1. Investment Recommendation By: Devopama Pant Chen Liang Qiao Du Date of Presentation: 12/09/2014 INSPIRED BY NATURE. PERFECTED BY SCIENCE.

2. Agenda  Company Profile  Current Financial Position  Strategy Overview  Industry Review  Macroeconomic Review  Financial Analysis  Valuation  Recommendation

3.  A global medical technology company at the forefront of pain management, tissue regeneration and wound healing  20 years of R&D, Manufacturing and Commercialization experience with innovative HA products  Product approvals worldwide  400 scientific publications  50 patents on native and chemically modified HA Anika Therapeutics Inc. Third Quarter 2014 Anika Therapeutics Earnings Conference Call Webcast and Presentation http://ir.anikatherapeutics.com/events.cfm

4. Anika Vs NASDAQ 10K-2013 Anika Therapeutics http://www.sec.gov/Archives/edgar/data/898437/000115752313001397/a50585765.htmhttp://www.sec.gov/Archives/edgar/data/898437/000115752313001397/a50585765.htm

5. Target Segments Sports Injuries Aging Population Veterinary Services

6. Products  Orthobiologics  Dermal  Surgical  Other HA (Hyaluronic Acid) Solutions

7. Orthobiologics: Safe and Natural Solutions Help Restore Active Function, following orthopedic trauma or reconstructive surgery, viscosupplementation represents an effective, safe and convenient therapeutic alternative to medication and surgery, High Molecular Weight Hyaluronic Acid Injection Single Injection, Lightly Cross-linked High Molecular Weight Hyaluronic Acid Hyaluronan-based Scaffold for Human MSC Entrapment & Differentiation Improving Outcomes of the Final Phases of Orthopedic and Trauma Reconstructive Surgical Procedures Anti-Adhesion Gel

8. Dermal: Naturally Powerful Solutions to Enhance Natural Beauty and Manage Wounds Film Wound Dressing Dermal Filler Biodegradable Wound Dressing Burn and Ulcer Management PA Tissue Reconstruction Matrix

9. Surgical: Safe and natural protection against post- surgical adhesions To prevent or Reduce Abdomino-Pelvic Area Post-Surgical Adhesions prevent or reduce the formation of adhesions following spinal surgery Ear nose and throat products

10. Other HA (Hyaluronic Acid) Solutions: A naturally occurring polymer found throughout the body, is vital for maintaining the functionality of healthy joints and tissue. Anika’s proprietary tissue regeneration technology, based on HA, offers a natural approach to healing and recovery Used in eye surgery including cataract extraction, intraocular lens implantation, corneal transplant surgery, glaucoma filtering surgery, and retina re-attachment Forms a compact gel promoting bone graft application in the bone defect Used in the management of joint dysfunction in horses with equine osteoarthritis.

11. Competitors  STAAR Surgical Company  IRIDEX Corporation  SCIVISION Biotech, Inc.

12. Partnership Since their founding, they have worked to forge long-term collaborations with industry leaders, including :  Depuy Synthes Mitek Sports Medicine, Inc.,  Medtronic, Inc.,  Boehringer Ingelheim Vetmedica, Inc.  Bausch & Lomb

13. Business Model Successful Business Model Delivering Consistent Growth Third Quarter 2014 Anika Therapeutics Earnings Conference Call Webcast and Presentation http://ir.anikatherapeutics.com/events.cfm

14. Double digit Revenue growth and shareholder return Third Quarter 2014 Anika Therapeutics Earnings Conference Call Webcast and Presentation http://ir.anikatherapeutics.com/events.cfm

15. YTD Financial Results 2014 Third Quarter 2014 Anika Therapeutics Earnings Conference Call Webcast and Presentation http://ir.anikatherapeutics.com/events.cfm

16. Strong Core Business Growth Third Quarter 2014 Anika Therapeutics Earnings Conference Call Webcast and Presentation http://ir.anikatherapeutics.com/events.cfm

17. Key Growth Drivers  Continue to capitalize on strong viscosupplementation market  Advance tissue regeneration products  Expand market share and geographic presence for key products in U.S., Europe, Latin America and Asia  Expand product portfolio via line extensions  Continue transformation from biomaterials company to company focusing on advanced tissue healing and regenerative medical solutions Third Quarter 2014 Anika Therapeutics Earnings Conference Call Webcast and Presentation http://ir.anikatherapeutics.com/events.cfm

18. Expected Growth Third Quarter 2014 Anika Therapeutics Earnings Conference Call Webcast and Presentation http://ir.anikatherapeutics.com/events.cfm

19. Macroeconomic & Industry Drivers  Growing employment rate  Increasing R&D expenditure  Increasing number of people aged 50 and older  International market opportunity  Continued M&A activities  Favorable legislation IBIS Industry Report http://clients1.ibisworld.com/reports/us/industry/ataglance.aspx?entid=2001 http://clients1.ibisworld.com/reports/us/industry/currentperformance.aspx?entid=2001http://clients1.ibisworld.com/reports/us/industry/ataglance.aspx?entid=2001http://clients1.ibisworld.com/reports/us/industry/currentperformance.aspx?entid=2001

20. Industry Executive Summary  Over the past five years, revenue has grown an annualized 5.5% to &98.5 billion, which includes a 3.2% increase in 2014.  IBISWorld report expects total revenue to grow an annualized 9.1% to $152.4 billion over next five years.  Key stats in 2014 IBIS Industry Report http://clients1.ibisworld.com/reports/us/industry/ataglance.aspx?entid=2001

21. Industry Segmentation IBIS Industry Report http://clients1.ibisworld.com/reports/us/industry/ataglance.aspx?entid=2001

22. Porter’s 5 Forces Model Barrier to entry: HIGH Strong intellectual property oriented Capital intensive Strict government regulation Threat of Substitutes: LOW Niche Market High R&D cost Bargaining Power of suppliers: LOW to MEDIUM Only raw materials are required Bargaining Power of buyers: MEDIUM Product with high technology Large buyers Competition: MEDIUM Niche market Fast Technology updated

23. Strengths Niche-player but has diversified products within the niche market Conduct business based on own technologies Debt free 9+ million tax credit without time limitation Weaknesses No own sales force. Limited M&A opportunity Opportunity New products received FDA approval this February (osteoarthritis product MONOVISC) New products under development (osteoarthritis product GINGAL) International market Threats Regulation Several companies are developing and/or marketing products utilizing HA for variety of human applications. Its revenues are derived from a small number of customers. SWOT Analysis

24. Ratio Analysis

25. DuPont Analysis

26. Comparable Analysis

27. Weighted Average Cost of Capital

28. Discounted Cash Flow Analysis

29. Technical Analysis

30. Recommendation  Current stock price: $39.37  Implied stock price: $41.73