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Company introduction

Dr Carl Firth, Chairman & CEO

Chih-Yi Hsieh MD, GM Taiwan

April 2017

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DISCLAIMER

2 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 on 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 tumourseg Gastric, biliary tract, liver

Proprietary pipeline of 5 drugs Lead in pivotal studies

Partnerships with world-leading pharma and biotechsIncluding BMS, CSL, Almirall

Led by clinical development veterans With global pharma experience

Strong cash positionUS$100M raised since inception and over US$10M revenues

Planning to list on Taipei ExchangeApproved 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

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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

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• 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 Asia8,000 Biliary tract cancer (BTC) 220,000

32,000 Gastric cancer 1,200,00027,000 Hepatocellular carcinoma 482,00021,000 Esophageal cancer 340,00047,000 Cervical cancer 807,000

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Our business modelC

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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 termLicensing revenues (upfronts, milestones)

Medium termSales in fast to market indications (Asia prevalent, orphan in West)

Long termGlobal 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 beyondC

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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 milestonesC

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0

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40

60

80

100

120

2010 2011 2012 2013 2014 2015 2016 2017

Capital raised (US$)

InlicensedASLAN001

InlicensedASLAN002

InlicensedASLAN003

InlicensedASLAN004

InlicensedASLAN005

InlicensedModybodies

OutlicensedASLAN001

(Korea)

OutlicensedASLAN002

(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 of many blockbusters.

Highly experienced team with global pharmaceutical experience

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Dr Carl FirthCEO Head of New Portfolio (China)

Head of BD (Asia)Head of Asia Healthcare Banking

Dr Bertil LindmarkCMO Head of Development, R&I

Head of Development, JapanGlobal Head of R&DCSO

Dr Mark McHaleCOO Head of Molecular Sciences, R&I

Head of early asthma portfolio

Jeff TomlinsonCBO

Ben GoodgerGeneral Counsel

Senior partner and head of IP Partner

Kiran AsarpotaVP of Finance

Group finance director

Chih-Yi HsiehGM 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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Sir David LaneChairman Chief Scientist

Head of P53 research instituteFounder and CEO

Professor Patrick TanProfessor Associate director

Dr Yong Wei PengSenior consultant Adjunct Senior Research Fellow

Dr Matthew Ng

Medical oncologist Deputy director

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International shareholder base with strong backing from institutions

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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

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United StatesJapan

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

panHERGrowth pathway inhibitor

BTC

Gastric cancer

Breast cancer

Colorectal cancer

ASLAN002 MET/RONImmune checkpoint inhibitor

Solid tumours

ASLAN003 DHODHMetabolic stress inducer via p53

AML,Solid tumours

ASLAN004IL4/13Macrophage anti-tumour enhancer

Asthma, Solid tumours

ASLAN005 RONImmune checkpoint inhibitor

Solid tumours

ModybodiesmAb fragments3 IO targets(targets not disclosed)

Oncology

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BMS acquired global rights in 2016

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

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Overview of varlitinib (ASLAN001)V

AR

LITI

NIB • 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

VA

RLI

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• 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 one 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

HER

2H

ER2

HER

1

HER

3

HER

4

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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%

VA

RLI

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Max

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(%

)

GastricBTCColorectalOther

• All patients received 300-500mg varlitinib and platinum containing doublet chemo

• Most patients had received at least 2 prior treatments, including Herceptin, Kadcylaand 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

VA

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• 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 enrolledPrimary endpoint: ORRSecondary endpoints: PFS

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Biliary tract cancerV

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LITI

NIB • 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 tractcancer

Chemo (gem/cis)

First line

Chemo (cap)

Second line

Varlitinib target patients

0

50

100

150

200

250

300

350

US Japan China EU Rest of World Other Asia

Mar

ket

size

(U

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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 studiesV

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NIB

• 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 patientsPrimary endpoint: ORRSecondary endpoints: PFS, OS

Comparables: Senhwa BiosciencesSenhwa, a Taiwan listed biotech, is developing their lead asset in BTCCurrent market cap: USD401M (as of 30 Mar 17)

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Gastric cancerV

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NIB • Fourth most common cancer in the world behind

lung, breast, prostate

• Most common cause of cancer death in Asia

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MetastaticGastric Cancer

HER2 amp (10%) Herceptin + doublet chemo

Doublet chemo

Doublet chemo

Varlitinibtarget patients

First line

HER1/HER2 (40%)

HER1-/HER2-

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100

200

300

400

500

600

700

800

900

EU China US Rest of World Japan Other Asia

Mar

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(U

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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 studiesV

AR

LITI

NIB

• 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: OSSecondary endpoints: PFS, ORR

Comparables: Ganymed acquired for USD 1.4 bn by Astellas in 2016Ganymed, 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 metabolismA

SLA

N0

03

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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 actionDHODH is an enzyme in the mitochondria responsible for pyrimidine synthesis, one of the building blocks of DNA

ASLAN003

ATP depletion DNA damage

Pyrimidinedepletion

Impaired DNAdamage response

Increase in P53

Apoptosis(cell death)

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3. FINANCIALS

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OfferingFI

NA

NC

IALS

• 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 acquiredFI

NA

NC

IALS Drug Scope Upfront Deal terms

ASLAN001ASLAN004

Global Zero ASLAN pays portion of downstream revenues

ASLAN002 Re-acquired by BMS in 2016

ASLAN003ASLAN005

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

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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 17KTE-C19 andadditional products

4 40 : 60Upfront 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 slidingscale as annual revenues ramp up to US$2B

Nov 11 PRT062607 25 : 75Upfront 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

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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 milestonesUS$35M sales milestones6-8% royalties

US$125M development milestonesUS$135M sales milestones10-14% royalties

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Outlicensing: two deals completed: global & regionalFI

NA

NC

IALS

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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 dealsFI

NA

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

our drugs in those markets.

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

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0 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) 0 0 0 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 0 0 0 0 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 TaiwanC

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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 171 Calculated using a base price of NT$88 and book value of NT$11.6 for FY162 All numbers from FY 2015 except for PharmaEngine and ASLAN

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ASLAN is comparable to its international peersC

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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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FUTU

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NES 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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SUM

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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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41

Period endingUnit: kNTD

2013Pro forma

2014Pro forma

2015Pro forma

2016Pro 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

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LSNTD 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: kNTD2013

Pro forma2014

Pro forma2015

Pro forma2016

Pro forma

Revenue 0 0 0 368,980

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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2013 - 2016 financial statements have been audited by Deloitte

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Strong corporate governance – board composition

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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 of 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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TitleName

(or Name of institutions)

Board meeting under the tenureName of

corporate director

Note

AttendanceActual

attendance(including proxy)

Attendance (%)

Supervisor attendance

Chairman Carl Firth 1010

(none by proxy)100% — — —

DirectorAdvanced Materials Technologies Pte Ltd.

109

(1 by proxy)90% — Abel Ang —

Director Alnair Investment 107

(3 by proxy)70% — Jun Wu —

DirectorBV Healthcare II Pte.Ltd.

1010

(none by proxy)100% — Damien Lim —

Director Jerome Shen Note 97

(1 by proxy)87.5% — — —

INED Andrew Howden 109

(1 by proxy)90% — — —

INED Mei-Shu Lai 106

(4 by proxy)60% — — —

INED Chin-Feng Sun 1010

(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

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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 out-license drugs

•Early discussions already underway

•Advanced discussions on regional partnerships

•Experience and relationships in industry

•Two outlicensingdeals completed

Inability to in-license drugs

•Strong track record of in-licensing

•Rich pipeline of opportunities to choose from

•Building proprietary pipeline

RIS

KS