This presentation, the accompanying modules, and in each case the oral commentary contain "forward-looking" statements that involve substantial risks and uncertainties. All statements other than statements of historical

Corporate Overview February 2017

This presentation, the accompanying

modules, and in each case the oral commentary contain "forward-looking" statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, the

accompanying modules, and in each case the oral commentary, including statements regarding our future financial condition, business strategy and plans and objectives of management for future operations, are forward looking statements. In some cases,

you can identify forward-looking statements by terminology such as "believe," "will," "may," "estimate," "continue," "anticipate," "contemplate,"

"intend," "target," "project," "should," "plan," "expect," "predict," "could," "or potentially," or by the negative of these terms or other

similar expressions. Forward looking statements appear in a number of places throughout this presentation, the accompanying modules, and in each case the accompanying oral commentary and include statements regarding our intentions, beliefs,

projections, outlook, analyses, or current expectations concerning, among other things, our ongoing and planned preclinical development and clinical trials, the timing of and our ability to initiate or enroll clinical trials, and our ability to make

regulatory filings and obtain and maintain regulatory approvals for roxadustat, pamrevlumab, and our other product candidates, our intellectual property position, the potential safety, efficacy, reimbursement, convenience, or clinical and

pharmaco-economic benefits of our product candidates, commercial opportunities, including potential market sizes and segments, the potential markets for any of our product candidates, our ability to develop commercial functions, or our ability to

operate in China, expectations regarding clinical trial data, including all of the foregoing as it pertains to our collaboration partners AstraZeneca, AB, and Astellas Pharma Inc., including cost-sharing, our results of operations, cash needs,

financial condition, liquidity, prospects, growth, and strategies, the industry in which we operate, and the trends that may affect the industry or us. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other

factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our

management's beliefs and assumptions only as of the date of this presentation, the accompanying modules, and in each case the oral commentary. Except as required by law, we assume no obligation to update these forward-looking statements

publicly, or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Forward-Looking Statements

Investment Highlights: Late-Stage

Pipeline and Roxadustat Late-stage first-in-class therapeutics targeting multiple indications and multi-billion dollar markets Roxadustat: Oral HIF-PH Inhibitor in WW Phase 3 development Potential safety advantages over ESAs Anemia in CKD patients

and in cancer patients Phase 3 trials CKD Anemia in four regulatory pathways China, U.S., EU, Japan Positive China Phase 3 topline data reported in early 2017 Partnered with Astellas (Europe and other territories, Japan) and AstraZeneca (U.S./ROW,

Investment Highlights: Pamrevlumab and

Corporate Pamrevlumab: Disease-modifying anti-CTGF antibody Fibrotic disease therapeutic with multiple potential indications Idiopathic pulmonary fibrosis (IPF) Pancreatic cancer Duchenne Muscular Dystrophy (DMD) Monotherapy and/or combination

cancer therapy Strong balance sheet, near-term cash flow, and retain long term revenue potential Q3 2016 cash balance of ~$356.8M >$800M in upfront and milestone partner payments received to date R&D reimbursed by partners globally; 50-50

cost-sharing in China Significant participation in roxadustat product sales ( 20%)

HIF PLATFORM PRECLINICAL PHASE 1 PHASE

2 PHASE 3 Roxadustat (HIF-PH Inhibitor for CKD anemia) United States / Europe China Japan Our Platforms and Product Portfolio FIBROTIC DISEASE PLATFORM PRECLINICAL PHASE 1 PHASE 2 PHASE 3 FG-3019 (Anti-CTGF Antibody) Idiopathic Pulmonary Fibrosis

Pancreatic Cancer Duchenne Muscular Dystrophy Biosynthetic Cornea PILOT PIVOTAL FG-5200 (Corneal Blindness)1 5-year POC study in 10 patients completed; filed as device in China. Wholly-owned therapeutic Partnered Wholly-owned Medical

Roxadustat (FG-4592)

LOW OXYGEN (e.g., High Altitude)

HIF ROXADUSTAT HIF HIF HIF-PH1 Enzymes HIF-PH Enzymes NORMAL OXYGEN Degradation HIF Roxadustat Transiently Stabilizes HIF Gene Transcription HIF Degrades Rapidly EPO Within or Near Physiological Range RBC

Production Hepcidin Levels Iron Transport to Bone Marrow and Hemoglobin (Hb) Synthesis Iron Absorption Activates RBC Production via Natural Pathway HIF 1hypoxia-inducible factor prolyl hydroxylase (HIF-PH)

Anemia Treatment and ESA Limitations

ESAs : Current SOC Post-FDA Actions: ESA Declining but Substantial Mean EPO/ Week (IUs) as of Dec 31 ESA Revised Label July 2011 CHRONIC KIDNEY DISEASE "In controlled trials, patients experienced greater risks for death, serious adverse

cardiovascular reactions, and stroke when administered ESAs to target a Hb level of greater than 11 g/dL." "No trial has identified a Hb target level, ESA dose, or dosing strategy that does not increase these risks." "Use the

lowest dose that will maintain a Hb level sufficient to reduce the need for RBC transfusions." Black Box Warning March 2007 ESA Utilization Higher Dosages Shorten Survival and/or Time to Tumor Progression Revised Label March 2008 REMS2

Implemented March 2010 0 $8.6B Global Sales Intravenous/subcutaneous Doses well above physiologic range required IV iron required in dialysis ESA Safety Issues Major cardiac AEs Tumor progression Mortality and anaphylaxis risks with IV iron3

WARNING: ESAs INCREASE THE RISK OF DEATH, MYOCARDIAL INFARCTION, STROKE, VENOUS THROMBOEMBOLISM, THROMBOSIS OF VASCULAR ACCESS AND TUMOR PROGRESSION OR RECURRENCE Erythropoiesis-stimulating agents such as Epogen , Aranesp and

Procrit . 2 Risk Evaluation and Mitigation Strategies. FDA can require a sponsor to implement REMS if the agency determines that safety measures above and beyond product labeling are needed. 3 GR Bailie et al., Association between IV iron dose

and mortality: the DOPPS, Kidney International, 2014. January 2011 ESA added to ESRD bundling

1 Cmax data for roxadustat estimated

for a subset of 243 patients who achieved Hb response and were dosed at expected therapeutic doses. 2 Milledge & Cotes (1985) J Appl Physiol 59:360. 3 Goldberg et al. (1993), Clin Biochem 26:183, Maeda et al. (1992) Int J Hematol 55:111. 4 Kato

et al. (1994) Ren Fail 16:645. 5 Based on Flaherty et al. (1990) Clin Pharmacol Ther 47:557. EPO Cmax (mIU/mL) Altitude2 Blood Loss3 Pulmonary Edema4 0.99 1.20 1.60 20 44 93 0.16 3.86 Dose Distribution by Percentile mg/kg/dose Min 25% 50% 75% Max

Dose Distribution by Percentile (DOPPS Q4, 2011) U/kg/dose TIW 25% 50% 75% 95% 197 Effective With eEPO Within or Near Physiological Range ROXADUSTAT1 (Target Hb 11 to 13 g/dL) PHYSIOLOGICAL ADAPTATION (U.S. ESA Label: Hb 10 to 11 g/dL)

Phase 2 Program Clinical Results Hb

correction Regardless of inflammation No IV iron supplementation required Potential to avoid high-dose ESA risk Favorable safety profile vs. ESAs No hypertensive effect No thrombocytosis Other effects observed Reduced hepcidin Reduced cholesterol

Optimal dosing regimen for correction and maintenance Dose titration Weight-based dosing Anemia correction in NDD-CKD and DD-CKD patients Anemia correction in incident dialysis patients Maintains hemoglobin levels upon conversion from ESA 1

Including Phase 2 dialysis and non-dialysis studies conducted in Japan by partner Astellas* 8 Completed1 Phase 2 Studies Patient Population # of Patients Treatment Duration 017 US NDD-CKD 116 4 weeks 041 US NDD-CKD 145 16, 24 weeks

047 China NDD-CKD 91 8 weeks *CL-303 Japan NDD-CKD 107 24 weeks 040 US Stable dialysis 161 6, 19 weeks 053 Global Incident dialysis 60 12 weeks 048 China Stable dialysis 96 6 weeks *CL-304 Japan

Dialysis 130 24 weeks

Global Phase 3 Program 4 Regulatory

Pathways U.S./EU Global Phase 3 with target 2018 NDA submission Astellas Japan Phase 3 (4 DD-CKD; 2 NDD-CKD): all studies underway FibroGen China Phase 3 (1 DD-CKD; 1 NDD-CKD): topline data reported in early 2017 *AST's Dolomite CL-610

NDD-CKD, darbepoetin comparator, for EU reimbursement; ongoing Dialysis Studies Initial N Enrollment Status Himalayas - FG Incident dialysis 063 750 Ongoing (N exceeded initial target) Sierra - FG Stable dialysis 064 600 Ongoing (N

exceeded initial target) Rockies - AZ Dialysis 002 1425 Ongoing Pyrenees - AST Stable dialysis CL-613 750 Completed Dialysis Total 3525 Non-Dialysis Studies Initial N Enrollment Status Andes - FG 060 600 Ongoing (N exceeded initial

target) Olympus - AZ 001 2600 Ongoing Alps - AST CL-608 600 Completed Non-dialysis Total 3800

Primary Assessment period Subjects

Arm 204 Roxadustat 26 weeks 100 ESA 52 weeks 101 Roxadustat 8 weeks 50 Placebo Total 2 Studies: 305 Roxadustat 150 455 Non-dialysis (Na ves) Dialysis (Conversion & Maintenance) 100 Roxadustat Roxadustat China Phase 3 Studies - Primary

Endpoints Met 808 Study 806 Study 8 weeks 26 weeks Commercial Opportunity Dialysis-CKD: ~400,000 patients; ~equal to U.S.; double-digit Y/Y growth rate since 2011 NDD-CKD: large patient population, severe anemia, limited treatment CKD anemia:

"severe disease" reimbursement classification AZ with strong presence in China; will lead marketing, sales, and distribution First launch anticipated in China Class 1 domestic applicant NDA submission: 3Q 2017 FIBROGENCHINA

Roxadustat - More Efficacious

Than Kirin EPO (Active Control) in Maintaining Hb levels in Stable CKD-Dialysis Patients (Study 806) PPS Mean (SD) Hb Values (g/dL) Roxadustat (n=196) Kirin EPO (n=98) Baseline 10.4 (0.7) 10.4 (0.7) Week 23-27 11.2 (0.9) 10.9 (0.8) Change from

baseline 0.75 (1.1) 0.46 (1.0) Treatment difference LS Mean (SE) [CI]* 0.26 (0.12) [0.02, 0.5] P-value/superiority comparison 0.0368 Primary Endpoint: Mean change in Hb from baseline, averaged over Weeks 23-27. Primary Endpoint Non-inferiority :

roxadustat met the pre-defined non-inferiority criterion. Superiority: roxadustat achieved a greater increase in Hb level than did Kirin EPO in PPS analysis. Kirin EPO - active comparator used in study 806 Premium priced vs. local EPO Imported

product from Kirin, Japan, sold by Kyowa Hakko Kirin Regarded as premium product Used by only 6.6% of patients prior to study; the rest used local Chinese EPO Roxadustat further corrects and maintain Hb (g/L) in stable CKD-dialysis patients

Roxadustat Corrects Anemia In

CKD-NDD Patients (Study 808) Mean (SD) Hb Values (g/dL) Roxadustat (n=101) Placebo (n=50) Baseline Hb mean (SD) 8.9 (0.8) 8.9 (0.7) Week 7-9 Hb, mean (SD) 10.8 (1.4) 8.5 (0.98) Change in Hb from baseline 1.9 (1.2) -0.4 (0.8) Difference (SE), P-value

2.25 (0.19); p<0.00001 Primary Efficacy Endpoint Mean change in Hb, averaged over Weeks 7-9, from baseline Secondary Endpoints Cumulative proportion of patients who achieved a Hb response (Hb increase 1.0 g/dL from baseline) in the first

eight weeks (by Week 9) Roxadustat (n=101) Placebo (n=50) P-value 84.2% 0% p<0.00001 Proportion of patients with mean Hb 10.0 g/dL, averaged over Weeks 7-9 Roxadustat (n=101) Placebo (n=50) P-value 67.3% 6.0% p<0.00001 Hb (g/L) Over

Global Phase 3 Development Program

STUDY # COMPARATOR TARGET # LOCATIONS CHINA EUROPE U.S SPONSOR Phase 3 Trials in Process Stable Dialysis CL-0613 Epoetin /Darbe 750 EU, MEA3 36+ wks 52+ wks Astellas FG-064 Epoetin Up

to 750 US+/-Global 36+ wks 52+ wks FibroGen FG-806 Epoetin 300 China 26-52 wks FibroGen Stable/Incident Dialysis FG-063 Epoetin 750 (+150) Global 36+ wks 52+ wks FibroGen AZ-002 Epoetin 1425 Global 52+

wks AZ Non-Dialysis FG-060 Placebo 600 (+300) US, LA2, APAC3 36+ wks 52+ wks FibroGen CL-0608 Placebo 450-600 EU, MEA4 36+ wks 52+ wks Astellas FG-808 Placebo 150 China 26-52 wks FibroGen AZ-001 Placebo ~2,600 Global 52+ wks AZ EU Reimbursement

Study CL-0610 Darbepoetin 570 EU, MEA 36+ wks N/A Astellas 1Plan to support US regulatory approval with 7 studies (4 DD and 3 NDD), 5 of which (3DD and 2 NDD, highlighted) will also be used in the European package that contains a total of 6 studies

(3 DD and 3 NDD) 2 LA - Latin America; 3 APAC - Asia-Pacific; 4 MEA - Middle East & Africa * Phase 3 program additionally includes six Phase 3 studies in Japan sponsored by partner Astellas (not listed)

Disease Dialysis Pre-Dialysis

Limitations on ESA Treatment Clinician Nephrologist Where ESA Is Avail Now 36% Anemic 20% Anemic Endocrinologist/ Diabetologist Cardiologist/ Internist Myelodysplasia Chemotherapy Induced Anemia Oncologist IBD, Lupus, RA, etc.

GI/Rheumatologist/ Internist Roxadustat Has Potential to Address Unmet Need in Multiple Markets CKD FDA Safety Issues DIABETES HYPERTENSION Secondary CKD Not Referred to Nephrologists Delayed Referral' CHINA, ASIA, ex-Japan EU, CIS US

JAPAN Generic ESAs Safety Issues (Higher ESA doses required v CKD) Transfusion Mkt CANCER ESAs Not Demonstrated to Work INFLAMMATORY FibroGen estimate Costly Treatment Partnered with Astellas

Disease Dialysis Pre-Dialysis

Roxadustat Market Opportunity Clinician Nephrologist Where ESA Is Avail Now 36% Anemic 20% Anemic Endocrinologist/ Diabetologist Cardiologist/ Internist Myelodysplasia Chemotherapy- Induced Anemia Oncologist IBD, Lupus, RA, etc.

GI/Rheumatologist/ Internist Potential Multiple Global, Multi-Billion Dollar Markets for Anemia CKD Existing Market: Superiority to ESAs DIABETES HYPERTENSION Secondary CKD New Market: First-in-Class Oral Therapy in Secondary CKD EU, CIS US JAPAN

Existing and New Markets: Cost Effective Re-Establish Market: Safer Option CANCER New Market: Treat in Presence of Inflammation INFLAMMATORY 1 2 4 3 6 FibroGen estimate 5 Mainly New Market: Opportunity to Become Standard of Care for Serious

Unmet Need CHINA, ASIA, ex-Japan 5

Expanding into Oncology-Related

Anemias China Significant unmet need in oncology-related anemias Anemia associated with MDS and chemotherapy-induced anemia Severe blood shortage in China CFDA reviewing CTA for MDS anemia placebo-controlled Phase 2/3 study U.S. FDA accepted Phase 3

study IND for anemia in MDS patients Anticipate trial initiation in Q2 2017

Roxadustat Global Anemia

Partnerships $ Millions JAPAN, EU, ETC. U.S., CHINA, ROW Payments Received to Date Equity Investment in FibroGen $81 $20 $101 Upfront, Non-Contingent $360 $402 $762 Development & Reg. Milestones $543 $571 $128 Commercial Milestones $15 $653 $0

POTENTIAL TOTAL $918M $1,626M $890M of $2,544M Low 20% (Astellas) - Low-Mid 20% (AZ) Transfer Price (AST) Net Sales Royalty/Transfer Price (AZ) FibroGen R&D Costs Reimbursed, ex-China Commercial Costs Covered by Partners, ex-China PAYMENTS

TO FIBROGEN CHINA PARTNERSHIP 50% Profit Sharing 50% Development and Launch Costs DEVELOPMENT FUNDING LAUNCH FUNDING

Pamrevlumab (FG-3019)

Central Role of Connective Tissue

Growth Factor (CTGF) in Fibrosis LEADERSHIP IN FIBROSIS CELLULAR RESPONSES FIBROSIS CANCER IPF DMD Cirrhosis Cardiovascular disease Target Diseases Pancreatic cancer Squamous cell lung cancer Melanoma LPA TGF IL-13 PDGF FGF VEGF CTGF FG-3019

Myofibroblast Activation ECM Deposition and Remodeling De-differentiation Proliferation Survival Motility and Invasion

IPF, Pancreatic Cancer, and DMD

Completed Phase 2 in advanced disease Positive data on median survival and one-year survival Ongoing Phase 2 locally advanced inoperable disease; data in Q1 2017 Randomized (pamrevlumab + gemcitabine + nab-paclitaxel) vs. (gemcitabine +

nab-paclitaxel) Treatment duration six months, target N=42 Key endpoints: evaluate conversion rate to operable state, surgical margin (cancer removal), survival PANCREATIC CANCER Ongoing open-label study in non-ambulatory patients Treatment duration

52 weeks, N=22 Key endpoints: change in FVC (% pred) and other measures of pulmonary function, measures of upper body muscle function, and cardiac MRI DMD Completed open-label Phase 2 Reversal of fibrosis, stable or improved fibrosis by HRCT,

correlating to FVC data, also observed in extension study beyond 48 weeks Well tolerated Ongoing Phase 2 (enrollment completed), data Q3 2017 Randomized placebo-controlled trial (48 weeks), N=103 Sub-study: combination with pirfenidone or nintedanib

(24 weeks), N=57 Key endpoints: change in FVC from baseline; fibrosis by HRCT IPF

Improved Fibrosis Shown in

Preclinical Data and Open-Label Phase 2 Study Improved / Stable Fibrosis Correlates with Improved Lung Function Improved/ Stable Fibrosis Worse Fibrosis Reversal of Lung Fibrosis by HRCT at Week 48 Improved/Stable 35% Subject NORMAL Hounsfield Units

Increasing Fibrosis Reversal of Fibrosis by Histology WEEK 18 Two Weeks of FG-3019 WEEKS 16 Pre-Treatment Week Post-Irradiation 16 20 0 -600 -500 -400 -300 -200 P<0.001 P<0.001 * * * * * * * 4 8 12 24 28 32 36 40 44 48 52 Control FG-3019