•  Hepatitis B – ‘Hepbarna ™ ’  Hepatitis B virus (HBV) infection is  currently incurable and represents a significantly larger public  health problem than HCV. Hepbarna™ is similar in design to TT- 034, utilizing the same delivery vector, enabling it to leverage  much of the toxicity and biodistribution data obtained in the  Company’s HCV clinical development program. In conjunction with  the Company’s collaborator, Biomics Biotechnologies, Benitec is  optimising the design of DNA constructs, and the Company’s US  laboratory is preparing to undertake a range of in vitro validation  experiments. •  Neuropathic pain.  The research collaboration with Professor  David Yeomans at Stanford University will focus in the first  instance on re-validating the previously developed constructs in vivo. •  Genetic disease – ‘Pabparna ™ ’ . Benitec’s treatment for  oculopharyngeal muscular dystrophy (OPMD) – which is being  developed in collaboration with the Royal Holloway, University of  London – continues to progress.  •  Huntington’s disease  – Benitec’s non-exclusive license allows  uniQure to develop a treatment for Huntington’s disease using  the company’s ddRNAi gene silencing technology. uniQure listed  on the NASDAQ in early 2014, raising around $90M so is wel  resourced to be able to advance this program towards the clinic. •  Retinitis pigmentosa  – Benitec’s licensee Genable Technologies  Ltd is developing GT308 for retinitis pigmentosa using ddRNAi  to silence the disease-causing mutant gene. Genable was been  granted orphan drug designation from the FDA; this status means  Genable will gain seven years of market exclusivity in the US once  the product is approved.  • Breast cancer  – Benitec has granted a license to Regen  Biopharma for the development of a ddRNAi-based therapy called  dCellVax. Regen recently announced the successful silencing of  the IDO gene in dendritic cells, an approach that in animal models  has demonstrated the ability to induce regression of breast cancer.  •  International patent application filed for the AMD program. This  patent filing is aimed at the use of ddRNAi in the treatment of  wet age-related macular degeneration including identifying target  sequences for RNAi activity. •  European opposition hearing was conducted for the Graham  European patent EP1555317 in the presence of patent opponents,  BASF SE and Galapagos NV. Despite a favourable preliminary  ruling, the formal hearing reversed its initial findings and upheld  the opposition, revoking this Graham patent. Benitec, along with  CSIRO, has the opportunity to appeal this decision. The Graham  patent family also includes two pending applications in Europe,  EP070008204 and EP10183258. •  Benitec has licensed third party IP to strengthen its position in  Europe. The company has executed a license agreement with  Galapagos NV in Europe, which grants Benitec the rights to use  RNAi in human therapeutics and diagnostics under the Galapagos  patent EP1444346. The rights include the right to sub-license. •  The European Waterhouse patent EP1068311 has been scheduled  for an opposition hearing at The Hague in January 2015. The  opponents to this patent are BASF SE, Strawman Limited,  Carnegie Institution of Washington/University of Washington and  Syngenta International AG. The preliminary review from the EPO is  favourable. •  HIV/AIDS  – Benitec’s US-based licensee Calimmune Inc. has  recently received approval to commence dosing patients in the  second cohort of their Phase I/II stem cell-based clinical trial in  people living with HIV/AIDS. Approval to move into the second  group of patients confirms that there were no safety issues or  treatment-related adverse events observed during the dosing of  the first cohort. The Cal-1 therapy utilises ddRNAi-based gene  silencing technology along with additional proprietary technology  to reduce the ability of HIV to enter immune cells. The trial is  entitled  “Safety Study of a Dual Anti-HIV Gene Transfer Construct  to Treat HIV-1 Infection” . Benitec’s patent estate includes a combination of technology patents  and program-specific patents. Technology patents are based on  research in the 1990’s conducted by Dr Michael Graham (now Chief  Scientist at Benitec) and colleagues at CSIRO. These patents form  the basis for a dominant position in DNA-directed gene silencing  for therapeutic use in humans. The program patents are aimed at  establishing strategic patent protection for Benitec’s programs in  development in key jurisdictions including the US, Europe, Australia,  China, Japan and Canada Key developments: Intellectual Property Licensed Programs In addition to the Company’s in-house development programs, Benitec  has licensed its ddRNAi technology to four biotech companies. As  each of these companies advances their clinical development their  success further validates ddRNAi. Each program is outlined below: Directors’ Report Focus HIV/AIDS Licensed to Calimmune Cancer Vac- cines Cancer Ocular  Disease Retina  Pigmentosa Huntington’s  Disease Licensed to Genable Licensed to uniCure Licensed to Regen BioPharma Indication Partners/Collaborators Discovery Pre-clinical Clinical Infectious  Disease Genetic  Disease Page 6 Benitec Biopharma Ltd  Annual Report 2014