Island Pharmaceuticals).

Not an offer or financial product advice

The Company is not licensed to provide financial product advice. This presentation is not and should not be considered, and does not contain or purport to contain, an offer or an invitation to sell, or a solicitation of an offer to buy, directly or indirectly any securities, to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement or recommendation to enter into, any contract whatsoever relating to any securities. This presentation is for information purposes only and is not a prospectus, product disclosure statement, pathfinder document for the purposes of section 734(9) of the Australian Corporations Act 2001 (Cth) (Corporations Act) or other offer document under Australian law or the law of any other jurisdiction. This presentation does not constitute an invitation to apply for or purchase Securities and does not include any application form for Securities. This presentation does not constitute an advertisement for an offer or proposed offer of Securities. Neither this presentation nor anything contained in it shall form the basis of any contract or commitment and it is not intended to induce or solicit any person to engage in, or refrain from engaging in, any transaction. Nothing in this presentation constitutes legal, financial, tax or other advice. Recipients of the presentation should conduct their own investigation, evaluation and analysis of the business and other data and information set out in the presentation.

Financial data All dollar values are in Australian dollars ($ or A$) unless otherwise stated. Any financial data in this presentation is unaudited. Past performance The operating and historical financial information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of the Company'sviews on its future performance or condition. Actual results could differ materially from those referred to in this presentation. You should note that past performance of the Group is not and cannot be relied upon as an indicator of (and provides no guidance as to) future Group performance.

Future performance

This presentation contains certain "forward-looking statements". The words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "propose", "goals", "targets", "aims", "outlook", "forecasts", "should", "could", "would", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Any indications of, and guidance on, future operating performance, earnings and financial position and performance are also forward-looking statements. Forward-looking statements in this presentation include statements regarding the Company's future growth options, strategies and new products. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions.

Forward-looking statements, including projections, guidance on future operations, earnings and estimates (if any), are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. No representation is given that the assumptions upon which forward looking statements may be based are reasonable. This presentation contains statements that are subject to risk factors associated with the Group's industry. These forward-looking statements may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to earnings, capital expenditure, cash flow and capital structure risks and general business risks.

No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including the Company). In particular, but without limitation, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward looking statements in this presentation will actually occur. Actual operations, results, performance or achievement may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Any forward looking statements in this presentation speak only as of the date of this presentation.

Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements in this presentation to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based.

Nothing in this presentation will under any circumstances create an implication that there has been no change in the affairs of the Group since the date of this presentation.

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ISLAND AT A GLANCE

Island Pharmaceuticals (ASX: ILA) is a mid clinical-stage drug repurposing company, focused on the rapid development of antiviral therapeutics for infectious diseases

• • Rapidly advancing lead drug ISLA-101 toward Phase 2 "PEACH"* clinical trial for the treatment of dengue fever

• • Dengue fever infects +390 million people each year. There is currently no pharmaceutical treatment for the disease and limited access to only one vaccine

• • Major market potential treating mosquito-borne diseases, exacerbated by climate change

• • Priority Review Voucher potential for ISLA-101 at the time of FDA approval. PRVs have recently sold for at or slightly above US$100m

• • Pipeline expansion underway, targeting other viruses with significant unmet need and limited competition.

* PEACH: Phase 2a, randomized, double blind, placebo-

controlled study for the Prophylactic Examination of an

Antiviral in a Dengue Challenge Model.

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THE BENEFITS OF DRUG REPURPOSING

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