PowerPoint 簡報

May, 2018

2017- NTD 4.08 Billion, USD 138 Million (December, 2017) 520

台灣東洋 TTY Biopharm 新藥及特殊學名藥開發 市值 US$856mn. ROE 2011-2016: 19.5%. ROE 2017: 24.5% (above industry average 11.13%). Targets for 28%-35% in 2018-2020. 殷漢 EnhanX (67%) 東生華製藥 TSH (56.48%) 智擎生技 PharmaEngine (17.92%) 創益生技 CY Biotech (27.54%) 研發及新藥開發 臨床試驗開發暨行銷業務推廣 慢性病領域 (CV/GI/Immune) 之藥物開發暨行銷業務推廣 市值 US$78mn 新藥開發公司 市值 US$628mn 益生菌及減肥藥開發 市值 US$37mn 榮港生技 WorldCo (100%) ATB 泰 /ATB 菲 / 越辦事處 40%/87%/100% 藥物開發 (Liver/ID/CNS) 行銷暨業務推廣 藥物開發暨行銷業務推廣

TTY 核心能力 專業行銷能力 技術研發 國際大廠代工 創新改革 製程開發與量產設計 世界級微球技術平台 世界級微脂體技術平台 8

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New Drug Pipeline 產品組合 適應症 Preclinical Phase I Phase II Phase III ENX-201 多發性硬化症 / 其他適應症 : 葡萄膜炎 / 眼睛發炎, 神經性疼痛, 骨關節炎,(ALS) 漸凍人 肌萎縮性脊髓側索硬化症,(MPS) 黏多醣症, (MLD) 異染性腦白質失養症 第二 & 三期臨床將一併進行 LGIA10 (505b2) 第二型糖尿病 14

產品組合 World Market USD/M (est.) 核心技術產品優勢 ENX-201 1,700 Liposome Technology Penetrating Blood-Brain-Barrier (BBB) capability LGIA10 910 Microsphere Formulation Worldwide Manufacturing Patent Microsphere Deport Platform 15

Introduction of MS MS: a chronic, autoimmune & neurodegenerative disorder Body s own defensive system attacks myelin Inflammatory damage in the brain and spinal cord Loss of myelin and axons (scars at multiple sites) Neurologic disability 16

18 Introduction of MS s MoA

Introduction of MS Four Classifications of MS Either one of the four classifications occurs in acute is the target patient pool of ENX-201. 不管屬於哪一個發病類型, 只要是急性復發, 就是 ENX-201 的 target 病患 19

Introduction of MS 介紹 患者出現可能為 MS 的病症 經 McDonald 標準判定是否患有 MS 確診 Yes No 其他診斷 治療選項根據病症程度 : 是否已嚴重到影響生活品質 ( 例 : 無工作能力 ) Yes No 第一線治療的選擇根據病症的嚴重程度 Severity 1st-line therapy 較嚴重 : 甲基培尼皮脂 (Methylprednisolone) 注射針劑多數的神經科醫師在第一線治療選擇給予病人針劑類固醇 較輕微 : 口服培尼皮質醇 (Prednisolone) 神經科醫師在第一線治療選擇給予輕微病狀的病人口服類固醇 2nd-line therapy 促皮質素 (ACTH) 血漿分離術 DH Primary Research, Ann Indian Acad Neurol. 2011 Jul.;14(Supp1 1):S65-9 免疫球蛋白靜脈注射劑 20

Introduction of MS Around 2.5 millions 21

Patients Distribution in US Market US Multiple Sclerosis Population (~400,000) Relapse-Remitting (RR) 50%, ~200,000 2 Progressive (SP) 34%, ~136,000 1 Progressive (PP) 13%, ~50,000 Progressive Relapsing (PR/B*), 3%, 14k Mild (42%) ~83,500 Relapse Rate: 0.47 Moderate (36%) ~72,900 Relapse Rate: 1.26 Severe (22%) ~43,600 Relapse Rate: 3.15 Relapse Rate (Avg. # of Exacerbations/ Year: 1.14) Relapse Rate (Avg. # of Exacerbations/ Year: 1.14) *Benign MS Relapses per Year Relapses per Year Relapses per Year Relapses per Year Relapses per Year Relapses per Year Tx Rate: 78.5% Tx Rate: 78.5% Tx Rate: 78.5% Tx Rate: 78.5% Tx Rate: 78.5% Tx Rate: 78.5% Relapses Treated per Year (30,725) Relapses Treated per Year (72,105) Relapses Treated per Year (107,955) Relapses Treated per Year (121,706) Relapses Treated per Year (44,745) Relapses Treated per Year (12,529) Minimum, Target, and Ideal Penetration Rates based on Use as First-Line or Second-Line Treatment from Physician Survey Relapses Treated with ENX-201 at Peak Under Minimum, Target, and Ideal 1st-Line/ 2nd-Line Penetration Scenarios 22

Introduction of the Product ENX-201 120nm 23

Introduction of the Product ENX-201 s potential indications Neuromyelitis Optica Uveitis Source: http://www.msdiscovery.org/news/news_synthesis/ 8147-neuromyelitis-optica-part-2-pathogenesis Source: https://www.uveitis.net/patient/anterior.php 24

26 Introduction of BBB

27 Introduction of BBB

28 Introduction of BBB

Introduction of BBB NO. TARGETING LIGANDS NOTE 1 Transferrin MBP-426, MBP-Y003 2 Melanotransferrin 3 Insulin 4 LDL 5 Angiopeps 6 Leptin 7 Thiamine 8 Glutathione 2B3-101, ENX-201 9 Synthetic Opioid Peptides 10 RVG Peptide 11 Tetanus Toxin, Tet1 and G23 12 Diphteria Toxin 13 TAT peptide 29

ENX-201 Introduction Effective drug delivery to across the blood-brain barrier (BBB) 30

Preclinical Study 在大鼠實驗的結果顯示, 在注射 8 小時後, 在腦中 MP 的量,ENX-201 超過非微脂體的 MP6 倍以上 31

Preclinical Study ENX-201: 藥效驗證試驗 EAE-MOG mouse model of MS ENX-201 32

Phase I Study (Solution) Long circulation half-life of ENX-201 33

Introduction of MS Major existing choices for MS treatments (2014 Sales & Market Share in Value) MS Therapies ABCRE products represented 64% of the global MS market in value in 2014 -Moderate efficacy and patients continue to relapse on therapy -Require frequent injections Latest entrants represent treatment alternatives -Drives the benefit vs. risk discussion 12% 7% 6% 4% 2% 2% 1% Unit: USD 4.328B Copaxone 3.0B 1.9B 1.67B 1.05B Avonex Gilenya Tysabri Betaseron 14% 31% 876M Tecfidera 622M 302M 266M 159M Rebif Ampyra/ Fampyra Aubagio Extavia 21% 34

Revenue Potential Market Size ENX-201 US Peak Year Revenue MS & Other Inflammatory Indications $1,600M $1,400M $1,200M $1,000M $800M $600M $400M $601.5M $52.6M $95.3M $97.5M $1343.2M $117.9M $213.6M $218.3M $776.1M $1603.9M $140.3M $254.2M $259.9M $928.8M $200M $348.3M $0M Second-Line, Target Penetration, $3,000 Price floor First-Line, Expanded Penetration, $3,000 Second-Line Price Second-Line, Target Penetration, $8,000 High Price MS relapse Optic neuritis Uveitis CNS Lupus Neurosarcoidosis NMO Behcet ADEM 35

Potential Market Size Global estimation MS treatment market rising from $17.2 billion to $20 billion (YoY) from 2014 to 2024 (approx.), at a Compound Annual Growth Rate (CAGR) of 1.5%. Global existing MS treatment market value 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 17.20B 17.46B 17.72B 17.99B 18.26B 18.53B 18.81B 19.09B 19.38B 19.67B 19.96B 36

Development Strategies ENX-201 s strengths ENX-201 is a pegylated liposome which glutathione is attached on its lipid, while methylprednisolone as the main substance is encapsulated inside. Compared with the standard of care, i.e., a free methylprednisolone, ENX-201 is an one-shot intravenous injection which brings home-care convenience and better tolerance to patients suffering acute multiple sclerosis relapses. 37

ENX-201 Pipeline ENX-201:Liposomal Methylprednisolone Injection (glutathione PEGylated liposomal methylprednisolone) Phase I Phase I bridging study (lyophilized injection) Scientific advice from FDA & EMA Phase II/III in MS relapses (vs placebo) Phase II/III in MS relapses (vs MP) US NDA indication #1 EU MAA indication #1 2014-2016 2017 2018 2019 2020 2021 2022 38

Multiple Indications to Go (Pipeline) Indications to Develop Market Potential Size Competitors 1 Multiple Sclerosis ( 多發性硬化症 ) >21.5B Teva (2014) Biogen EMD Serono Novartis 2 Uveitis ( 葡萄膜炎 ) ( 眼睛發炎 ) >0.531B Humira (2016) 3 Neuropathic Pain ( 神經性疼痛 ) >5.7B Pfizer (2011) 4 Osteoarthritis ( 骨關節炎 ) >5.335B Anika (2014) 5 ALS ( 漸凍人 肌萎縮性脊髓側索硬化症 ) >25M (a negative CAGR of 16.10%) Biogen Idec Inc. Avanir Pharmaceuticals Inc. Isis Pharmaceuticals Inc. Sanofi Bristol-Meyers Squibb Co. 6 Mucopolysaccharidoses (MPS, 黏多醣症 ) >300M Vimizim 7 Metachromatic leukodystrophy (MLD, 異染性腦白質失養症 ) 1B Shire Plc Nuo Therapeutics GlaxoSmithKline Plc Zymenex A/S RegenxBio Inc. Novartis AG Unit: USD/Billion 39

ENX-201 Management Team Yu-Fang Hu Pieter J. Gaillard Yuan-Yi Chou 40

ENX-201 Scientific Advisory Board 蔡清標 Taipei,Taiwan Olaf Stuve (Texas, USA) Ralf Linker (Erlangen, Germany) Frederik Barkhof (Amsterdam, Netherlands) 41

Super Generics Pipeline 產品組合 Caelyx/Doxil* (Lipo-Dox) Pegylipo Lipo-AB Leuprolide Acetate Injection Risperidone Injection Octreotide 轉移性乳癌 愛滋病引發之卡波西氏肉瘤 多發性骨髓瘤 卵巢癌 利時曼氏病 ( 黑熱病 ) 骨髓移植併發腎毒侵入性細菌感染 愛滋病患者腦膜炎 腎功能不全之菌種感染病患 前列腺癌 子宮內膜異位症 子宮肌瘤 中樞性性早熟 精神分裂 適應症 R&D (BE;BA+CT) Pegylipo s ANDA license (EU/USA) fee 肢端肥大症 功能性胃 腸 胰臟內分泌腫瘤 US$3,500,000 = US$500,000 (Upfront Fee) + US$ 1,000,000 *3 Approved (Milestone payment) Pegylipo s sales profit sharing Lipo-AB s license fee US$3,500,000 = TW Approved US$500,000 (Upfront Fee) + US$ 1,000,000 *3 (Milestone payment) Lipo AB s sales profit sharing Colimycin 非一般抗生素, 多重抗藥性之革蘭氏陰性菌之嚴重感染 China TW Approved 42

產品組合 Caelyx/Doxil* (Lipo-Dox) 600 Pegylated Liposome Technology Worldwide Manufacturing Patent Pegylipo World Market USD/M (est.) 核心技術產品優勢 Lipo-AB 440 Liposome Technology Worldwide Manufacturing Patent Leuprolide Acetate Injection 1,240 Lupron Depot Microsphere Formulation Worldwide Manufacturing Patent Risperidone Injection 960 Microsphere Formulation Worldwide Manufacturing Patent Octreotide 1,500 Microsphere Formulation Colimycin 150 Formulation PLGA, Star Polymers Synthesized by TTY. First Choice Irreplaceable options, TWNIH 43

Specialty- Caelyx /Doxil /Pegylipo Caelyx /Doxil /Pegylipo Global market: USD$600M Taiwan NTD$200M Source : Thomson Reuters Mar./2017 44

Specialty- Lipo-AB Lipo-AB Global market: USD$440M Target: worldwide 35~50% 45

Specialty- Leuprolide Leuprolide Acetate Injection Global market: USD$1,240M Target: worldwide 20~35% 46

Risperidone Injection Global market: USD$960M Indication: Schizophrenia 47

48 Specialty- Octreotide

Introduction of Octreotide Symptoms- Acromegaly Metastatic Carcinoid tumors VIP-secreting tumors Pre-treatment 49

Colimycin Fungus Bacterial Virus 粗分類 Gram negative (GNB) Gram positive (GPC) 常見抗藥性菌株 MDR-GNB CR-GNB MRSA VRE MDR-:multi-drug resistant CR-: carbapenem resistant MRSA: methicillin resistant Staphylococcus aureus VRE: vancomycin resistant Enterococcus 50

Colimycin Colimycin Global Market: US$150M China Market: RMB$1.0B 限用於一般抗生素無效, 且具多重抗藥性之革蘭氏陰性菌之嚴重感染 Source: Expert Rev Anti Infect Ther. 2012;10(8):917-934 From: Y_tambe's file, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=49535 51

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Manufacture Facilities The only PIC/S GMP certified manufacture sites for high potency oncology, 2008/2013/2016 EMA, 2010/2014 Japan, 2013/2016 US FDA, 2013 Brazil, Australia High standard Validation of Equipment qualification/ Laboratory instruments qualification/ HVAC system/ Water system/ Compressed air system/ Nitrogen system/ Cleaning/ Analytical method/ Process/ Computer/ Logistic Individual flow management Air flow/ Man flow/ Material flow/ Product flow/ Waste flow To prevent cross contamination and environmental pollution HVAC System Work Safety Environmental Protection 53

中壢廠 2008 EMEA Arabian Official 2009 EMEA Official 2010 Jordan Official 2011 Germany Official Brazil Official 2012 Japan Official 2013 US FDA Japan Official 2014 EMA Turkey MOH 2015 Korea Kazakhstan EMEA 2016 US FDA 2017 Belarus/ Indonesia 54

六堵廠 Comply with PIC/S GMP and Taiwan FDA inspection for non-cytotoxic or non-hormone 55

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TTY has successfully registered 47 oncology product licenses in 9 countries. Country UFur Oxalip Lipo-Dox Irino Asadin Gemmis Tynen Epicin Thado Anazo Folina Sulfin Algycon Colimycin Maxtam Total Thailand 1 1 1 1 1 1 1 1 1 1 1 11 Philippines 1 1 1 1 1 1 1 7 Vietnam 1 1 1 2 1 2 1 9 Hong Kong 1 1 1 2 2 3 10 Malaysia 1 1 1 1 1 1 6 Singapore 1 1 India 1 1 Sri Lanka 1 1 Guatemala 1 1 Total 5 3 5 6 4 2 5 4 3 2 2 2 2 1 1 47 國際代工合作廠商擁有 Lipo-Dox 在美國 (Doxil) 及歐洲 (Caelyx) 之藥證 57

Successful Oncology Products Asadin ( 伸定注射劑 ) TS-1 ( 愛斯萬膠囊 ) Epicin ( 益彼欣注射液 ) Tynen ( 汰能注射劑 ) Anazo ( 安納柔膜衣錠 ) Gemmis ( 建仕注射液 ) Zobonic ( 抑骨凍晶靜脈注射劑 ) Ivic ( 癌微可膜衣錠 ) UFUR ( 友復膠囊 ) Pexeda Inj. ( 派癌休注射劑 ) Lipo-Dox ( 力得微脂體注射劑 ) Painkyl ( 平舒疼口頰溶片 ) Oxalip ( 歐力普注射劑 ) Thado ( 賽得膠囊 ) Irino ( 益立諾 ) Lonsurf ( 朗斯弗膜衣錠 ) Megest ( 麥格斯口服懸液劑 ) Otril ( 嘔速停靜脈注射劑 ) Folina ( 芙琳亞錠 ) 58

Successful Products of Intensive Care Brosym C+S ( 博益欣 ) Lipo-AB ( 立博黴 ) Colimycin ( 克痢黴素注射劑 ) Cubicin ( 救必辛注射劑 ) Flusine ( 弗路欣錠 ) Exacin ( 依克沙 ) Maxtam ( 抑酉每靈注射劑 ) Agrippal ( 安爾保流感疫苗 ) 59

Successful Healthcare Products Algitab ( 艾胃逆服 ) Cepiro ( 希比洛靜脈乾粉注射劑 ) Alginos ( 胃逆舒 ) METACIN ( 西腹黴素注射劑 ) BIO-CAL PLUS ( 滋骨咀嚼錠 ) Sulfin ( 速復利錠 ) 60

Subject Revenue (NTD,000) R&D Expense (NTD,000) Year 2013 2014 2015 2016 2017 2,307,540 2,384,220 2,738,956 3,344,262 3,672,040 289,530 283,470 236,398 230,192 219,126 Total Staff 484 494 450 508 520 R&D Manpower 111 105 97 105 98 R&D Expense/ Revenue R&D Total Staff 12.55% 11.89% 8.63% 6.88% 5.97% 22.93% 21.26% 21.56% 20.67% 18.85% 61

62 Financial Disclosure

歷年財務報表 ( 個體 ) NTD in Thousands Item 2013 2014 2015 2016 2017 Amount % Amount % Amount % Amount % Amount % Net Sales 2,292,163 100% 2,384,207 100% 2,738,956 100% 3,344,262 100% 3,672,040 100% Gross Profit 1,404,003 61% 1,411,875 59% 1,777,941 65% 2,217,286 66% 2,347,809 64% Operating Expenses -1,121,548-49% -1,144,400-48% -1,035,412-38% -1,063,104-32% -1,135,595-31% Operating Profit 282,455 12% 267,475 11% 742,529 27% 1,154,182 34% 1,212,214 33% Non-Operating Income and Expenses 413,685 18% 596,585 25% 705,211 26% 277,855 9% 351,484 10% Income before Tax 696,140 30% 864,060 36% 1,447,740 53% 1,432,037 43% 1,563,698 43% Net Income 587,440 26% 779,645 33% 1,211,018 44% 1,193,324 36% 1,344,731 37% EPS 2.52 3.14 4.87 4.80 5.41 63

歷年財務報表 ( 合併 ) NTD in Thousands Item 2015 2016 2017 1Q/18 Amount % Amount % Amount % Amount % Net Sales 3,195,218 100% 3,760,717 100% 4,078,760 100% 1,040,455 100% Gross Profit 2,183,144 68% 2,559,220 68% 2,668,845 65% 697,820 67% Operating Expenses -1,393,357-44% -1,379,533-36% -1,411,855 34% 387,207 37% Operating Profit 789,787 24% 1,179,687 32% 1,256,990 31% 310,613 30% Non-Operating Income and Expenses 735,808 23% 332,372 8% 338,077 8% 33,818 3% Income before Tax 1,525,595 47% 1,512,059 40% 1,595,067 39% 344,431 33% Net Income (Consolidated) 1,246,592 38% 1,254,724 33% 1,368,314 33% 267,664 26% Net Income (TTY) 1,211,018 37% 1,193,324 31% 1,344,731 32% 255,944 25% EPS 4.87 4.80 5.41 1.03 64

Dividend Payout 股息配發 Year 2013 2014 2015 2016 2017 Item Yield Rate (%) 1.91 2.39 3.86 3.42 4.52 P/E 41.65 33.23 18.61 23.16 18.39 Cash Dividend 2.00 2.50 3.50 3.80 4.50 (note) Cash Payout Ratio 79.4% 79.6% 71.9% 79.2% 83.2% Stock Dividend 0.67 - - - - Total Dividend 2.67 2.50 3.50 3.80 4.50 Note: Board of Directors proposed dividend payout and would be further approved by Annual General Meeting. 66

保險公司及政府基金持股 機構 持股情形 2015/4 月 2016/4 月 2017/4 月 持有股數持股比例持有股數持股比例持有股數持股比例 保險公司 4,880,800 1.96% 11,339,000 4.56% 18,169,000 7.31% 政府基金 817,021 0.33% 21,177,843 8.52% 14,904,000 5.99% 合計 5,697,821 2.29% 32,516,843 13.08% 33,073,000 13.30% 保險公司及政府基金持股變化 政府基金 保險公司 - 3,000,000 6,000,000 9,000,000 12,000,000 15,000,000 18,000,000 21,000,000 24,000,000 2017/4 月 2016/4 月 2015/4 月 67

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