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 Presentation January 2018

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. These

forward-looking statements can generally be identified 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 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, including

in China, 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, our results of operations, cash needs, spending of

proceeds from our public offerings, 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

2017: A Great Year Pamrevlumab

Idiopathic Pulmonary Fibrosis Positive topline Phase 2b data reported, and presented at ERS Pancreatic Cancer Promising interim topline Phase 2 data Roxadustat Anemia in CKD (dialysis-dependent and non-dialysis dependent) Positive Phase 3 results

reported from two Phase 3 trials in China NDA accepted by China FDA U.S. NDA filing on track for 2018

2017: A Great Year Corporate and

Financial Strong and well-managed cash position Reported $762.7M cash balance as of September 30, 2017 Two successful financings $115.1M in net proceeds in April, supporting expansion of roxadustat beyond CKD in China $356.2M in net proceeds in

August, supporting pamrevlumab Phase 3 studies Received $15M milestone payment upon completion of roxadustat NDA submission to CFDA (China)

FibroGen in 2018 Science, Pipeline,

Partners Two late-stage, first-in-class programs with multiple indications Multi-billion dollar anemia, cancer, and fibrotic disease markets Roxadustat is the leader in HIF-PHI therapeutics Significant clinical and regulatory catalysts anticipated

for 2018 Partnerships with AstraZeneca and Astellas for global anemia markets Pamrevlumab is the leader in anti-CTGF therapeutics Significant clinical and regulatory catalysts anticipated for 2018 Wholly owned commercial rights

HIF-PHI PRECLINICAL PHASE 1 PHASE 2

PHASE 3 Roxadustat for CKD Anemia United States, Europe China [NDA Submitted 10/17] Japan Roxadustat for MDS Anemia United States China1 Product Portfolio ANTI-CTGF PRECLINICAL PHASE 1 PHASE 2 PHASE 3 Pamrevlumab Idiopathic Pulmonary Fibrosis

Pancreatic Cancer Duchenne Muscular Dystrophy BIOMATERIALS PILOT PIVOTAL FG-5200 (Biosynthetic Cornea)2 Corneal Blindness 2Five-year POC study in 10 patients completed; filed as device in China Wholly Owned Partnered Wholly Owned Medical Device

CTA Approved for Phase 2/3 Study

Pamrevlumab Fibrosis and Cancer

Pamrevlumab Innovative

Treatment for Fibroproliferative Diseases in Fibrosis and Cancer Strong Phase 2 Clinical Data: PoC for both disease categories Poised for Pivotal Trials in IPF and Pancreatic Cancer 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 PAMREVLUMAB Myofibroblast Activation ECM Deposition and Remodeling De-differentiation Proliferation Survival Motility and Invasion

Pamrevlumab: Pursuing Three Indications

With Unmet Medical Needs IPF & Pancreatic Cancer: Preparing for Phase 3 Completed Phase 2 in advanced disease (n=75) Positive exposure response relationship Blood level Cmin 150 g/mL: 2X median and 3X one-year survival Ongoing Phase

2 locally advanced inoperable disease- completing Randomized (pamrevlumab + gemcitabine + nab-paclitaxel) vs.(gemcitabine + nab-paclitaxel) Treatment duration 6 months, enrolled 37 Endpoints: conversion rate to resectable, successful resection, and

survival Results encouraging: Pivotal study design in progress PANCREATIC CANCER Ongoing open-label study in non-ambulatory patients Treatment duration 52 weeks, n=22 Endpoints: change in FVC (% predicted), and other measures of pulmonary and upper

body muscle function, and cardiac MRI DMD Completed open-label Phase 2 (n=89) Reversal of fibrosis, stable or improved fibrosis by HRCT, correlating to FVC data; observed in extension study beyond 48 weeks Well tolerated Completed double-blind Phase

2, topline data reported Aug, 2017 Randomized placebo-controlled trial (48 weeks), n=103 Met primary endpoints of change in FVC % predicted from baseline to week 48 Subgroup Analysis (N=90) Significant attenuation at 24 weeks of % change in fibrosis

by HRCT compared to placebo, p=.048; treatment effect relative to placebo > 3X reported in nintedanib Phase 3b study at 24 weeks Significant improvement in SGRQ relative to placebo, p<0.02, larger treatment effect than reported in nintedanib

Phase 3 studies. Phase 3 Study design in progress IPF

IPF Phase 2b Placebo-Controlled

Study (067) Promising Results Study Design Double-blind, placebo-controlled 103 patients randomized (1:1) to receive pamrevlumab or placebo for 48 weeks Phase 2 Positive Results Phase 3 Enabling Magnitudes of treatment effects larger than

published results on approved agents (pirfenidone or nintedanib) on 4 efficacy measures Difference in FVC change from baseline versus placebo Proportion of patients with FVC %-declined > 10% or death % Change in fibrosis (by HRCT) from baseline

at 24 weeks (New Analysis) St. George's Respiratory Questionnaire score (SGRQ) (New Analysis) Consistency of efficacy & safety results PRAISE (067) consistent with earlier single-arm Phase 2 study 049

PRAISE 049 Study Placebo PRAISE

(067) IPF Phase 2b Met Primary Endpoint; Significantly Less Decline in FVC% Predicted Change From BL at Week 48 Pamrevlumab Pamrevlumab *Both studies analyzed using the Linear Slope method Treatment effect with pamrevlumab consistent with results

from prior 049 Phase 2 Open-Label study*

PRAISE (067) IPF Phase 2b

Pamrevlumab Attenuated FVC Decline Pamrevlumab significantly attenuated FVC decline from Baseline to Week 48. p = 0.0249 In separate studies, pamrevlumab has larger treatment difference from placebo than nintedanib and pirfenidone in preservation of

FVC. Pamrevlumab Ph 2 PRAISE Study (067) Nintedanib INPULSIS Ph 3- 52 Weeks Pirfenidone ASCEND Ph 3- 52 wks 48- week Result Projected 52 wks Study 32 52 wks Study 34 52 wks (Linear Slope) 52 wks Pamrevlumab Placebo Pamrevlumab Placebo Nintedanib

Placebo Nintedanib Placebo Pirfenidone Placebo N 50 51 50 51 309 204 329 219 278 277 FVC (mL) -129 -308 -138 -332 -115 -240 -113.6 -207.3 -164 -280 LS mean diff 178 195 125 93.7 116 p-value 2.4899999999999999E-2 2.4E-2 <0.001 <0.001

<0.001 Relative difference 0.57899999999999996 0.58499999999999996 0.52100000000000002 0.45200000000000001 0.41399999999999998 Richeldi, NEJM 2014, 370: 22; 2071-2082 King, NEJM 2014; 370: 2083-92 Suppl 48 Weeks Subgroup Analysis (N=90)

Pamrevlumab Placebo FVC (mL) -143 -341 LS mean diff 198 P-value 2.12E-2

Visit (Weeks) P-Value* 0.1235 0.0527

0.0172 0.0103 Pamrevlumab, n (%) 3 (6.0%) 3 (6.0%) 5 (10.0%) 5 (10.0%) Placebo, n (%) 7 (13.7%) 9 (17.6%) 15 (29.4%) 16 (31.4%) Difference (%) -11.6% - 21.4% Relative Difference -56% -66% -66% -68% PRAISE (067) IPF Phase 2b Pamrevlumab Reduces The

Proportion of Subjects with FVC % Predicted Decline 10% or Death Relative Difference 68% ITT Analysis Both ITT and subgroup analyses of PRAISE show larger reduction in IPF progression (FVC % predicted decline >=10%) or death than

pirfenidone in ASCEND (ph 3 study). Summary of Efficacy Endpoints for Study FG-3019-067 Randomized Treatment Period ITT Population ALL (Total n = 103) ITT Population Excluding India (Total n = 90) Nintedanib Ph 3B Phase 3- Impulsis 1 Phase 3-

Impulsis 2 Efficacy Endpoint LS Mean of Change from Baseline LS Mean of Change from Baseline nintedanib Placebo Treatment nintedanib Placebo Treatment p-value nintedanib Placebo Treatment p-value FG-3019 Placebo Treatment

p-value FG-3019 Placebo Treatment p-value Change from BL to Week 48 in FVCpp and FVC (L) [1] n n 43 47 56 57 309 204 329 219 FVCpp48 FVCpp48 -3.05 -8.2799999999999994 5.23 2.0899999999999998E-2 FVC48 (mL) -120

-279 159 4.6899999999999997E-2 FVC48 (mL) -143 -341 198 2.12E-2 FVCpp decline >=10% or death at Week 48 Rate Rate 9.2999999999999999E-2 0.34 -0.247 7.6E-3 Hazard Ratio Hazard Ratio 0.27 1.8499999999999999E-2 Percent Change from BL in

Fibrosis Score by Visit [2] n n 41 45 42 45 % FIB 24 % FIB 24 5.5 17.100000000000001 -11.7 4.7899999999999998E-2 11.4 14.6 3.2 % FIB 48 % FIB 48 24.4 29.2 -4.8 0.63149999999999995 Absolute Change from BL in Fibrosis Score by

Visit [2] n n 41 45 FIB 24 FIB 24 0.8 2.1 -1.4 7.6200000000000004E-2 FIB 48 FIB 48 2.2000000000000002 4.4000000000000004 -2.2999999999999998 0.127 St. George's Respiratory Questionnaire (SGRQ) [3] n n 40 42

Symptom48 Symptom48 -5.34 2.92 -8.26 2.6599999999999999E-2 Activity48 Activity48 -4.66 3.44 -8.1 2.9100000000000001E-2 Impact48 Impact48 -0.15 6.27 -6.42 5.1700000000000003E-2 Total48 Total48

-2.29 5.07 -7.36 1.8499999999999999E-2 Total52 4.3499999999999996 4.3899999999999997 -0.05 0.97 2.8 5.48 -2.69 0.02 Efficacy Endpoint LS Mean of Change from Baseline LS Mean of Change from Baseline Pirfenidone Ph 3 ASCEND FG-3019 Placebo

Treatment p-value FG-3019 Placebo Treatment p-value Pirfenidone placebo Treatment Change from BL to Week 48 in FVCpp and FVC (L) [1] n 43 47 n 43 47 278 277 FVCpp48 -3.05 -8.2799999999999994 5.23 2.0899999999999998E-2

FVCpp48 -3.05 -8.2799999999999994 5.23 2.0899999999999998E-2 FVC48 (L) -0.14299999999999999 -0.34100000000000003 0.19800000000000001 2.12E-2 FVC48 (L) -0.14299999999999999 -0.34100000000000003 0.19800000000000001 2.12E-2 FVCpp

decline >=10% or death at Week 48 Rate 9.2999999999999999E-2 0.34 -0.247 7.6E-3 Rate 9.2999999999999999E-2 0.34 -0.247 7.6E-3 6.5% 0.17699999999999999 -0.11199999999999999 Hazard Ratio 0.27 1.8499999999999999E-2 Hazard Ratio 0.27

1.8499999999999999E-2 Pirfenidone Phase 3 ASCEND (52 Wks) P-Value <0.001 pirfenidone 6.5% Placebo 0.17699999999999999 Difference -0.112 Relative Difference -0.43 Summary of Efficacy Endpoints for Study FG-3019-067 Randomized Treatment Period ITT

Population Excluding India (Total n = 90) Nintedanib Ph 3B Phase 3- Impulsis 1 Phase 3- Impulsis 2 Efficacy Endpoint LS Mean of Change from Baseline nintedanib Placebo Treatment nintedanib Placebo Treatment p-value nintedanib Placebo

Treatment p-value FG-3019 Placebo Treatment p-value Change from BL to Week 48 in FVCpp and FVC (L) [1] n 43 47 56 57 309 204 329 219 FVCpp48 -3.05 -8.2799999999999994 5.23 2.0899999999999998E-2 FVC48 (L)

-0.14299999999999999 -0.34100000000000003 0.19800000000000001 2.12E-2 FVCpp decline >=10% or death at Week 48 Rate 9.2999999999999999E-2 0.34 -0.247 7.6E-3 Hazard Ratio 0.27 1.8499999999999999E-2 Percent Change from BL in Fibrosis Score by Visit

[2] n 41 45 42 45 % FIB 24 5.5 17.100000000000001 -11.7 4.7899999999999998E-2 11.4 14.6 3.2 % FIB 48 24.4 29.2 -4.8 0.63149999999999995 Absolute Change from BL in Fibrosis Score by Visit [2] n 41 45 FIB 24 0.8 2.1 -1.4

7.6200000000000004E-2 FIB 48 2.2000000000000002 4.4000000000000004 -2.2999999999999998 0.127 St. George's Respiratory Questionnaire (SGRQ) [3] n 40 42 Symptom48 -5.34 2.92 -8.26 2.6599999999999999E-2 Activity48 -4.66 3.44 -8.1

2.9100000000000001E-2 Impact48 -0.15 6.27 -6.42 5.1700000000000003E-2 Total48 -2.29 5.07 -7.36 1.8499999999999999E-2 Total52 4.3499999999999996 4.3899999999999997 -0.05 0.97 2.8 5.48 -2.69 0.02 Efficacy Endpoint LS Mean of

Change from Baseline Pirfenidone Ph 2 (study 016) FG-3019 Placebo Treatment p-value Pirfenidone placebo Treatment Change from BL to Week 48 in FVCpp and FVC (L) [1] n 43 47 278 277 FVCpp48 -3.05 -8.2799999999999994 5.23

2.0899999999999998E-2 FVC48 (L) -0.14299999999999999 -0.34100000000000003 0.19800000000000001 2.12E-2 FVCpp decline >=10% or death at Week 48 Rate 9.2999999999999999E-2 0.34 -0.247 7.6E-3 6.5% 0.17699999999999999 -0.11199999999999999

Hazard Ratio 0.27 1.8499999999999999E-2 PRAISE Subgroup Analysis of N=90 Treatment 48 wk -0.247 p- value 7.6E-3

PRAISE (067) IPF Phase 2b

Pamrevlumab Attenuates Fibrosis Progression (HRCT) Preliminary ITT and subgroup analyses of HRCT data show evidence for pamrevlumab to attenuate lung fibrosis. Full analysis coming soon. Pamrevlumab subgroup analysis of relative change in HRCT

compared to nintedanib Phase 3b 24-week result announced by Boehringer Ingelheim in 11/2017* Pamrevlumab *Nintedanib Pirfenidone No published data on HRCT change Difference between active and placebo in % change of lung fibrosis (HRCT) from baseline

to 24-weeks , Pamrevlumab significantly attenuated fibrosis in comparison to placebo in % change in fibrosis (HRCT) from baseline to 24 weeks, p=0.048. Preliminary HRCT analysis suggests placebo arm has greater increase in fibrosis than pamrevlumab

from baseline to 48 weeks Comparison to Boehringer Ingelheim - 24 week analysis: % change HRCT score v baseline Pamrevlumab favorably compares in treatment difference vs placebo control in relative changes in lung fibrosis (HRCT) from baseline

to 24-weeks across the two separate studies Relative change in fibrosis (HRCT) from baseline to 24 weeks Treatment difference of - 11.7%, p=0.048 *Ref: Nintedanib Ph 3b study: Lancaster, at Pulmonary Fibrosis Foundation (PFF) conference Nov.

PRAISE (067) IPF Phase 2b

Pamrevlumab Improves HRQoL (Lowers SGRQ Score) St. Georges Respiratory Questionnaire (SGRQ) Respiratory-specific questionnaire developed to assess HRQoL in patients with lung disease (originally in obstructive lung disease), used in a number of IPF

trials, including nintedanib Phase 3 studies & PRAISE 50 items grouped into 3 domains: symptoms, activity, and impact ITT Subgroup Pamrevlumab achieved improvement (reduction) in total SGRQ Score from baseline to 48 weeks, whereas placebo

resulted in decline (increase), significant difference with p= 0.019 in subgroup analysis. Pamrevlumab achieved substantially larger magnitude in difference than placebo in SGRQ change than nintedanib. Change in SGRQ Total Score From Baseline to

48-Weeks Treatment difference = -7.36 P= 0.019 pamrevlumab *Impulsis-1 *Impulsis-2 Pamrevlumab Ph 2 (48wk) *Nintedanib Ph 3 (52wk) Pirfenidone No published data on SGRQ Treatment difference of study drug from placebo l: Change In Total SGRQ From

Baseline to End of Treatment * Ref : Richeldi, NEJM 2014, 370: 22; 2071-2082

PRAISE (067) IPF Phase 2b

Pamrevlumab Safety Profile Pamrevlumab was well-tolerated, no safety signals; favorable relative to placebo in key safety variables in PRAISE study 067 Deaths: 3 (pamrevlumab) vs. 6 (placebo) TESAE (treatment-emergent serious adverse events) leading

to discontinuation: 3 (pamrevlumab) vs. 7 (placebo) Pamrevlumab has potential for a better GI safety profile than current drugs % patient on drug with TEAE of diarrhea/nausea Comparison of Proportion of treated Patients Reported TEAE of diarrhea or

nausea Pamrevlumab Nintedanib Pirfenidone *Ref: Ragu, ERJ 2016; Lancaster, poster at PFF 2017; Richeldi, NEJM 2014, 370: 22; 2071-2082; King, NEJM 2014

Market Opportunity for New IPF

Therapy Orphan disease U.S. prevalence ~44,000 to 135,0001 U.S. incidence ~21,000 to 52,0001 cases per year Progressive disease can result in irreversible loss of lung function with high morbidity and mortality rates Median survival of 3-5 years

following diagnosis Current treatments, pirfenidone and nintedanib Annualized sales rate of $1.4B Slow pulmonary function loss Modest effect on slowing disease progression No demonstration of reversal Require management of side effects 1Raghu 2006

and United Nations Population Division

Relationship of One-Year Survival to

Dose Percent One-Year Survival Rate Dose-related increase in survival Day 15 minimum pamrevlumab plasma level 150 g/mL 2x median survival (9.4 vs. 4.8 months) (p=0.025) 3x one-year survival (37% vs.11%) (p=0.01) Completed Ph 2 for

Treatment of Advanced Pancreatic CA (included patients with metastasis): Dose Response and Exposure/Survival Response Relationship of Survival to Pamrevlumab Day 15 Plasma Levels Percent Overall Survival Overall Survival Time (Months) Pamrevlumab in

Combination with Gemcitabine and Erlotinib (N=75) 22.5 35 45 25 15 10 3 17.5 KEY FINDINGS Weekly mg/kg Biweekly mg/kg FG-3019 >150 g/mL; n=38 FG-3019 <150 g/mL; n=37 p=0.025 Percent Overall Survival 0 5 10 15 20 25 30 35 40 45 0 20