Cynata Therapeutics : 23 April 2023 Capital Raising Presentation

Important Information

This investor presentation (Presentation) has been prepared by Cynata Therapeutics Limited ACN 1104 037 372

(Cynata or the Company) and is dated [6 April 2023]. This Presentation has been prepared in relation to a placement of new, fully paid ordinary shares (Shares) to professional, sophisticated and experienced investors (Placement) at an offer price of $0.215 per Share (Offer Price). The Placement will be undertaken utilising the Company's available capacity under ASX Listing Rules 7.1 and 7.1A

For every two shares issued under the Placement, investors will be offered one free attaching option exercisable at $0.30 and expiring on 1 April 2025 (Options). The offer of Options to Placement participants will being made under a prospectus issued under section 713 of the Corporations Act 2001 (Cth) (Corporations Act) (Prospectus).

In addition, Cynata is undertaking a share purchase plan to eligible shareholders with a registered address in Australia or New Zealand as at the record date of 5 April 2023 (SPP). Participants in the SPP will also be offered Options under the Prospectus, conditional on Cynata shareholder approval. The company will apply for quotation of the options on ASX. The options offer is conditional on meeting ASX's requirements for the quotation of the Options.

Presentation

This Presentation contains summary information about Cynata and its activities as at the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be complete or comprise all information which a shareholder or potential investor may require in order to determine whether to deal in Cynata shares or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act. It should be read in conjunction with Cynata's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

Not an offer

This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law, or any other law. This Presentation is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. In particular, this Presentation has been prepared for release in Australia and is not for distribution or release in the United States or in any other jurisdiction where it would be illegal. The Prospectus will be available following its lodgment with ASIC and ASX.

Restrictions

Any securities offered in connection with this Presentation have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (US Securities Act) or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements under the US Securities Act and applicable US state securities laws. The distribution of this Presentation outside Australia may be restricted by law, and persons into whose possession this Presentation comes should observe any such restrictions. Any failure to comply with such restrictions may violate applicable securities laws. See "Foreign Jurisdiction Selling Restrictions" for more information.

Not financial product advice

This Presentation is for information purposes and does not constitute financial product, investment, legal, taxation or other advice or a recommendation to acquire Cynata shares and has been prepared without taking into account the objectives, financial situation or needs of individuals.

Before making an investment decision, prospective investors should consider the appropriateness of the available information, having regard to their own objectives, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide financial advice in respect of its shares. Cooling off rights do not apply to the acquisition of Cynata shares.

Past performance

Past performance information, including past share price performance, should not be relied upon as an indication of future performance.

Investment risk

An investment in Cynata shares is subject to investment and other known and unknown risks, some of which are beyond the control of the Company. Cynata does not guarantee any particular rate of return or the performance of its shares.

Future performance

This Presentation contains certain references to forecasts, estimates, assumptions and other forward-looking statements and statements regarding the intent, belief or current expectations of Cynata. The words "likely", "expect", "aim", "should", "could", "may", "anticipate", "predict", "believe", "plan" and other similar expressions are intended to identify forward- looking statements. 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 are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This Presentation contains such statements, which are subject to risk factors associated with an investment in Cynata. The Company believes that these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially.

Forward-lookingstatements involve known and unknown risks, uncertainties and assumptions and other important factors that could cause actual results, performance or achievements of Cynata to be materially different from future results, performances or achievements expressed or implied by such statements. This is particularly the case given the current economic environment, which includes inflation, increasing interest rates and market volatility. Readers are cautioned not to place undue reliance on these forward-lookingstatements, which speak only as of the date of this Presentation.

Disclaimer

While this Presentation has been prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made as to the fairness or correctness of the information, opinions and conclusions contained in this Presentation. To the maximum extent permitted by law, none of the Company or Bell Potter Securities Limited (the Lead Manager) and their respective related bodies corporate, or their respective directors, employees, agents or advisers, nor any other person, accepts liability for any loss arising from the use of this Presentation or its contents or otherwise arising in connection with it, including without limitation, any liability from fault or negligence on the part of the Company, its related bodies corporate or any of their respective directors, employees, agents or advisers.

Financial data

All references to dollars ($) and cents are to Australian currency, unless otherwise stated.

Market and industry data

This Presentation contains data relating to the industries, segments and markets in which the Company operates (Industry Data). Unless otherwise stated, this information has been prepared by Cynata using both publicly available data and its own internally generated data. Cynata's internally generated data is based on estimates and assumptions that the directors and management of the Company believe are reasonable. In addition to the Industry Data, the Presentation contains third party market data, estimates and projections. There is no assurance regarding the accuracy of such information and the third party information, and the Industry Data, has not been independently verified by Cynata.

2

Executive Summary

• 1. Refer to slide 12 for further details of the estimated market opportunity of Cynata's pipeline

3

Investment Highlights

Cynata is a clinical stage biotech developing its proprietary CymerusTM platform technology for the scalable manufacture of mesenchymal stem cell (MSC) therapeutic products to treat serious disorders

Why Mesenchymal Stem Cells (MSCs)?

MSCs play a central co-ordinating role in many of the body's mechanisms of defence, repair and regeneration: the "sensor and switcher of the immune system"1

They are able to be used therapeutically without matching the donor and the recipient

"MSCs promote an

immunosuppressive and

immunoregulatory

environment via multifactorial

mechanisms, including secretion

of proteins / peptides / hormones; transfer of mitochondria; and transfer of exosomes or microvesicles containing RNA and other molecules"2