Company introduction Dr Carl Firth , Chairman & CEO Chih-Yi Hsieh - - PowerPoint PPT Presentation

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Company introduction

Dr Carl Firth, Chairman & CEO Chih-Yi Hsieh MD, GM Taiwan April 2017

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DISCLAIMER

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CONFIDENTIAL

All materials and information set out herein are for reference only and whilst we make every effort to ensure accuracy and completeness, we cannot guarantee this. We make no recommendation as to the competence or suitability of persons or entities referenced herein (if any). Nothing herein constitutes an invitation or offer to invest in or deal in the securities of ASLAN. Anyone considering investment in ASLAN should refer to the information officially published the Taiwan Stock Exchange Market Observation System (MOPS). All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on such forward-looking statements, which are inherently unreliable, and you should not rely

• n them. Any such forward-looking statement will have been based on ASLAN’s

expectations, assumptions, estimates and projections about future events on the date(s) made. Actual outcomes are subject to numerous risks and uncertainties, many of which relate to factors beyond ASLAN’s control, that could cause them to differ materially from those expressed in a forward-looking statement. ASLAN has no obligation to update or otherwise revise any forward-looking statements to reflect the occurrence of unanticipated events or for any other reason.

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Biotech focused on immuno-oncology and other targeted therapies in Asia prevalent tumours

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Focus on Asia-prevalent tumours

eg Gastric, biliary tract, liver

Proprietary pipeline of 5 drugs

Lead in pivotal studies

Partnerships with world-leading pharma and biotechs

Including BMS, CSL, Almirall

Led by clinical development veterans

With global pharma experience

Strong cash position

US$100M raised since inception and over US$10M revenues

Planning to list on Taipei Exchange

Approved by TPEx Board in January 2017

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Company introduction

• 1. Company overview
• 2. Our portfolio
• 3. Financials
• 4. Comparable companies
• 5. Future milestones

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• 1. COMPANY OVERVIEW

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ASLAN is a Cayman company, with Singapore operating company and subsidiaries in Taiwan, Australia, China

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ASLAN Taiwan

COMPANY OVERVIEW

ASLAN HK ASLAN (Singapore) Major team supporting clinical development and investor relations.

• Corporate HQ
• Primary operating Co.

Local manufacturing and development activities. ASLAN (Cayman)

• Listco

ASLAN Australia

• Incorporation: Singapore (2010), Taiwan (2013), Cayman (2014), Australia (2014), China (2016)
• Paid-in Capital: NT$ 1,157M (2016 Q3)
• Chairman:

Dr Carl Firth

• Funding: Over US$ 100M raised in 5 rounds of fundraising
• Address:

Singapore: 83 Clemenceau Avenue, UE Square #12-03, Singapore 239920 Taiwan: 32F Int’l Trade Building Sec 1, 333 Keelung Rd., Taipei 11012, Taiwan ASLAN China

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Focus on tumour types that are prevalent in Asia, and are orphan diseases in the West

COMPANY OVERVIEW

• Studies are run in Asia where the majority of patients are
• Data is leveraged for approvals in US, EU and other global

markets where often these are orphan diseases

• Few – if any – approved therapies for these indications

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Patients in US Patients in Asia 8,000 Biliary tract cancer (BTC) 220,000 32,000 Gastric cancer 1,200,000 27,000 Hepatocellular carcinoma 482,000 21,000 Esophageal cancer 340,000 47,000 Cervical cancer 807,000

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Our business model

COMPANY OVERVIEW

ASLAN is new drug development biotech company, fully responsible for the development and commercialisation of our drugs.

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We retain rights to selected Asian countries & US to retain long-term value, partner elsewhere to generate near term licensing revenues

Short term Licensing revenues (upfronts, milestones) Medium term Sales in fast to market indications (Asia prevalent, orphan in West) Long term Global indications (like breast or CRC)

Discovery Clinical Commercial

Inlicense from companies Discover proprietary drugs through collaborations Outlicense to pharma in selected territories ASLAN commercialises in selected Asian territories ASLAN runs clinical development and manufacturing CROs CMOs Outsourcing

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Developing drugs throughout Asia and beyond

COMPANY OVERVIEW

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ASLAN offices Other countries where we operate

ASLAN Singapore ASLAN Taiwan ASLAN China New Zealand HK South Korea Japan Philippines US Australia

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Key milestones

COMPANY OVERVIEW

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20 40 60 80 100 120

2010 2011 2012 2013 2014 2015 2016 2017 Capital raised (US$)

Inlicensed ASLAN001 Inlicensed ASLAN002 Inlicensed ASLAN003 Inlicensed ASLAN004 Inlicensed ASLAN005 Inlicensed Modybodies Outlicensed ASLAN001 (Korea) Outlicensed ASLAN002 (Global) Orphan status granted for CCA Orphan status granted for GA

US$100M raised since inception

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Over 20 years each in pharma and biotech. Participated in development

• f

many blockbusters.

Highly experienced team with global pharmaceutical experience

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COMPANY OVERVIEW

Position Experience Dr Carl Firth CEO

Head of New Portfolio (China) Head of BD (Asia) Head of Asia Healthcare Banking

Dr Bertil Lindmark CMO

Head of Development, R&I Head of Development, Japan Global Head of R&D CSO

Dr Mark McHale COO

Head of Molecular Sciences, R&I Head of early asthma portfolio

Jeff Tomlinson CBO Ben Goodger General Counsel

Senior partner and head of IP Partner

Kiran Asarpota VP of Finance

Group finance director

Chih-Yi Hsieh GM Taiwan, VP Medical

Medical advisor Oncologist, Taipei VGH

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Scientific advisory board with world-renowned experts in oncology

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COMPANY OVERVIEW

Position Experience Sir David Lane Chairman

Chief Scientist Head of P53 research institute Founder and CEO

Professor Patrick Tan

Professor Associate director

Dr Yong Wei Peng

Senior consultant Adjunct Senior Research Fellow

Dr Matthew Ng

Medical oncologist Deputy director

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International shareholder base with strong backing from institutions

COMPANY OVERVIEW

Management and employee holdings represent 20% of issued share capital (fully diluted)

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Taiwan Institutional Foreign Institutional Others Management & Employee 63% 23% 7% 7%

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Over US$100M raised to date from investors in Asia and the US

COMPANY OVERVIEW

14 United States Japan Singapore Taiwan HK China

(Temasek subsidiary) (Merck invested fund)

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• 2. OUR PORTFOLIO

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Rich pipeline with 5 drugs in the portfolio, 3 in clinic

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Program Target Indication Disc PC Ph 1 Ph 2 Ph 3 Originator

Varlitinib/ ASLAN001 panHER

Growth pathway inhibitor

BTC Gastric cancer Breast cancer Colorectal cancer

ASLAN002 MET/RON

Immune checkpoint inhibitor

Solid tumours

ASLAN003 DHODH

Metabolic stress inducer via p53

AML, Solid tumours

ASLAN004 IL4/13

Macrophage anti-tumour enhancer

Asthma, Solid tumours

ASLAN005 RON

Immune checkpoint inhibitor

Solid tumours

Modybodies

mAb fragments

3 IO targets (targets not disclosed)

Oncology

OUR PORTFOLIO

BMS acquired global rights in 2016

Our therapies target biomarker-defined subsets of disease, focusing on patients most likely to respond.

Proprietary Portfolio

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Overview of varlitinib (ASLAN001)

VARLITINIB

• Small molecule based reversible pan-HER inhibitor with balanced

inhibition across all HER receptors

• Global rights (all indications) licensed from Array BioPharma
• Studied in over 300 patients to date, with good tolerability and

demonstrated efficacy in BTC, gastric, breast, CRC

• Orphan status approved for CCA1 and GC by US FDA
• Korean rights licensed to Hyundai Pharmaceuticals in 2015
• Strong IP protection including composition of matter in major

territories

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Program Indication PC Ph 1 Ph 2 Ph 3 Positioning

Varlitinib (ASLAN001)

BTC

First in class

Gastric cancer

First in class

Breast cancer

Best in class

Colorectal cancer

First in class

1 CCA (cholangiocarcinoma) is a major subset of BTC

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Varlitinib has the potential to block tumour growth in a wide range of tumours

VARLITINIB

• The HER family of receptors is responsible for

driving growth in many tumours

• Many approved drugs target these receptors
• HER-selective drugs such as Herceptin target only
• ne type of HER receptor (HER2)
• They are effective in certain patient subsets that

are driven specifically by HER2

• However, blocking just one of these receptors is

ineffective for the majority of patients

• Many of these are driven by combinations of HER1,

HER2 , HER3 and HER4

• Varlitinib is a pan-HER inhibitor and blocks all of

these receptors, shutting down growth in a much broader range of tumours

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Downstream signalling leading to growth and proliferation Downstream signalling blocked. No growth / proliferation HERCEPTIN HERCEPTIN Downstream signalling blocked. No growth / proliferation VARLITINIB

HER2 HER2 HER1 HER3 HER4

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• 0%
• 21%
• 29%
• 41%
• 47%

49% 33% 5%

• 0%
• 4%
• 11%
• 16%
• 37%
• 65%
• 87%

12% 10% 10%

• 4%
• 7%
• 13%
• 48%
• 69%

29% 2% 0%

• 4%
• 4%
• 19%
• 27%

(100%) (80%) (60%) (40%) (20%) 0% 20% 40% 60%

VARLITINIB

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Maximum tumour shrinkage (%)

Gastric BTC Colorectal Other

• All patients received 300-500mg varlitinib and platinum containing doublet chemo
• Most patients had received at least 2 prior treatments, including Herceptin, Kadcyla

and chemotherapy. Some patients had as many as 13 prior treatments

• Not all patients have completed 4 cycles of therapy
• 30 patients*: 7 PR, 20 SD, 3 PD (23% response rate, 90% disease control)

* Excludes non-evaluable patients ** This BTC patient did not have measurable lesions, but declared SD by investigator based on non-measurable tumour mass *** This GC patient did not have measurable lesions, but declared SD by investigator based on non-measurable tumour mass ** ***

Impressive responses in difficult to treat tumours

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Varlitinib demonstrated greater tumour shrinkage in 2nd line HER2+ mBC compared to lapatinib

VARLITINIB

• Multinational, randomised, open-label phase 2 study
• Significantly greater tumour shrinkage at week 12 in patients who were on

therapy for more than a month (p=0.075)

– 36.4% for patients on varlitinib vs 17.8% for patients on lapatinib

• Not powered for ORR, however patients dosed with varlitinib showed higher

ORR compared to patients on lapatinib (60% versus 46%).

• No differences in progression-free survival (PFS) or overall survival (OS)
• Adverse events included nausea, vomiting and diarrhoea, and occurred at

similar frequency in both arms

– Incidence of grade 3 diarrhoea was 12% on varlitinib, clinically manageable – No instances of grade 4 diarrhoea. No anti-diarrhoea prophylaxis required

• We also have studies ongoing in neoadjuvant BC and BC with brain

metastasis

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2nd line BC patients (HER2+) varlitinib + capecitabine lapatinib + capecitabine

50 patients enrolled Primary endpoint: ORR Secondary endpoints: PFS

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Biliary tract cancer

VARLITINIB

• No approved treatment options
• Two year survival less than 10%
• Over 70% of BTC cancers express one or

more HER family receptors

• Current treatment practice:

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Biliary tract cancer Chemo (gem/cis) First line Chemo (cap) Second line Varlitinib target patients

50 100 150 200 250 300 350 US Japan China EU Rest of World Other Asia Market size (US$M)

Treatment duration of approximately 9 to 12 months. Pricing based on international comparables, taking into account specific pricing factors for each region/country

Global market size: US$ 1,400M

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Biliary tract cancer – ongoing studies

VARLITINIB

• Orphan drug designation approved by FDA in 2015
• Phase 3 (pivotal) study design agreed with FDA in 2nd line BTC

– Double blind randomised placebo controlled

• Also running 1st line BTC study and 2nd line monotherapy study

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2nd line BTC patients varlitinib + capecitabine capecitabine

120 patients Primary endpoint: ORR Secondary endpoints: PFS, OS Comparables: Senhwa Biosciences Senhwa, a Taiwan listed biotech, is developing their lead asset in BTC Current market cap: USD401M (as of 30 Mar 17)

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Gastric cancer

VARLITINIB

• Fourth most common cancer in the world behind

lung, breast, prostate

• Most common cause of cancer death in Asia

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Metastatic Gastric Cancer

HER2 amp (10%)

Herceptin + doublet chemo Doublet chemo Doublet chemo Varlitinib target patients First line

HER1/HER2 (40%) HER1-/HER2-

100 200 300 400 500 600 700 800 900 EU China US Rest of World Japan Other Asia Market size (US$M)

Treatment duration of approximately 9 to 12 months. Pricing based on international comparables, taking into account specific pricing factors for each region/country

Global market size: US$ 3,000M

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Gastric cancer – ongoing studies

VARLITINIB

• Orphan drug designation granted by US FDA in 2016
• In phase 2A study, we demonstrated varlitinib stops tumour cells

growing in 3rd line HER1/HER2 co-expressing gastric cancer patients

• Moving into phase 2/3 study that has the potential to be pivotal

– Double blind randomised placebo controlled

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1st line GC patients (HER1/HER2) varlitinib + doublet chemo doublet chemo

Primary endpoint: OS Secondary endpoints: PFS, ORR Comparables: Ganymed acquired for USD 1.4 bn by Astellas in 2016 Ganymed, a privately held EU biotech, recently completed phase 2 in gastric cancer with experimental drug IMAB362.

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ASLAN003 is a key inhibitor of cancer metabolism

ASLAN003

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ASLAN003 is a best in class DHODH inhibitor currently in phase 1/2

• Acute Myeloid Leukaemia (AML) – in 2016, a group at Harvard showed the

critical role of DHODH inhibitors inducing differentiation of AML blast cells

• HCC and other solid tumours – when combined with an inducer of synthetic

lethality leads to significant therapeutic effects Mechanism of action DHODH is an enzyme in the mitochondria responsible for pyrimidine synthesis,

• ne of the building blocks of DNA

ASLAN003 ATP depletion DNA damage Pyrimidine depletion Impaired DNA damage response Increase in P53 Apoptosis (cell death)

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• 3. FINANCIALS

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Offering

FINANCIALS

• Current shares

115,670,940

• IPO share issuance

14,458,000

• Estimated date of IPO

2Q 2017

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Financial overview

• FY16 revenue of US$11.5M
• Cash balance of US$51.7M as of FY 16
• BVPS of US$0.36 as of FY16

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In-licensing: global rights for 5 drugs acquired

FINANCIALS

Drug Scope Upfront Deal terms ASLAN001 ASLAN004 Global Zero ASLAN pays portion of downstream revenues ASLAN002 Re-acquired by BMS in 2016 ASLAN003 ASLAN005 Global Minimal* ASLAN pays milestones and royalties on sales

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Why do companies out-license early stage assets for zero upfront rather than developing themselves?

• Many of these licensors have limited presence in Asia and cannot easily

develop for Asia prevalent disease

• Changes in strategy can lead to a licensor exiting a therapeutic area
• They believe in the future value of the asset, so they prefer a share of

future revenues rather than an upfront payment

* Less than USD 100k

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In-licensing: comparable deal structures for ASLAN001 and ASLAN004

FINANCIALS

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Date Product Originator Licensor Revenue split Other terms Jan 17 TAK935 50 : 50 May 13 ARRY380 50 : 50 Upfront of US$10M Jan 17 KTE-C19 and additional products 4 40 : 60 Upfront of US$40M, US$20M in initial funding for the JV Jan 08 Mipomersen 30 : 70 Upfront of US$175M, US$150M investment Will reach 50/50 on a sliding scale as annual revenues ramp up to US$2B Nov 11 PRT062607 25 : 75 Upfront of US$36M, US$9M investment

Deal terms for other comparable deals with revenue split:

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In-licensing: comparable deal structures for ASLAN003 and ASLAN005

FINANCIALS

ASLAN005 was in preclinical and ASLAN003 in phase 1 at the time of inlicensing. Deal terms for other comparable deals at preclinical and phase 2:

30 Source: LES USA/Canada – Global ‘Life Sciences’ Royalty Rates & Deal Terms Survey, 2014

Discovery Preclinical Phase 1 Phase 2

ASLAN005* ASLAN003*

US$30M development milestones US$35M sales milestones 6-8% royalties US$125M development milestones US$135M sales milestones 10-14% royalties

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Outlicensing: two deals completed: global & regional

FINANCIALS

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BMS exercised buyback option in 2016 in deal worth over US$ 100M

• Potent, first-in-class small molecule inhibitor of cMET and RON, an immune

checkpoint inhibitor licensed from BMS

• ASLAN successfully completed a phase 1 clinical study, a manufacturing

campaign and several preclinical studies elucidating the role of RON as a novel immune checkpoint inhibitor

• BMS bought the drug back in July 2016 on the following terms:

– Upfront US$ 10M (paid in July) – Milestones Over US$ 50M – Royalties on global sales

Varlitinib licensed to Hyundai in Korea 2015

• Upfront and development milestones US$ 4.5M
• Royalties on sales and sales milestones

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Outlicensing: future comparable deals

FINANCIALS

We plan to partner in Japan, Europe and China to maximise the value of

• ur drugs in those markets.

Average upfront payments to acquire phase 2 or phase 3 oncology drugs:

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5 10 15 20 25 30 35 40 45

Japan Europe China

Average upfront (M US$)

Source: Global Data, with average upfronts calculated over a dataset spanning 12 years (2004 to 2016)

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• 4. COMPARABLE COMPANIES

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Market cap (in NT$ B) 47.5 18.9 12.1 35.6 24.6 — Full-year revenues at IPO (NT$ 000) 11,589 320,053 373,018 2016 revenues (NT$ 000) 92,422 146,021 128 5,473 1,134,782 373,018 Most advanced drug phase Phase 3 Marketed Phase 1/2 Phase 3 Marketed Phase 3 Number of drugs in portfolio 5 3 3 3 3 5 % of international investors 5% 2% — 0% 4% 70% Number of partnerships with big pharma 1 3 Price / Book (Trailing 12 months) 8.2x 26.2x 24.4x 7.9x 6.5x 7.6x1 R&D (NT $000)2 648,157 401,438 188,067 713,615 194,760 425,296 OPEX (NT$ 000)2 1,063,218 489,345 239,348 831,387 324,656 650,017

ASLAN has no directly comparable company in Taiwan

COMPARABLE COMPANIES

We are the only company to have significant revenues, a lead drug in phase 3 studies, an international shareholder base and deals with big pharma

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Source: CapitalIQ, IPO prospectuses and company financial statements; market data as of 27 Mar 17

1 Calculated using a base price of NT$88 and book value of NT$11.6 for FY16 2 All numbers from FY 2015 except for PharmaEngine and ASLAN

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ASLAN is comparable to its international peers

COMPARABLE COMPANIES

35 Market cap (in US$ B) 1.5 2.9 1.4 8.1 2.4 — Full-year revenues at IPO (in US$ 000) 13,035 — — — 87,329 11,547 Revenues for FY 16 (in US$ 000) 1,070 78 — 44,823 216,080 11,547 Most advanced drug phase Phase 3 Phase 3 Phase 3 Market Market Phase 3 Number of drugs in portfolio 4 3 2 2 7 5 Number of partnerships with big pharma 1 2 1 1 2 3 OPEX (US$M) 118 373 277 416 263 20

Similar to companies in our peer group, we have a lead drug in Phase 3, partnerships with big pharma and a diversified pipeline. We have also generated significant revenues pre-IPO

Source: CapitalIQ, IPO prospectuses and company financial statements

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• 5. FUTURE MILESTONES

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Major milestones

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FUTURE MILESTONES

Project 2017 2018 Varlitinib

• Initiation of phase 3 in BTC (2nd line)
• Initiation of phase 2/3 in GC (1st line)
• Interim readout of ph 1B/2 in BTC (1st line)
• Potential partnering deal
• Phase 2 readout in GC
• Phase 2 readout in BTC
• Potential partnering deal

ASLAN003

• Initiation of phase 1/2 in AML
• Phase 1/2 readout in AML

ASLAN004

• Preclinical GLP tox
• Phase 1

ASLAN005

• Preclinical GLP tox

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SUMMARY

ASLAN is uniquely different to other Asian biotechs

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• Pharmaceutical company veterans with experience taking

drugs from the lab, through development and into global markets

Experienced, professional team from the industry

• Proven track record of inlicensing 5 drugs from top biotech,

pharma companies and world-leading institutions

• Outlicensing revenues over USD 11M in 2016

Proven ability to acquire and outlicense drugs with blockbuster potential

• Deep understanding of the patient segments and which

patients should be targeted

Deep understanding of Asia prevalent tumour types

• Core expertise in the design and execution of innovative

clinical trials

Innovative clinical development strategies

• Typically we acquire global rights to these drugs and pay

zero upfront to the originator

Ability to negotiate attractive licensing terms

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• Innovative Biomedical Company (BioSingapore)
• Top Asia Biotech (Biopharm Asia)
• Executive of the Year (Biopharm Asia finalist)
• Best Company in an Emerging Market (Scrip finalist)
• Most Promising Company of the Year (ChinaBio winner)
• Small Business Rising Star (British Chamber winner)
• Young Professional of Year (British Chamber finalist)
• Best Company in an Emerging Market (Scrip finalist)
• Best Management Team of the Year (Scrip finalist)
• Awarded Red Herring Top 100 (Asia)
• Finalist for Red Herring Top 100 (Global)
• Top Scrip 100 Leader

g

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APPENDIX

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Period ending Unit: kNTD 2013 Pro forma 2014 Pro forma 2015 Pro forma 2016 Pro forma Current Asset 515,999 178,955 890,962 1,718,671 Total Asset 518,086 184,379 896,162 1,737,872 Total Liability 224,823 254,028 312,534 392,753 Paid-in capital 521,857 521,857 862,799 1,156,709 Capital surplus 377,581 394,472 1,155,160 1,784,994 Retained earnings (606,314) (988,363) (1,432,094) (1,565,714) Shareholders’ equity 293,263 (69,649) 583,628 1,345,119 BVPS 5.6 N/A* 6.8 11.6

• Preferred shares converted into ordinary shares with par of NT$10 on 27 May 2016
• Shareholders’ equity is greater than 2/3 of paid-in capital as of 30 June 2016

FINANCIALS

NTD 1.7 Bn in cash at end of 2016

2013 - 2016 financial statements audited by Deloitte * Series B preferred shares treated as a liability rather than equity due to embedded redemption rights

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Significant narrowing of losses in 2016

Unit: kNTD 2013 Pro forma 2014 Pro forma 2015 Pro forma 2016 Pro forma Revenue 368,980 Expenses (230,550) (379,816) (434,161) (650,017) Operating income (230,559) (379,816) (434,161) (281,037) Pre-tax profit (290,473) (382,049) (443,731) (292,325) Net profit (loss) (290,473) (382,049) (443,731) (292,325) Profit per share (NTD) (11.09) (7.32) (8.06) (2.78)

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FINANCIALS

2013 - 2016 financial statements have been audited by Deloitte

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Strong corporate governance – board composition

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CORPORATE GOVERNANCE

Director Position Background Kelvin Sun Independent President Saga-Unitek Ventures, Independent Director of TWi and Wonderful Hi-Tech Mei-Shu Lai Independent Prof for Epidemiology at NTU, President / CEO

• f BNHI, Deputy Minister, Dept of Health

Andrew Howden Independent CEO iNova Pharma, Head of AsiaPac for AstraZeneca, President of AsiaPac for IMS Jerome Shen President, Allgenesis Served as executive member in VC firms, including Cheng Xin and XinChen. Abel Ang COO, Accuron Worked in Singapore government and exec positions at US-listed tech companies Jun Wu Managing Partner, Cenova CEO Shanghai Genomics Damien Lim General Partner, BioVeda 18 years private equity and investment banking experience Carl Firth CEO, ASLAN Asia Healthcare at Merrill Lynch, AstraZeneca

Note: Selected work experience shown

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Strong corporate governance – Board Meeting

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Title Name (or Name of institutions) Board meeting under the tenure Name of corporate director Note Attendance Actual attendance (including proxy) Attendance (%) Supervisor attendance Chairman Carl Firth 10 10 (none by proxy) 100% — — — Director Advanced Materials Technologies Pte Ltd. 10 9 (1 by proxy) 90% — Abel Ang — Director Alnair Investment 10 7 (3 by proxy) 70% — Jun Wu — Director BV Healthcare II Pte.Ltd. 10 10 (none by proxy) 100% — Damien Lim — Director Jerome Shen Note 9 7 (1 by proxy) 87.5% — — — INED Andrew Howden 10 9 (1 by proxy) 90% — — — INED Mei-Shu Lai 10 6 (4 by proxy) 60% — — — INED Chin-Feng Sun 10 10 (none by proxy) 100% — — —

Note: The above table illustrates the attendance of the board in 2016 and 1Q17, total board meetings, to date, are 10 (as of March 2017) Note : Jerome Shen was elected on 27 May 2016

CORPORATE GOVERNANCE EXECUTION

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Operational risk and countermeasure

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Failures in clinical studies

• High quality

compound selection

• Focusing on

selected patient populations

• Diverse risk-

balanced portfolio Drug development is long and costly

• No in-house

discovery

• Limited upfronts
• Outsourced

manufacturing

• Focus on orphan

disease and specific patient populations for smaller studies

• Strong investor

base that can provide further capital

• Raising capital

ahead of time Inability to

• ut-license drugs
• Early discussions

already underway

• Advanced

discussions on regional partnerships

• Experience and

relationships in industry

• Two outlicensing

deals completed Inability to in-license drugs

• Strong track

record of in- licensing

• Rich pipeline of
• pportunities to

choose from

• Building

proprietary pipeline

RISKS