INVESTOR & ANALYST BREAKFAST November 18, 2019 1 Safe Harbor - PowerPoint PPT Presentation

INVESTOR & ANALYST BREAKFAST November 18, 2019 1

Safe Harbor Certain statements contained in this material are forward-looking statements. These forward-looking statements are based on the current expectations of the management of Oramed only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward- looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for our product candidates; competition from other pharmaceutical or biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities, and others, all of which could cause the actual results or performance of Oramed to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Oramed undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Oramed, reference is made to Oramed's reports filed from time to time with the Securities and Exchange Commission. which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Please refer to the company's filings with the Securities and Exchange Commission for a comprehensive list of risk factors that could cause actual results, performance or achievements of the company to differ materially from those expressed or implied in such forward-looking statements. Oramed undertakes no obligation to update or revise any forward-looking statements. 2 2

Oramed Snapshot ▪ Proprietary oral protein delivery platform ▪ Diabetes first - initially targeting the lucrative insulin market. Additional huge markets in the pipeline ▪ Strong financial position over $37M in cash and investments, no debt 1 ▪ Strong management team backed by world-class scientific experts ▪ Multiple value-creation events for this year ▪ NASDAQ/TASE: ORMP 3 3 1 As of May 31, 2019

Agenda 8:30-9:15 ▪ Opening Remarks - Nadav Kidron , Chief Executive Officer, Oramed Pharmaceuticals ▪ Review of the P2b Data - Joel Neutel , Director of Research Orange County Research Center & Kenneth Homer , Director of Biometrics, Integrium ▪ A Clinical Perspective - Ramachandra Naik , Professor of Medicine, Division of Endocrinology, Diabetes and Metabolism, SUNY Medical University, Syracuse ▪ Forward Looking Regulatory Pathway - Alexander Fleming , CEO Kinexum, Former Head of Clinical Review of Endocrine and Metabolic Drugs at FDA 9:15-9:45 ▪ Q&A from Panel: - Dr Neutel - Dr Fleming - Dr. Naik - Dr. Miriam Kidron, Chief Scientific Officer, Oramed Pharmaceuticals 4 4

Third Party Review of Phase IIb Data: A Placebo-controlled, Multi-center Randomized, Phase 2b Study to Evaluate the Efficacy and Safety of ORMD-0801 in Type 2 Diabetes Mellitus Patients with Inadequate Glycemic Control on Oral Therapy Joel Neutel , Director of Research Orange County Research Center & Kenneth Homer Director of Biometrics, Integrium 5 5

Oramed Protocol ORA-D-015 Presentation of Results ▪ Primary Endpoint – mean change in HbA1c from baseline to Week 12 ▪ 39 sites screened subjects; 36 sites randomized subjects ▪ The Primary Treatment are the subjects who received QD, BID or TID Placebo and ORMD- 0801 32mg ▪ 273 subjects received primary treatment (included in Safety Population) ▪ 269 subjects received primary treatment and had Baseline HbA1c results (included in ITT Population) ▪ 233 subjects were included in the primary analysis (all sites excluding sites 13 and 20) ▪ 36 subjects were excluded from the primary analysis (sites 13 and 20 were excluded due to significant treatment by center interaction) ▪ 209 of the 233 subjects included in the primary analysis had Week 12 HbA1c results 6

HbA1c – Observed Means – Primary Analysis 7

HbA1c – Least Square Means – Primary Analysis 8

HbA1c – Week 12 – Primary Analysis 9

Secondary Endpoints ▪ Safety assessed by adverse event reporting including adverse events of special significance such as hypoglycemia ▪ Change from baseline in glycemic parameters measured using outpatient CGM ▪ Change in weight from baseline to week 12 of the treatment period 10

Adverse Events Overall Summary Safety Population Combined Placebo 32 mg QD 32 mg BID 32 mg TID (N=66) (N=69) (N=68) (N=69) Number of Reported Adverse Events: 111 108 56 79 Number (%) of Subjects With at Least One: Treatment Emergent Adverse Event (TEAE) 46 (69.7) 38 (55.1) 27 (39.7) 35 (50.7) Severe TEAE 1 ( 1.5) 4 ( 5.8) 0 ( 0.0) 2 ( 2.9) Serious TEAE 3 ( 4.5) 5 ( 7.2) 0 ( 0.0) 3 ( 4.3) Drug-related TEAE 7 (10.6) 6 ( 8.7) 3 ( 4.4) 9 (13.0) Drug-related severe TEAE 0 (0.0) 0 (0.0) 0 (0.0) 0 (0.0) Drug-related serious TEAE 0 (0.0) 0 (0.0) 0 (0.0) 0 (0.0) TEAE leading to withdrawal of study drug 1 ( 1.5) 0 ( 0.0) 1 ( 1.5) 1 ( 1.4) TEAE with outcome of death 1 ( 1.5) 0 ( 0.0) 0 ( 0.0) 0 ( 0.0) 11

Treatment Emergent Adverse Events Leading to Discontinuation Safety Population Combined Placebo 32 mg QD 32 mg BID 32 mg TID (N=66) (N=69) (N=68) (N=69) Number of Subjects with At Least One Adverse Event 1 ( 1.5) 0 ( 0.0) 1 ( 1.5) 1 ( 1.4) Cardiac Disorders 1 (1.5) 0 (0.0) 0 (0.0) 0 (0.0) Myocardial Infarction 1 (1.5) 0 (0.0) 0 (0.0) 0 (0.0) Gastrointestinal Disorders 0 (0.0) 0 (0.0) 0 (0.0) 1 (1.4) Abdominal Pain 0 (0.0) 0 (0.0) 0 (0.0) 1 (1.4) General Disorders & Administration Site Conditions 1 (1.5) 0 (0.0) 1 (1.5) 0 (0.0) Death 1 (1.5) 0 (0.0) 0 (0.0) 0 (0.0) Fatigue 0 (0.0) 0 (0.0) 1 (1.5) 0 (0.0) 12

Hypoglycemic Events Safety Population Hypoglycemic Events as reported on the Hypoglycemic / Hyperglycemic Log: Number of Hypoglycemic Events: ▪ Placebo – 21 ▪ ORMD-0801 QD – 16 ▪ ORMD-0801 BID – 4 ▪ ORMD-0801 TID – 32 Number of Subjects with at least 1 Hypoglycemic Event: ▪ Placebo – 4 / 66 (6.1%) ▪ ORMD-0801 QD – 6 / 69 (8.7%) ▪ ORMD-0801 BID – 3 / 68 (4.4%) ▪ ORMD-0801 TID – 6 / 69 (8.7%) 13

Continuous Glucose Monitoring – Area Under the Curve 14

Serum Glucose (mg/dL) – Change from Baseline 15

Summary of Weight Change (kg) at Week 12 16

Summary of Diabetes Medication Usage During Study There were a total of 68 subjects on Metformin Alone: ▪ Placebo – 16 (of which 14 have a Week 12 HbA1c) ▪ ORMD-0801 QHS – 20 (of which 16 have a Week 12 HbA1c) ▪ ORMD-0801 BID – 20 (of which 16 have a Week 12 HbA1c) ▪ ORMD-0801 TID – 12 (of which 8 have a Week 12 HbA1c) Approximately 70% of the randomized patients were on 2 or more glucose lowering drugs All Patients were on Metformin. Glucose lowering agents taken in addition to Metformin included: Glibenclamide, Glipizide, Empagliflozin, Pioglitazone, Glimepiride, Dapagliflozin, Sitagliptin, Glibomet, Ertugliflozin 17

HbA1c Levels – Change from Baseline (Subjects with Baseline HbA1c > or <= 9%) Baseline HbA1c Values > 9 (92 Subjects): ▪ ORMD-0801 QHS Placebo Adjusted = -0.72 ▪ ORMD-0801 BID Placebo Adjusted = -0.65 ▪ ORMD-0801 TID Placebo Adjusted = -0.54 Baseline HbA1c Values <= 9 (117 Subjects): ▪ ORMD-0801 QHS Placebo Adjusted = -0.41 ▪ ORMD-0801 BID Placebo Adjusted = -0.52 ▪ ORMD-0801 TID Placebo Adjusted = -0.41 18

Discussion of Treatment by Site Interaction When we analyze the data for one group of sites and get one answer which differs from the analysis of the second group of sites, in statistics this is called a treatment by site interaction. This is where we find ourselves. Least Squares Mean Change in HbA1c Observed Change in HbA1c (%) at (%) at Week 12 Week 12 -0.2 -0.18 -0.6 0.85 2 0 -0.06 -0.06 -1.15 -0.59 Change (%) in HbA1c Change (%) in HbA1c 0 -2 -2 Placebo ORMD-0801 QD and BID Combined Placebo ORMD-0801 QD and BID Combined Exc Sites 13 and 20 (233 Subjects) Exc Sites 13 and 20 (233 Subjects) Sites 13 and 20 (36 Subjects) Sites 13 and 20 (36 Subjects) When analyzing the data excluding sites 13 and 20 (233 subjects), it shows that Placebo has a small least squares mean difference from 0 (-0.06) and active shows a much larger drop in least squares mean (-0.59). These two sites were observed to have significant treatment by site interactions when analyzing the results of the linear model. Thus these sites were selected based on statistical criteria. When analyzing the data for sites 13 and 20 (36 subjects), it shows that Placebo has a small least squares mean difference from 0 (-0.06) while active has a large increase in least squares mean (0.85). These are dramatically different results that lead to very different conclusions. Possible root causes of this difference have yet to be found. 19