Arbutus Biopharma : Corporate Presentation - December 2022

Corporate Presentation

NASDAQ: ABUS

www.arbutusbio.com

December 13, 2022

Forward-LookingStatements

This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws. All statements that are not historical facts are hereby identified as forward-lookingstatements for this purpose and include, among others, statements relating to: the potential market opportunity for HBV; Arbutus' ability to meet a significant unmet medical need; the sufficiency of Arbutus' cash and cash equivalents for the anticipated durations; the expected cost, timing and results of Arbutus' clinical development plans and clinical trials, including its clinical collaborations with third parties; the potential for Arbutus' product candidates to achieve their desired or anticipated outcomes; Arbutus' expectations regarding the timing and clinical development of Arbutus' product candidates, including its articulated clinical objectives; the timeline to a combination cure for HBV;

Arbutus' coronavirus strategy; Arbutus' expectations regarding its technology licensed to third parties; the expected timing and payments associated with strategic and/or licensing agreements;

the patent infringement lawsuit against Moderna; and other statements relating to Arbutus' future operations, future financial performance, future financial condition, prospects or other future events.

With respect to the forward-looking statements contained in this presentation, Arbutus has made numerous assumptions regarding, among other things: the timely receipt of expected payments; the effectiveness and timeliness of pre-clinical studies and clinical trials, and the usefulness of the data; the timeliness of regulatory approvals; the continued demand for Arbutus' assets; and the stability of economic and market conditions. While Arbutus considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties, and contingencies including uncertainties and contingencies related to the ongoing COVID-19 pandemic and patent litigation matters. Forward-

looking statements herein involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future

results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others: anticipated pre-clinical and clinical trials may be more costly or take longer to complete than anticipated, and may never be initiated or completed, or may not generate results that warrant future development of the tested drug candidate; changes in Arbutus' strategy regarding its product candidates and clinical development activities; Arbutus may not receive the necessary regulatory approvals for the clinical development of Arbutus' products; economic and market conditions may worsen; uncertainties associated with litigation generally and patent litigation specifically; market shifts may require a change in strategic focus; the parties may never realize the expected benefits of the collaborations; and the ongoing COVID-19 pandemic could significantly disrupt Arbutus' clinical development programs. A more complete discussion of the risks and uncertainties facing Arbutus appears in Arbutus' Annual Report on Form 10-K, Quarterly Report on Form 10-Q and Arbutus' periodic disclosure filings, which are available at www.sec.gov and at www.sedar.com. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and Arbutus disclaims any obligation to

revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results,

events or developments, except as required by law.

2

Our Strategy

Leverage the proven track record of success established with our team's expertise in understanding and treating viral infections by discovering and developing a broad, differentiated pipeline of therapies targeting chronic HBV, COVID-19, and future coronavirus outbreaks.

Develop a combination therapy that		Develop novel oral pan coronavirus
includes antivirals and immunologics		antivirals targeting essential viral
to provide a finite duration treatment for people		proteins with the goal of reducing hospitalizations
with cHBV that results in >20% functional cure rate.		and providing pre-exposure prophylactic therapy.

HBV: Hepatitis B Virus | cHBV: chronic HBV	3

Investment Highlights

Indications with

Team

Broad portfolio

Lead HBV compound -

Strong

Patented

significant unmet

with virology

of internally

AB-729 RNAi

financial position

LNP

medical need & large

expertise and proven

discovered assets with

therapeutic in multiple

technology

market opportunities

track record

distinct MOAs

Phase 2a combination

clinical trials

Focused on	Discovered,	RNAi therapeutic	Data shows AB-729 is generally	Cash runway	Receiving licensing royalties
safe
developing functional cure for	developed &	PD-L1 inhibitor
into Q2 2024	arising from Alnylam's
and well tolerated and
HBV and oral pan-coronavirus	commercialized	RNA destabilizer
	Onpattro®
has shown meaningful
therapeutics	multiple drugs	Mpro inhibitor
	and seeking damages for
suppression

Nsp12 polymerase inhibitor	of HBsAg while on- or off-	Moderna-COVID-19 vaccine
	sales
	treatment

MOA: Mechanism of Action | PD-L1: Programmed death-ligand 1 | Mpro: Main protease | NSP12: Non-structural protein | HBsAg: Hepatitis B surface antigen	4

Broad Pipeline

HBV

RNAi Therapeutic

AB-729

PD-L1 Inhibitor (oral)	AB-101
RNA destabilizer (oral)	AB-161

Lead Optimization

IND Enabling

Phase 1

Phase 2

Phase 3

Marketed

AB-729-001single-ascending dose / multiple-ascending dose

AB-729-201 Combo trial (AB-729 + Peg-IFNa-2a + NA)

Combo trial (AB-729 + core inhibitor + NA)

AB-729-202 Combo trial (AB-729 + vaccine + NA )

COVID-19

Mpro inhibitor (oral)

Nsp12 polymerase inhibitor (oral)

NA: Nucleoside Analogue	5