KOL Event: AM-101 for Acute Inner Ear Tinnitus June 14, 2016 NASDAQ: EARS

Forward-Looking Statements / Safe Harbor •

This presentation and the accompanying oral commentary contain “forward-looking” statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation and the accompanying oral commentary, including statements regarding our future financial condition, business strategy and plans and objectives of management for future operations, are forward looking statements. In some cases, you can identify forward-looking statements by terminology such as “believe,” “will,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “might,” “approximately,” “expect,” “predict,” “could,” “potentially” or the negative of these terms or other similar expressions. Forward looking statements appear in a number of places throughout this presentation and the accompanying oral commentary and include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, our ongoing and planned preclinical development and clinical trials, the timing of and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates AM-101 and AM-111, our intellectual property position, our ability to develop commercial functions, expectations regarding clinical trial data, our results of operations, cash needs, financial condition, liquidity, prospects, growth and strategies, the industry in which we operate and the trends that may affect the industry or us.

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Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These include, but are not limited to, the timing and conduct of clinical trials of our product candidates, the clinical utility of our product candidates, the timing or likelihood of regulatory filings and approvals, our intellectual property position and our financial position, including the impact of any future acquisitions, dispositions, partnerships, license transactions or changes to our capital structure, including future securities offerings. These risks and uncertainties also include, but are not limited to, those described under the caption “Risk Factors” in our Annual Report on Form 20-F and future filings with the Securities and Exchange Commission. Forward-looking statements represent our management’s beliefs and assumptions only as of the date of this presentation. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. 1

Agenda • Welcome and Introduction Thomas Meyer • AM-101 Phase 3 Design Bettina M. Stubinski • Treating Patients with Acute Inner Ear Tinnitus Hinrich Staecker • AM-101 Market Opportunity Thomas Meyer

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Auris Medical Investment Highlights 1

Injectable ear therapeutics with potential to change otology as profoundly as injectable eye therapeutics changed ophthalmology

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Two ‘first-in-class’ treatments in late-stage clinical development

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AM-101 for Acute Inner Ear Tinnitus - SPA in place: Phase 3 program ongoing with first results expected in August 2016 AM-111 for Acute Inner Ear Hearing Loss - orphan drug designation: Phase 3 program ongoing with first results expected in H2 2017

High margin products with $2 billion global market potential

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Acute Inner Ear Tinnitus • Unpleasant, unwanted sensation, similar to pain

• “Phantom sound” – Ringing, buzzing, humming in the ears Exponential increase of tinnitus related publications over past 20 years2

• Serious condition for a substantial proportion of affected persons with significant impact on dayto-day functioning • Acute stage = first three months • Current treatments: off-label steroids, ginkgo biloba, benzodiazepines, masking – 84% of US ENT physicians surveyed reported dissatisfaction with current tinnitus treatment options1

1) Hall

et al. (2011), Treatment options for subjective tinnitus: self reports from a sample of general practitioners and ENT physicians within Europe and the USA. et al. (2015), Pathology of tinnitus and hyperacusis – clinical implications. 4

2) Moller

AM-101 Product Profile • Potential to be first-ever drug therapy approved for tinnitus • Esketamine 0.87 mg/mL – Small-molecule NMDA receptor antagonist

• Otic gel for intratympanic administration – Targeted administration with minimal systemic exposure

• Three doses administered over 3-5 days – Distributed in kits of three pre-filled syringes

• Short and safe office-based ENT procedure – Practiced for over 70 years and reimbursed under CPT code

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AM-101 Targets Aberrant NMDA Receptor Activity Traumatic cochlear injury Excessive release of glutamate Inner hair cell synaptopathy Typically manifests as acute hearing loss and tinnitus

Possible Outcomes:  Spontaneous remission due to intrinsic repair and/or compensatory mechanisms, or 1111111  Overexpression of NMDA receptors leads to aberrant spontaneous activity of spiral ganglia, maladaptive plasticity at higher levels of auditory system and failure to compensate for altered afferent input → persistent tinnitus AM-101 inhibits aberrant NMDA receptor activity and reduces tinnitus at its source

Cochlear inner hair cell synaptic complex

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Introducing…

Keyzilen

TM

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Keyzilen Phase 3 Design Bettina M. Stubinski, MD, MBA Chief Medical Officer

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Keyzilen Phase 3 Program Overview TACTT2 Confirmatory Region

TACTT3 Stratum A

Stratum B

Confirmatory

Exploratory

Primarily North America

Europe

Indication

Tinnitus following acute traumatic cochlear insults (acute noise trauma, barotrauma, surgery trauma) or otitis media

Time from Tinnitus Onset

Up to 3 months

Up to 3 months

Pre-interim 3-12 months Post-interim 3-6 months

~330

~300

~330

Number of Patients

Pre-interim 150 Post-interim 180

Number of Sites

>60

>60

>60

Treatment

Keyzilen 0.87 mg/mL or placebo (ratio 3:2), 3x over 3-5 days

Enrollment Status

Completed end of March 2016

Expect to complete end of June 2016

Expected Readout

August 2016

Q4 2016

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TACTT Trial Design Overview Randomization* • Keyzilen (0.87 mg/mL) • Placebo Screening

SV │ D-14

Treatment

TV1

TV2 D0 - D4

TV3

Follow-Up

FUV1 │ D10

FUV2 │ D35

FUV3 │ D84

* Stratified for etiology (traumatic cochlear injury / otitis media) and laterality (unilateral, bilateral) SV: screening visit, TV: treatment visit, FUV: follow-up visit

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What Do We Need to Demonstrate? • Need to demonstrate that: – Keyzilen is effective in reducing the tinnitus symptom compared to placebo – This effect is statistically significant and clinically meaningful • Design of Phase 3 program based on: – Learnings from three previous randomized and placebo-controlled trials – Discussions with FDA (end of Phase 2, SPA) and EMA

• Agreement on use of tinnitus loudness as primary efficacy outcome variable – Traditionally used in tinnitus research – Straightforward measure of key symptom characteristic

• However, no universally accepted measure of clinical meaningfulness (responder definition) available

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Clinical Meaningfulness for Keyzilen • FDA statement: “Absent an adequate responder definition, a disability or “global” co-primary can also be used to support the clinical meaningfulness of an effect demonstrated on the tinnitus loudness endpoint.”

• EMA statement: “It will be essential that positive results in [tinnitus loudness] are supported by positive results in secondary endpoints measuring different facets of the condition to conclusively demonstrate clinically relevant outcomes.”

 Clinically meaningful reduction in tinnitus loudness will need to be demonstrated by a likewise reduction in tinnitus impact / burden rather than by reaching a specific absolute or percent change in loudness from baseline

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Assessing Tinnitus Burden with TFI

Tinnitus Functional Index Domains (25 items, maximum score = 100 points) 13

Phase 3 Efficacy Endpoint Model Variable

Timepoint

∆ Tinnitus Loudness

D84

∆ Tinnitus Functional Index

D84

∆ Tinnitus Loudness

D10, 35

∆ Tinnitus Functional Index

D10, 35

∆ Tinnitus Annoyance

D10, 35, 84

Patient global impression of ∆ in tinnitus severity

D10, 35, 84

Frequency of ∆ in tinnitus loudness ≥2 points

TACTT2 Co-primary

TACTT3 Primary

Secondary Secondary Exploratory

D84

∆ TFI Sleep Subscore

D10, 35, 84

Patient impression of ∆ in tinnitus severity status

D10, 35, 84

∆ Tinnitus Loudness Match

D10, 35, 84

--Exploratory

Exploratory

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Tinnitus Loudness: Daily Ratings

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Tinnitus Annoyance: Daily Ratings

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TFI Questionnaire: Visit-Based Ratings

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Tinnitus Severity Status: Visit-Based Ratings

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Change in Tinnitus Severity: Follow-Up Visit Ratings

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Powering Assumptions Cohen’s Effect Size

• General assumptions

• 0.5 considered moderate • 0.8 considered large

– α = 0.05 two-sided – β = 0.90 – Randomization = 3:2 active / placebo Assumed Effect Size

# of Evaluable Patients Required

Tinnitus Loudness

0.5

255

TFI score (for TACTT2)

0.4

278

• Target enrollment numbers assuming dropout rate of 15% – TACTT2 = 330 – TACTT3 = 300

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Effect Size for Tinnitus Loudness

• Effect size with AM-101 0.81 mg/mL for tinnitus loudness was 0.61 overall in Phase 2 – 0.83 with three administrations over three consecutive days – 0.39 with single dose administration – 0.47 with three administrations over two weeks

• Considerable margin over assumed effect size of 0.5 for Phase 3 Staecker H et al. (2015), Selecting appropriate dose regimens for AM-101 in the intratympanic treatment of acute inner ear tinnitus, Audiol Neurootol. 20(3):172-182.

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Effect Size for Tinnitus Burden • Effect size for THI-12 was 0.6 in Phase 2 • TFI has higher responsiveness to treatment-related changes than THI-12 • Considerable margin over assumed effect size of 0.4 for Phase 3 TFI and THI responsiveness in a comparative study

Meikle et al., (2012), The tinnitus functional index: development of a new clinical measure for chronic, intrusive tinnitus, Ear Hear. 33(2):153-76. Figure 2. VAS: tinnitus severity visual analog scale. N=155 for 3 month follow-up, n=85 for 6 month follow-up. 22

TACTT2 Testing Strategy • Improvement in tinnitus loudness and TFI to be tested by ANCOVA model • Both co-primary endpoints need to be statistically significant – α = 0.05 for both, i.e. no adjustment necessary

• Mixed-effect linear model for repeated measurements – No need to replace missing data from dropouts – Sensitivity analyses with various pre-specified methods of missing data imputation

• Tinnitus loudness for primary endpoint at Day 84 is calculated based on average daily ratings from the preceding seven days • Subgroup analyses planned (e.g. traumatic / otitis media, unilateral / bilateral)

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Safety Endpoint Model Variable

Timepoint

TACTT2

TACTT3

Frequency of hearing deterioration ≥15 dB at two adjacent audiometric test frequencies

D35

Primary

Primary

Frequency of hearing deterioration ≥15 dB at two adjacent audiometric test frequencies

TV2, 3 D10, 84

Difference in hearing deterioration ≥15 dB at two adjacent audiometric test frequencies between treated and untreated ear (unilateral tinnitus cases only)

TV2, 3 D10, 35, 84

Secondary

Secondary

Exploratory

Exploratory

Occurrence and severity of AEs and SAEs

Hematology and blood chemistry Vital signs

D10 TV2, 3 D10, 35, 84

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Phase 3 Safety Profile Trends • Safety trends to date appear to be fully in line with Phase 2 patterns – Frequency of clinically relevant hearing deterioration overall – Frequency of clinically relevant hearing deterioration against untreated ear – Frequency and nature of adverse events and serious adverse events

• No treatment-related serious adverse events

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Keyzilen Phase 3 Program: Next Steps June

• TACTT2 last patient, last visit • TACTT3 last patient, first visit • TACTT2 top-line results

August

• Co-primary efficacy endpoints • Key safety data

• Request for pre-NDA meeting

September

November/ December

• TACTT3 last patient, last visit • Presentation at AAO-HNS Annual Meeting in San Diego • TACTT3 top-line results • Tinnitus loudness and TFI by strata • Key safety data 26

Treating Patients with Acute Inner Ear Tinnitus Hinrich Staecker, MD, PhD David and Mary Zamierowsky Professor

Director Division Otology/Neurotology Departments of Otolaryngology/Head and Neck Surgery and Speech and Hearing University of Kansas 27

Disclosure • Principal investigator in Auris Medical sponsored trials – TACTT1 trial – TACTT2 trial

• Served as medical expert in AM-101 end of Phase 2 meeting with FDA • Presented TACTT1 data at AAO Annual Meeting and published outcomes in topranking scientific journal • Principal investigator in several other trials – Novartis GCF 166 (gene therapy for hearing loss; ongoing) – Otonomy OTO 104 (Meniere’s disease)

• Member of scientific advisory board – MedEl GmbH (cochlear implants) – Quark Pharmaceuticals (siRNA)

Staecker H et al. (2015), Selecting appropriate dose regimens for AM-101 in the intratympanic treatment of acute inner ear tinnitus, Audiol Neurootol. 20(3):172-182.

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The KUMC ENT Department • Personal background: – Training and residency at Albert Einstein College of Medicine – PhD University of Liege, Belgium (developmental biology of the ear) – Neurotology Fellowship Mass Eye and Ear Infirmary/Harvard Medical School

• Clinical and research focus: treatment of neural disorders of the inner ear (sensorineural hearing loss, tinnitus, balance disorders) • Built up integrated basic / clinical research program: – – – –

250 hearing / balance outpatient visits per week Largest number of completed and ongoing inner ear drug trials in the country Developed first inner ear gene therapy program in the world Active implantable device program achieving landmarks such as first implantation of a MedEl brainstem implant in the country

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Types of Tinnitus Patients We Are Seeing • Majority are chronic • Acute cases represent less than 10% – Mainly due to referral biases (initially treated for other complaints, tertiary care)

• Etiologies: – – – – – –

Acute noise trauma, sudden hearing loss most common for acute disorders Meniere’s disease Presbycusis Chronic facial pain 60% males, 40% females Age range 18-85 years old, predominantly 40-50 years old

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Where Do Our Patients Come From? • Local/regional referral network in place – General practitioners (rare) – Audiologists – Private ENT practices (especially cases with previous treatment failures)

• Approximately 25% seeking direct access to consultation

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The Burden of Tinnitus – Sleep Problems • Poor sleep is most frequent complaint in patients with tinnitus – Prevalence rates of 53 to 77% have been reported – Significantly higher rates compared to healthy persons

• Patients worry about sleep, have anxiety about falling asleep and experience sleepless nights • Sleep difficulties include: – – – – –

Sleep latency Sleep duration Sleep continuity Morning fatigue Chronic fatigue

Crönlein T et al. (2016), Insomnia in patients with chronic tinnitus: Cognitive and emotional distress as moderator variables, J Psychosom Res. 83:65-68. Alster et al. (1993), Sleep disturbance associated with chronic tinnitus, Biol Psychiatry. 34:84-90. 32

The Burden of Tinnitus – Persistence / Intrusiveness • Persistence of tinnitus reported as difficulty by 49% of patients in a survey1 • Sense of “I cannot escape my tinnitus” and of loss of control • Intrusiveness may have other functional impacts: – Cognitive interferences: ability to concentrate, think clearly or focus attention on other things – Interferences with relaxation: ability to relax and enjoy “peace and quiet” – Less enjoyment of social activities or of life in general – Impacts relationships with friends, family, and other people – Difficulties when performing work or other tasks – Auditory difficulties: hear clearly, understand people who are talking or follow a conversation

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Tyler RS, Baker LJ (1983), Difficulties experienced by tinnitus sufferers, J Speech Hear Disord.48(2):150-154. 33

The Burden of Tinnitus – Emotional Distress • In a survey, 36% of patients reported despair, frustration, or depression1 • Prevalence of depression reported as high as >30%2 • In a systematic review, 15 out of 16 articles reported a high prevalence of psychiatric disorders in tinnitus-affected patients – Nine of the articles reported a high correlation between presence of a psychiatric disorder and tinnitus-related annoyance and severity3

• More severe tinnitus associated with poorer health-related quality of life (HRQoL) and more depressive symptoms4

Tyler RS, Baker LJ (1983), Difficulties experienced by tinnitus sufferers, J Speech Hear Disord.48(2):150-154. 2 Folmer RL et al. (1999), Tinnitus severity, loudness, and depression, Otolaryngol Head Neck Surg. 121:48-51. 3 Pinto PC (2014), Tinnitus and its association with psychiatric disorders: systematic review, J Laryngol Otol. 128(8):660-664. 4 Weidt S et al. (2016), Which tinnitus-related characteristics affect current health-related quality of life and depression? A cross-sectional cohort study, Psychiatry Res. 237:114-121. 1

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Tinnitus Work-Up

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Effectiveness of Current Tinnitus Treatments • Steroids, while given frequently during the acute stage, have not shown evidence of efficacy1 • A systematic review by the HHS Agency for Healthcare Research and Quality found little evidence to suggest that pharmacological interventions or food supplements led to improvements over placebo in the treatment of tinnitus2 • To date, the best-established management option for tinnitus seems to be cognitive behavioral therapy (CBT)3 • Cochrane meta-analysis of CBT studies4: – Improves quality of life and reduces depression scores – However, does not reduce tinnitus loudness or eliminate the perception

1 Lavigne P et al. (2015), Intratympanic corticosteroids injections: a systematic review of literature. Eur Arch Otorhinolaryngol. Epub. 2 Pichora-Fuller MK et al. (2013), Evaluation and treatment of tinnitus: comparative effectiveness, Comparative Effectiveness, Review No. 122. 3 Shore SE et al. (2016), Maladaptive plasticity in tinnitus - triggers, mechanisms and treatment, Nat Rev Neurol. 12(3):150-160. 4 Martinez-Devesa P et al. (2010), Cognitive behavioural therapy for tinnitus. Cochrane Database Syst Rev: CD005233. 36

Tinnitus Loudness as Metric • Direct measure of symptom – Similar to pain intensity – Simple, straightforward concept for patients

• Traditionally used in clinical tinnitus research • Loud tinnitus usually equals annoying tinnitus • Loudness tends to vary throughout the day – Different attention / focus – Different levels of background noise

• Often loudest at bedtime

“ Today my tinnitus is very loud. ”

“ Today my tinnitus has become much softer. ”

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What Do Patients Seek Regarding Tinnitus Loudness? • Get down from bothersome or unbearable level • Loudness does not necessarily have to go down to zero • Meaningful to reduce tinnitus to a level where patient has to focus on tinnitus in quiet environment to still hear it • Softer tinnitus allows to focus away • Softer tinnitus tends to: – Reduce frequency of perception – Be easier to mask by other sound

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What Reduction in Tinnitus Loudness is Meaningful? • Absolute reduction? – – – – –

Potential influence of baseline / pre-treatment loudness level Would call for minimum level prior to enrollment → difficult to implement Two-point reduction may not have same meaning for everyone 10/100 point reduction proposed as a minimally clinically identifiable difference1 2/10 point reduction proposed based on AM-101 Phase 2 data2

• Relative reduction? – Circumvents problem of different baseline values – But: what percentage is relevant?  33% as used for chronic pain?  50% as it is “in the middle”?

• Lack of reference data due to lack of effective treatment options so far – More research is needed Adamchic I et al. (2012), Psychometric evaluation of visual analog scale for the assessment of chronic tinnitus, Am J Audiol 21(2):215–225. DeMuro-Mercon C et al. (2014), Determining clinically meaningful change in subjective tinnitus loudness, presented at XI. Internat. Tinnitus Seminar, Berlin.

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Reducing Tinnitus Burden • Agree with FDA view that ultimately the reduction in tinnitus burden matters • Reduction in tinnitus loudness is important, but patients also want to see benefits in their daily life, such as: – – – –

Improved quality and quantity of sleep Less anxiety and fear Less emotional distress: “I can do something about it” / “Life can go on” Better ability to relax

• TFI captures these effects on day-to-day functioning – Comprehensive and relevant outcome measure – Increasingly adopted in clinical research since introduction in 2012 – Authors proposed 13-point reduction as clinically meaningful (0-100 point scale)

Meikle MB et al. (2012), The tinnitus functional index: development of a new clinical measure for chronic, intrusive tinnitus, Ear Hear. 33(2):153-176.

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Acceptance of Intratympanic Administration • • • • •

Simple, well tolerated procedure Ten-minute application of topical anesthetic Painless injection under microscope Patient lies flat for 30 minutes Puncture site in ear drum may heal as quickly as within 24 hours • High share of patients opting for additional treatment cycles in AMPACT1 confirms acceptance – Some study participants elect to receive a total of 12 administrations over 12 months

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What Place Could AM-101 Take in Tinnitus Care? • Best way of preventing tinnitus-related distress is to prevent or cure tinnitus1 • Early diagnosis and medical care help to prevent decompensation of tinnitus, development of impact on day-to-day functioning and comorbid conditions such as depression2 • Acute tinnitus deserves specific attention since there might be a short therapeutic window for specific pharmacological interventions3 – Prevent or reduce long-term suffering from tinnitus

• Tinnitus can have different origins and different treatments may be needed • AM-101 targets a relatively well-characterized, specific type of tinnitus • AM-101 has the potential to become the first-in-class treatment for tinnitus and change the way we approach inner ear disorders

1 Malouff JM et al. (2011), Tinnitus-related distress: A review of recent findings, Curr Psychiatry Rep. 13(1):31-36. 2 Weidt S (2016), Which tinnitus-related characteristics affect current health-related quality of life and depression? A cross-sectional cohort study. Psychiatry Res. 237:114-121. 3 Langguth B, Elgoyhen AB (2012), Current pharmacological treatments for tinnitus. Expert Opin Pharmacother. 13(17):2495-2509.

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Market Considerations and Concluding Remarks Thomas Meyer, PhD Chairman & Chief Executive Officer

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Positioning Keyzilen First-in-class drug for tinnitus that … reduces impairment of the peripheral auditory system and attenuates tinnitus symptom, in order to … reduce the functional impact of the tinnitus, so that …

the severity of the tinnitus improves and the likelihood that it will progress to a life-long burden for the patient is reduced.

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Keyzilen Targets Target Patients     

Primarily working age Accidental exposure at work or during leisure activities Absence of / insufficient spontaneous recovery Moderate to severe tinnitus Increased anxiety and emotional distress leads to intense search for therapeutic options

Target Physicians  Neurotologists  Otologists  General ENT physicians  General practitioners for referrals

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Patient Flows What percent of your acute tinnitus patients come straight to you without a referral by a general practitioner or audiologist?* • 45.1% without GP referral • 61.9% without audiologist referral * Survey conducted by MEDACorp. Inc. among 53 US ENT physicians in April 2014

Hall et al. (2011), Treatment options for subjective tinnitus: self reports from a sample of general practitioners and ENT physicians within Europe and the USA, BMC Health Services Research 11:302

More than 1,000 clicks per week from unique visitors during AdWords campaign for TACTT2 trial in the US (shown regionally around participating study sites) 46

Product Perception 7.0 1

2

3

4

5

Not at all likely to use

6

7

8

9

10 Extremely likely to use

• “My primary consideration is the severity of hearing loss associated with the tinnitus and the severity of the tinnitus as it impacts their life.” • “Most of the time we can't cure the problem, so having better treatments with a higher success rate would be very beneficial.” • “I would put it in for people that were seeking an aggressive treatment.” • “I would consider it early on for specific patients that are really miserable, and some of these people have already tried a few things before they came to me.”

* In-depth interviews with US otolaryngologists in private group practices (2014)

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Select US KOL Comments • “Current treatment options are a disservice to our patients.” • “Chance to be a blockbuster, get this to neurotologists / otologists first, and then it will disseminate to general ENTs.”

• “Sounds wonderful, if this works my patients would be so happy.” • “It is a big improvement over what we currently have to treat tinnitus. As more data comes in, I am convinced that it can become a breakthrough product.” • “This is a breakthrough over the current standard of care. I am looking forward to AM-101 being available on the market.”

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$750 Million US Market Potential •Primary Market Research  53 US ENT doctors surveyed1 – 41 general ENTs, 12 otologists

 See an average of 44 tinnitus patients per month

•Market Potential  Target label: acute peripheral tinnitus following traumatic injury to the cochlea or otitis media

~25% tinnitus cases caused by traumatic injury or otitis media

38%

bilateral patients (both ears affected)

74%

~250,000

of respondents expect monthly tinnitus patient volume to increase if an approved IT treatment were available

43% of their tinnitus patients considered candidates for AM-101 type product

1) Survey

30%

tinnitus patients seeking treatment in acute stage (up to three months from onset)

conducted by MEDACorp, Inc. in April 2014

treatable ears per year

~$750 Million market potential

Upside Potential:  Other onset factors  Extension of window beyond three months  GP awareness driving increased referrals 49

Therapeutic Time Window • Keyzilen’s therapeutic time window may extend beyond three months • Interim analysis of TACTT3 Stratum B suggests activity beyond three months – Highest in 3-6 month interval

• Restricting further enrollment to tinnitus population 3-6 months from onset – Prospective data from 180 patients postinterim analysis plus ~50 patients preinterim analysis

• Data to read out together with TACTT3 Stratum A

* Survey conducted by GuidepointGlobal among 21 US ENT physicians in November 2012

Time from Onset* 5.6%

16.7%

33.3% 44.4%

0-1 months 1-3 months 3-6 months >6 months

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Reimbursement and Market Access • Coverage of tinnitus evaluation and treatment currently have minimal impact on insurance plans* – 85% of payers with barely any or only small spending

• Current coverage rate is high for drug-based tinnitus therapy when administered in physician office* – 27.5% without restriction – 62.5% with restriction (e.g., pre-authorization)

• • • • •

Procedure coding in place for intratympanic administration (CPT 69801; Cat. I) J-code for the drug to be requested Buy and Bill and / or through specialty pharmacy Reimbursement assistance (coding, pre-certification) Coverage through work related injury / US worker’s compensation

* Survey by MedaCORP Inc. in April 2014 among 40 US payers, covering 53 M lives

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Keyzilen Intellectual Property • Use patent issued in more than 40 countries worldwide – Patent term 2024 to 2028 in the US

• Jointly owned with INSERM, France – – – –

Exclusive right to Auris Medical to exploit patents No milestone payments Tiered, low single-digit percentage royalty on net sales Low double-digit percentage royalty on out-licensing

• Formulation patent issued in 15 countries – Patent term 2025

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Key Keyzilen Features Preclinical data showing efficacy in various animal models Well-characterized biology Strong safety profile for both API and formulation • Well tolerated in middle ear with minimal sytemic exposure and no impact on hearing

Well-known and straightforward office-based procedure • Repeated administration generally well tolerated

Consistent efficacy signals in three randomized and placebo-controlled trials to date • Dose-dependent and persistent reduction in tinnitus loudness and tinnitus burden

Addressing high unmet medical need 53

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