Unlocking the Potential

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Unlocking the Potential

• Aspreva Pharmaceuticals Corporation
• (NASDAQ ASPV TSX ASV)
• Annual and Special General Meeting
• May 31, 2007 at the Four Seasons Hotel
• Richard Glickman
• Chairman CEO

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Disclaimer

• Certain statements in this presentation contain
  forward-looking statements within the meaning of
  the Private Securities Litigation Act of 1995.
  Words such as "anticipates," "believes,"
  "estimates," "expects," "intends," "may,"
  "plans," "projects," "will," "would" and similar
  expressions are intended to identify
  forward-looking statements, although not all
  forward-looking statements contain these
  identifying words. Forward looking statements
  include, but are not limited to, those with
  respect to future profits, product revenues, the
  use of net proceeds from our initial public
  offering, the timing of clinical trials and the
  completion date for clinical trials and
  additional collaborations and their timing. These
  forward-looking statements are only predictions
  based upon our current expectations, and actual
  events or results may differ materially. We may
  not actually achieve the plans, intentions or
  expectations disclosed in our forward-looking
  statements. Forward-looking statements involve
  risks and uncertainties. Our actual results and
  the timing of events could differ materially from
  those anticipated in such forward-looking
  statements as a result of these risks and
  uncertainties, which include, without limitation,
  the risk that we may not sustain our
  profitability future sales of CellCept may be
  less than expected our future operating results
  are uncertain and likely to fluctuate we may not
  be able to develop and obtain regulatory approval
  for CellCept in the treatment of autoimmune
  indications and any future products in our
  targeted indications we may not be able to
  establish marketing and sales capabilities and
  the costs of launching CellCept in the treatment
  of autoimmune indications and any future products
  for our targeting indications may be greater than
  anticipated we may not be successful in
  establishing additional collaborations we may
  face unknown risks related to intellectual
  property matters we may face increased
  competition from other pharmaceutical or
  biotechnology companies, and other risks and
  uncertainties detailed in our filings with the
  Securities and Exchange Commission and Canadian
  securities regulatory authorities. You are
  cautioned not to place undue reliance on these
  forward-looking statements, which speak only as
  of the date of this presentation. All
  forward-looking statements are qualified in their
  entirety by this cautionary statement, and
  Aspreva undertakes no obligation to revise or
  update any forward-looking statements as a result
  of new information, future events or otherwise
  after the date hereof.

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Agenda

• Highlights of the Past 6 Years
• Richard Glickman Chairman CEO
• Financial Highlights
• Bruce Cousins EVP CFO
• Clinical Highlights
• Dr. Usman (Oz) Azam EVP Chief Medical Officer
• Business Development Highlights
• Noel Hall, President Co-Founder
• Closing
• Richard Glickman Chairman CEO

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Looking Back

• Vision To change the treatment landscape for
  people with less common
• diseases by increasing the pool of
  evidence-based medicines
• Aspreva Aspirations, Hopes (reves) Dreams
  (spero)
• 2001 Incorporated
• 2003 Signed collaborative agreement with Roche
• 2004 Raised 57M USD in Series A financing
• 2004 2005 Initiated 3 phase III clinical
  trials
• 2005 IPO raising 91M USD
• 2006 Completed MG trial
• 2006 Completed enrollment in LN trial
• 2007 Completed enrollment in PV trial

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Moving Forward

• Strong platform to support continued growth
• Global reach across 4 geographic offices
• Talent pool with established clinical and
  regulatory expertise
• Solid financial position
• Culture of innovation and entrepreneurship
• Strong and capable management team
• Noel Hall, President Co-Founder
• Bruce Cousins, EVP CFO
• Dr. Usman (Oz) Azam, EVP Chief Medical Advisor
• Rick Goulburn, EVP Global Pharmaceutical
  Operations
• Paul Brennan, SVP Business Development
• Dr. Richard Jones, SVP and Chief Scientific
  Officer
• Darcy OGrady, VP Global Human Resources

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Agenda

• Highlights of the Past 6 Years
• Richard Glickman Chairman CEO
• Financial Highlights
• Bruce Cousins EVP CFO
• Clinical Highlights
• Dr. Usman (Oz) Azam EVP Chief Medical Officer
• Business Development Highlights
• Noel Hall, President Co-Founder
• Closing
• Richard Glickman Chairman CEO

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Financial Progress 2004- 2006
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Financial Highlights 2007 and Beyond

• Q1 2007
• Revenue 59.3 M
• Net income 36.4 M
• Diluted earnings per share (EPS)
  1.03
• Cash and equivalents 277.2 M
  
• Operating cash flow 20.5 M
  
• Shares outstanding (diluted)
  35,406,138
• Market Cap 763 million (March 31, 2007)
• Essentially debt-free
• Competitive global tax rate - lt15
• Revenue guidance for 2007 in excess of 245M
  USD
• Strong operating margins supported by 133 FTEs

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Agenda

• Highlights of the Past 6 Years
• Richard Glickman Chairman CEO
• Financial Highlights
• Bruce Cousins EVP CFO
• Clinical Highlights
• Dr. Usman (Oz) Azam EVP Chief Medical Officer
• Business Development Highlights
• Noel Hall, President Co-Founder
• Closing
• Richard Glickman Chairman CEO

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CellCept Overview (Mycophenolate Mofetil or MMF)

• Leading branded transplant medicine in the world
• 1.5 billion USD worldwide sales in 2006
• Small molecule immunosuppressant
• Approved for renal, heart and liver transplant
• 11 years of clinical practice, over 600,000
  patient years of experience
• Significantly improved graft patient survival
• This drug has largely replaced azathioprine
  and is widely used because it is effective in
  combination with many other agents, simple to use
  without monitoring, and free from organ toxicity
  and cardiovascular risk.
• Dr. Philip F. Halloran, NEJM December 23, 2004

CellCept transformed transplant medicine
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Clinical Highlights
Under Partnership Agreement with Roche
Market Size (patients worldwide)
Submissions Expected
Regulatory Route
Status
Completion of Trial
Indication
Completion of induction Q2 2007
Lupus Nephritis
US sNDA (Type 2 - Europe)
600,000
Phase 3
Myasthenia Gravis
Complete/ Not filing
US sNDA (Type 2 - Europe)
100,000
Phase 3
Pemphigus Vulgaris
US sNDA (Type 2 - Europe)
40,000
Phase 3
2008
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Systemic Lupus Erythematosus (SLE)

• Life threatening disease
• Chronic inflammatory autoimmune disorder
• US prevalence 500,000 to 1.5M
• Current therapies inadequate highly toxic
• No new medications approved in 30 years

Lupus Nephritis the most common serious
manifestation of SLE

• Inflammatory kidney disease affecting 30 50
  of SLE patients
• Intense disease activity (flares) followed by
  periods of remission
• Patient population 600,000 worldwide
• Current treatment
• Steroids and anti-cancer drugs

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Aspreva Lupus Management Study (ALMS)

• Clinical Regulatory Plan
• Global phase III trial underway
• Induction - Open label comparison of MMF vs. IVC
• Key Endpoints
• Decrease in proteinuria
• Stabilization (to within 25 of baseline) or
  improvement of serum creatinine
• Maintenance - Blinded comparison of MMF vs. AZA
  in maintenance of remission
• Recruitment of 371 patients completed in
  September 2006
• SPA process completed in September 2005
• Induction phase now complete awaiting
  preliminary data (Q2 2007)
• Targeting sNDA filing with FDA in Q4 2007 with
  Type II Variation submission to follow based on
  preliminary results

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Pemphigus Vulgaris

• Painful, life-threatening chronic AI disease
• Patient population 40,000 worldwide
• Current treatment
• High dose steroids and immunosuppressants
• CellCept clinical evidence establishes proof of
  concept
• Clinical Regulatory Plan
• Global phase III trial underway
• Recruitment of 77 patients completed in March
  2006
• Secondary patient enrollment to 96 patients
  completed May 2007
• Trial completion expected in 2008

Toxicity of current treatments limits their
efficacy
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Agenda

• Highlights of the Past 6 Years
• Richard Glickman Chairman CEO
• Financial Highlights
• Bruce Cousins EVP CFO
• Clinical Highlights
• Dr. Usman (Oz) Azam EVP Chief Medical Officer
• Business Development Highlights
• Noel Hall, President Co-Founder
• Closing
• Richard Glickman Chairman CEO

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Aspreva Business Development Process Focus
Alliance Mgmt
Signing
Strategy

BD Operations Business Intelligence,
Competitive Intelligence, Research, Reporting

• Processes led by BD department with reviews and
  assessments shared by relevant functional
  areas in Aspreva
• Autoimmune and Renal focus
• Evaluating partnerships, licensing agreements,
  acquisitions

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Asprevas Strengths Solid Foundation to support
growth

• Talent pool
• Recognized for our expertise in less common
  disease targets
• New members to continue to increase the strength
  of our management team
• Dr. Usman (Oz) Azam, Executive Vice President
  Chief Medical Officer
• Paul Brennan, Senior Vice President, Business
  Development
• Relationships
• Solid relationship with Roche (granted Preferred
  Partner status from Roche)
• Key medical specialists (nephrologists and
  rheumatologists)
• Global reach
• Headquartered in BC, Canada with offices in New
  Jersey, Switzerland, and the UK
• 133 full-time employees
• ALMS trial 371 patients at 88 sites in 21
  countries
• Beyond Compliance
• Met requirements for Sarbanes Oxley Act in 2006
• Continually working to surpass regulatory
  requirements highest standards of corporate
  governance and health care compliance

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Agenda

• Highlights of the Past 6 Years
• Richard Glickman Chairman CEO
• Financial Highlights
• Bruce Cousins EVP CFO
• Clinical Highlights
• Dr. Usman (Oz) Azam EVP Chief Medical Officer
• Business Development Highlights
• Noel Hall, President Co-Founder
• Closing
• Richard Glickman Chairman CEO

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