Ascletis Pharma : APPLICATION FOR CATEGORY I DRUG ASC41 FOR CLINICAL TRIALS OF NONALCOHOLIC STEATOHEPATITIS (NASH) INDICATION ACCEPTED

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Ascletis Pharma Inc.

歌禮製藥有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 1672)

VOLUNTARY ANNOUNCEMENT

APPLICATION FOR CATEGORY I DRUG ASC41 FOR CLINICAL TRIALS OF NONALCOHOLIC STEATOHEPATITIS (NASH) INDICATION ACCEPTED

The Board of Directors (the "Board") of Ascletis Pharma Inc. (the "Company") is pleased to announce that the application for Category I Drug ASC41 developed by our wholly-owned subsidiary for clinical trials of nonalcoholic steatohepatitis (NASH) indication has been accepted by China's National Medical Products Administration.

ASC41, which is developed in-house, is expected to be used in combination with ASC40, another innovative drug of the Company, for treatment of NASH. ASC41 is an oral thyroid hormone receptor beta (THR-beta) agonist, while ASC40 is an oral fatty acid synthase (FASN) inhibitor.

Cautionary Statement required by Rule 18A.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited: We cannot guarantee that we will be able to obtain further approval for, or ultimately market, ASC41 successfully.

By order of the Board

Ascletis Pharma Inc.

歌禮製藥有限公司

Jinzi Jason WU

Chairman

Hangzhou, the People's Republic of China,

18 February, 2020

As at the date of this announcement, the Board of Directors of the Company comprises Dr. Jinzi Jason WU and Mrs. Judy Hejingdao WU, as executive Directors; Dr. Ru Rong JI, Dr. Yizhen WEI, Mr. Jiong GU and Ms. Lin HUA, as independent non-executive Directors.