Paradigm Featured by The Armchair Analyst

Dear Investor,

We thought shareholders may be interested in a recently published independent article by The Armchair Analyst which takes a detailed look at Paradigm's Phase 3 osteoarthritis program and the challenges associated with developing new therapies in this area.

The article provides an overview of:

• The significant unmet need in osteoarthritis.

• Why placebo response remains one of the biggest hurdles in pain studies.

• The design of Paradigm's Phase 3 PARA_OA_012 study.

• The upcoming interim analysis and topline data milestones.

Importantly, the article explores the rationale behind a number of the study design features incorporated into PARA_OA_012, including patient selection criteria, placebo response mitigation measures and the use of daily pain assessments.

With recruitment now complete and 538 patients enrolled globally, Paradigm remains focused on delivering the upcoming clinical milestones for the program.

You can read the full article here:

https://thearmchairanalyst.com/p/no-pain-no-gain-the-paradigm-story-asx-par

As always, thank you for your continued support of Paradigm.

Kind regards,

Simon White
Director, Investor Relations