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  • 1. Corporate PresentationRoberto BelliniPresident and Chief Executive OfficerAugust 2012
  • 2. Forward Looking StatementCertain statements contained in this presentation, other than statements of fact that areindependently verifiable at the date hereof, may constitute forward-looking statements. Suchstatements, based as they are on the current expectations of management, inherently involvenumerous risks and uncertainties, known and unknown, many of which are beyond BELLUSHealth Inc.s control. Such risks include but are not limited to: the ability to obtain financingimmediately in current markets, the impact of general economic conditions, general conditionsin the pharmaceutical and/or nutraceuticals industry, changes in the regulatory environment inthe jurisdictions in which the BELLUS Health Group does business, stock market volatility,fluctuations in costs, and changes to the competitive environment due to consolidation,achievement of forecasted burn rate, and that actual results may vary once the final andquality-controlled verification of data and analyses has been completed.Consequently, actual future results may differ materially from the anticipated results expressedin the forward-looking statements. The reader should not place undue reliance, if any, on anyforward-looking statements included in this news release. These statements speak only as ofthe date made and BELLUS Health Inc. is under no obligation and disavows any intention toupdate or revise such statements as a result of any event, circumstances or otherwise, unlessrequired by applicable legislation or regulation. Please see the Company’s public fillingsincluding the Annual Information Form of BELLUS Health Inc. for further risk factors that mightaffect the BELLUS Health Group and its business 2
  • 3. Background and Business Model Public company (TSX: BLU) based in Montreal, QC Focused namely on the development of products in amyloid- related fields, principally AA Amyloidosis, an orphan indication affecting the kidneys Late-stage product pipeline BUSINESS MODEL Focused on building value for clinical stage health products in critical unmet medical needs 3
  • 5. KIACTA™ For AA Amyloidosis, an orphan indication and a deadly disease with no treatment Orphan population of ≈50,000 in the USA, Europe Market and Japan with peak annual revenues projected at opportunity $400-600M1 1 Independent market assessment by Frankel Group in April 2009. Phase II/III clinical trial showing statistically Clinical significant primary efficacy endpoints evidence (p value = 0.025) and clean safety profile Partnership with Celtic Therapeutics to conduct Partnership and finance confirmatory phase III clinical trial Marketing approval based on confirming safetyConfirmatory and efficacy of phase II/III study phase III clinical trial Actively recruiting patients 5
  • 6. AA Amyloidosis Rare and life-threatening disease Associated with chronic inflammatory diseases  65% of patients are rheumatoid arthritis patients AA protein accumulates in major organs, mainly kidneys, leading to:  Rapid and significant deterioration of kidney function, and  Eventual progress to dialysis Kiacta slows the deterioration of kidney function by preventing amyloid A protein fibril formation, accumulation and deposition  Orally bioavailable small molecule Na+-03S S03-Na+ 6
  • 7. KIACTA™ - Targeted Opportunity Patient population estimated at 34-50,000 in the U.S., EU5 and Japan1Diagnosed AA Patients (000s) Clear pharmacoeconomic rationale for premium pricing KIACTA™ peak annual revenues projected at $400-600M1 (U.S., EU5, Japan) Orphan Drug Status in the U.S. and EU provides 7 and 10 years market exclusivity upon commercialization, respectively 1Independent market assessment by Frankel Group in April 2009 7
  • 8. KIACTA™ - Strategic PartnershipPARTNERSHIP FINANCIAL IMPLICATION With global fund Celtic US$10M in upfront payments Therapeutics ≥ US$35M in investments by Celtic Therapeutics funding Celtic Therapeutics 100% of KIACTA™’s confirmatory phase III clinical Proceeds of any eventual trial transaction expected to be shared 50%-50% between Auction process for the BELLUS Health and Celtic commercialization rights of Therapeutics KIACTA™ on completion of Phase III clinical trial 8
  • 9. KIACTA™ - Robust Clinical Results in Phase II/III Statistical significant on primary endpoint (p value <0.05) and clinically meaningful treatment effect (42% reduction in risk)  Calculated 2-year delay to dialysis for patients on KIACTATM Number of Relative Risk Events Clean safety profile NC-503 Placebo HR 95% C.I. P valuePrimary Agreement with FDA/EMEAcomposite for confirmatory phase III 29 45 0.58 0.37, 0.93 0.025 clinical trialendpoint(First “worse”event)  Marketing approval based onDoubling SCr 9 17 0.41 0.19, 0.86 0.019 positive result (p value <0.05)50% decrease CrCl 19 31 0.48 0.28, 0.82 0.008 from confirmatory study withDialysis/ESRD 7 13 0.54 0.22, 1.37 0.20 same scope of first phase IIIDeath 5 5 0.95 0.27, 3.29 0.94 clinical trial 9
  • 10. KIACTA™ - Confirmatory Phase III Study CONFIRMATORY PHASE IIICOMPLETED PHASE II/III STUDY STUDY 183 patients in 13 countries 230 patients in 28 countries Statistically significant composite Composite primary endpoint primary endpoint (p=0.025) (target p<0.05) based on patients principally based on patients reaching kidney function events: reaching kidney function events:  80% increase serum creatinine  Doubling serum creatinine  40% decrease in creatinine  50% decrease in creatinine clearance clearance  Reaching ESRD/dialysis  Reaching ESRD/dialysis  Death Event driven trial to conclude on attainment of 120 events (~90% Fixed treatment duration of 2 power) years Key improvements made to increase robustness of confirmatory study 10
  • 11. KIACTA™ - Study Progress Recruitment1 Completion >70 sites in 26 Event driven trial to countries actively complete on reaching recruiting 120 events 90 patients enrolled Study expected to be completed in 2H 2015 Recruitment expected to be completed in 2H 2013 Patient baseline characteristics and demographics to date are similar to those in the first Phase III study 1 Data as of May 10, 2012 11
  • 13. VIVIMIND™ Nutraceutical for memory protection Canada: Protects the hippocampusHealth Claims Italy: Enhances cognitive function and memory Regulatory approvals in Italy and Spain obtained Regulatory in 2009 Approval NPN number issued by Health Canada in 2010 Partnerships for Italy, Canada, Greece, Middle East and IsraelPartnerships Pursuing efforts to conclude additional partnerships in other territories: creating a distributor network worldwide Growing cash flow positive business 13
  • 14. NRM8499 Next generation of tramiprosate intended for the treatment of Alzheimers disease Large and growing epidemic currently affecting Market over 30M patients worldwideopportunity Represents > $180B in annual costs in the USA alone Completed in 67 young and elderly healthy subjects Phase I Safe and well tolerated at the intendedclinical trial therapeutic dose Better gastrointestinal tolerability and pharmacokinetic profile than tramiprosate Company seeking a potential partnership to pursue development process 14
  • 15. Strategic Partnership and FinancingPharmascience Strategic Investment Leading Canadian $17.25M total investment: manufacturer of generic drugs  $8.15M in non-dilutive capital Private company  $9.1M for 10.4% stake Annual sales >$700M 1 board member R&D budget >$30M More than 1,300 employees Pharmascience transaction closed on May 25th 15
  • 16. Financial Position and Capital Structure Capital Structure Basic Shares Outstanding 47M Fully Diluted Shares Outstanding 61M Financial Position Cash (as of May 31st, 2012) >$20M Burn Rate (monthly) <$300K Operations funded beyond 2016  Kiacta Phase 3 data expected in 2015  Additional funds can be used for new potential projects 16
  • 17. Governance and ShareholdersBoard of Directors Company / Experience Management TitleDr. Francesco Bellini President and Chief Roberto Bellini(Chair) Executive Officer Senior Vice President, Dr. Denis GarceauFranklin Berger Drug Development François Desjardins Vice President, FinanceCharles Cavell Vice President, Business Tony Matzouranis LAROSE FORTIN CA Inc. DevelopmentHélène FortinPierre Larochelle Shareholder OwnershipDonald Olds Bellini Family ≈ 30%Joseph Rus Power Corporation ≈ 30%Dr. Martin Tolar Pharmascience ≈ 10%Roberto Bellini 17
  • 18. Milestones 2012 Milestones Past Execution Long Term Value Continued execution of Attractive KIACTA Confirmatory phase Results of confirmatory partnership with III clinical trial: phase III clinical trial Celtic for Kiacta and auction of Launch of Japan sites KIACTA™ Execution of global and receipt of Japanese Kiacta Phase III orphan drug designation Sale or spin-out of confirmatory study nutraceutical business Partnership for NRM8499 for Building cashflow Phase 2 study NRM8499 Phase 2 positive VIVIMIND study results business Financial partner with no shareholder dilution Fully financed business plan Large regional partnership for VIVIMIND™ Short-term milestones driving long-term value 18