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Safe Harbor and Disclaimer Statement This presentation contains forward-looking statements about our expectations, beliefs or intentions regarding, among other things, our product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “ believe, ” “ expect, ” “ intend, ” “ plan, ” “ may, ” “ should ” or “ anticipate ” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward- looking statements may be included in, but are not limited to, this presentation, various filings made by us with the SEC, press releases or oral statements made by or with the approval of one of our authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the factors summarized below. These factors include, but are not limited to, the following: the timing and cost of Galmed's Phase 3/4 ARMOR trial for Aramchol ™ , completion and receiving favorable results of the ARMOR trial for Aramchol ™ ; regulatory action with respect to Aramchol ™ by the FDA or the EMA; the commercial launch and future sales of Aramchol ™ or any future product candidates; Galmed's ability to comply with all applicable post-market regulatory requirements for Aramchol ™ in the countries in which it seeks to market the product; Galmed's ability to achieve favorable pricing for Aramchol ™ ; Galmed's expectations regarding the commercial market for NASH; third-party payor reimbursement for Aramchol ™ ; Galmed's estimates regarding anticipated capital requirements and Galmed's needs for additional financing; market adoption of Aramchol ™ by physicians and patients; the timing, cost or other aspects of the commercial launch of Aramchol ™ ; the development and approval of the use of Aramchol ™ for additional indications or in combination therapy; and Galmed's expectations regarding licensing, acquisitions and strategic operations. More detailed information about the risks and uncertainties affecting Galmed is contained under the heading "Risk Factors" included in Galmed's most recent Annual Report on Form 20-F filed with the SEC on March 13, 2019, and in other filings that Galmed has made and may make with the SEC in the future. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry ’ s actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. Given these uncertainties, you should not rely upon forward-looking statements as predictions of future events. All forward-looking statements attributable to us or persons acting on our behalf included in, but not limited to, this presentation speak only as of the date hereof and are expressly qualified in their entirety by the foregoing. We undertake no obligations to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. In evaluating forward-looking statements, you should consider these risks and uncertainties. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. 2

Aramchol ™ – Phase 3 Compound for NASH First-in-class , Effects in Expected short High safety Fast Track Experienced orally active, liver animal models Designation for term catalyst: pharma margin and Aramchol ™ granted targeted SCD-1 translated in a leadership team B/R ratio ARMOR Last by FDA modulator, an global large Ph2b Patient In established target clinical trial ~500 subjects Q2/21 for metabolic exposed across protection in 9 clinical trials NASH 3

Aramchol ™ – Liver Targeted SCD 1 Modulator • FABAC- fatty acid Bile acid conjugate • MW = 702.12 Cholic acid • BCS Class IV • T1/2 ss = 72.4 hrs • Aramchol ™ in pre clinical models: Arachidic acid • Down regulation of liver FA in multiple dietary models • Down regulation of collagen in TAA animal models for liver fibrosis • Target directly HSC to down regulate collagen and a SMA production (Friedman S et al. Poster 2060 AASLD 2018) • Aramchol ™ in Phase 2a showed significant reduction in liver fat: relative change in MRS 1. Aramchol Reduces Established Fibrosis in MCD Diet Animal Model, EASL 2017 poster 2. Role of Aramchol in steatohepatitis and fibrosis in mice. Mato et al. Accepted to Hepatology Communications. 2017. 3. R. Golan-Gerstl1, M. Valitsky1, R. Oren1, E. Brazovski2, L. Hayardeny1, S. Shimon Reif. "The anti-fibrotic effect of Aramchol on liver fibrosis in TAA animal model" (2017); The international liver congress (EASL), Amsterdam, the Netherlands.

5 Multiple Hits Along the Pathogenic Pathway SCD1 Vitamin E CCR2-CCR5 PPARs GLP-1 Metabolism FXR (Steatosis) FGF21 TR b Galectin Fibrogenic Cell stress Metabolism remodeling Apoptosis (Steatosis) Inflammation De-compensated Cirrhosis/ HCC Aramchol ™ ASK1 Pathophysiology of NASH 5

Aramchol ™ improves Liver Stress Food Consumption Serum FA P ACC ARAMCHOL In Hepatocytes Fatty Acid NASH + Fibrosis NASH NAFLD (Steatohepatitis) (Steatosis) SCD1 AMPK MUFA Malonyl-Co A De-compensated DG Cirrhosis/ HCC SPT 1 TG FA Oxidation Fibrosis & Liver Damage Lipid Droplets VLDL Pathophysiology of NASH 1. Aramchol Reduces Established Fibrosis in MCD Diet Animal Model, EASL 2017 poster 2. Role of Aramchol in steatohepatitis and fibrosis in mice. Mato et al. Hepatology Communications, 2017 Nov 1 (9):911-927

Aramchol ™ Up Regulates GSH GCLM Glutamate + Cysteine g -glutamyl - Cysteine GSH g -glutamyl – Cysteine + Glycine GSH Synthetase NADP NADPH GR FA Oxidation GSH GSSG GPX SOD O 2 - H 2 O 2 H 2 O Superoxide ion CAT GR = GSH Reductase OH - GPX4 = GSH Peroxidase GCLM = Glutamate Cysteine Ligase Liver Injury 7

Aramchol ™ Reduces Liver Steatosis & Inflammation in MCD Diet Model MCD 0.1% Diet + Aramchol ™ MCD 0.1% Diet 5mg/kg 52.6% 86.4% 79% Mato et al. Role of Aramchol ™ in steatohepatitis and fibrosis in mice. Hepatology Communications, October 2017 8

Direct Effect of Aramchol ™ on Hepatic Stellate Cells to Reduce Fibrosis 2 SCD 1 in Hepatic Relative Gene Expression Wnt TGF- β I Stellate Cells 1.6 TGF-RI/II 1.2 Fz 0.8 P P ** 0.4 P P LRPs 0 ARAMCHOL 12 PPAR γ SCD 1 PPAR γ *** Relative Gene Expression In Hepatic Stellate cells 10 p38 8 p 6 4 2 GSK3 β p Ser9 0 APC 2 Relative Gene Expression CK1 αSMA β -cat 1.5 AXIN 1 0.5 *** β -cat 0 β -cat 2 Collagen 1a1 Relative Gene Expression 1.5 COL1 Vehicle 1 Aramchol 10µM FN α -SMA 0.5 *** Nucleus 0 48h 1. Aramchol Downregulates SCD1 and Induces PPARg in Hepatic Stellate Cells to Attenuate Cellular Activation and Fibrogenesis, AASLD 2018 2. Role of Aramchol in steatohepatitis and fibrosis in mice. Mato et al. Accepted to Hepatology Communications. 2017. 3. R. Golan-Gerstl1, M. Valitsky1, R. Oren1, E. Brazovski2, L. Hayardeny1, S. Shimon Reif. "The anti-fibrotic effect of Aramchol on liver fibrosis in TAA animal model" ( EASL 2017).

Direct Effect on Prevention & Reversal of Liver Fibrosis Aramchol ™ effect in the TAA model is considered to best predict efficacy in human. TAA No Treatment TAA + Aramchol ™ 5mg/kg Prevention 40% Fibrosis Score (Masson & Goldner staining) Treatment 61.5% 10 The Anti-Fibrotic Effect of Aramchol on Liver Fibrosis in TAA Animal Model, EASL 2017 poster

Phase 2b ARREST Results NASH Resolution without Fibrosis improvement Progression to cirrhosis Worsening of Fibrosis without worsening of NASH Aramchol 600 vs. Pbo p=0.2110 8% Aramchol 600 vs. Pbo p=0.0514 35% 20% OR 1.88 (95% CI: 0.70-5.04) OR 4.74 (95% CI: 0.99-22.7) 7% 18% 30% 16% 6% Proportion of patients Proportion of patients Proportion of patients 25% 14% 5% 12% 20% 4% 10% 3/40 6/80 15% 16.7% 29.5% 8% 3% (7.5%) (7.5%) 6% 21.3% 10% 2% 17.5% 4% 7.5% 5% 1% 1/78 5.0% 2% (1.3%) 0% 0% 0% Placebo Aramchol 400 Aramchol 600 Placebo (N=40) Aramchol 400 Aramchol 600 Placebo (N=40) Aramchol 400 Aramchol 600 (N=40) (N=80) (N=78) (N=80) (N=78) (N=80) (N=78) 11