FibroGen is a research-driven, drug discovery company leading the industry in cutting-edge science and breakthrough discoveries related to tissue fibrosis, diabetic complications, matrix biology, fibroproliferative cancers and metastasis, and HIF-mediated physiology. Our objective is to continue to develop a portfolio of clinical candidates that address major market opportunities. Our responsibility is to generate significant returns to our shareholders. We strive to accomplish these goals by employing a business strategy including the following elements:

• Creating meaningful new therapies that address categories of unmet patient need in severe disease areas where there is limited or no competition,

• Maintaining and expanding our world-class research in tissue fibrosis, diabetic complications, matrix biology, fibroproliferative cancers and metastasis, and HIF-mediated physiology through rigorous scientific investigation, both internally-driven and with academic collaborators,

• Expanding into related areas of research expertise where FibroGen has a competitive advantage, barriers to entry are low, and market need is high,

• Commercializing recombinant human collagens and gelatins as novel biomaterials for a wide variety of pharmaceutical and medical industry applications,

• Engaging in pragmatic and sensible business arrangements, including various forms of partnering that confer a strategic advantage to FibroGen,

• Retaining key product opportunities that enable FibroGen's vertical entry into North American markets when the risk-adjusted financial value of the opportunity is not achievable through other means,

• When feasible, commercializing products in high value markets for which FibroGen can manufacture, market, and sell,

• Expanding intellectual property position to achieve broad protection for FibroGen discoveries and to enhance competitive position in each area of expertise,

• Employing aggressive cost management programs to limit burn rate, and

• Taking advantage of a wide variety of financing mechanisms to assure the Company is adequately capitalized.