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VALBIOTISINVESTORS PRESENTATION

July 2020

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01. VALBIOTIS / Corporate

02. TOTUM-63, to reduce the risk of type 2 diabetes

05. TOTUM-448, to reduce non-alcoholic hepatic steatosis (NAFL)

06. FINANCIAL INFORMATION

04. TOTUM-854, to reduce blood pressure

03. TOTUM-070, to reduce hypercholesterolemia

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ALA R&D company, committedto scientific innovation,for preventing and combatingmetabolic diseases

• 4 patent familiesregistered on 5 continents

• A pipeline of innovative active substances in Nutrition Healthcare, engineered in ourR&D centers

• An innovative approach,enabled by a specific expertise of plants

• A high level of evidence, with clinical studiesand health claims

Active substances from plants and based on science, to address unmetmedical needs

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Nutrition Healthcare: a portfolio of active substances, in clinical stages

TOTUM-63 / Prediabetes

TOTUM-070 / Hypercholesterolemia

TOTUM-854 / Arterial hypertension

TOTUM-448 / Fatty Liver

Phase II Phase II/III

Mid-2020

Study launch Results

S1 2022

Q3 2020 Q4 2021

Q4 2020 Q1 2022

S2 2021 -

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ALThe success of an innovative model in health industry,proven effective in only 5 years

2020

2017

20142016

2019

Foundation of VALBIOTIS• First fundraising• Discovery of TOTUM-63: first studies and patent applications• 4 employees and academic partners

Initial Public Offering• Internalization of the R&D platform• Strategic patents granted for TOTUM-63• Clinical validation of the first product, TOTUM-63• 36 employees• 1200m2 R&D platform in-house

First strategic partnership with a global healthcare player• Up to 71 M CHF upfront and milestones payments

+ Royalties on net sales+ Supply revenue

Development of other products of the pipelinefollowing TOTUM-63 standard

25.2 million eurosraised since 2014 (equity)

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ALAn expert management team for healthcareinnovation

Sébastien PELTIER

20 years’ experience in Research& Development for drug and food

supplement industries. Unique, provenexperience with health claims referring

to the reduction of a disease risk(EFSA – European Food Safety

Authority – article 14.1a)

CEO, PhD - HDR. Chairman of the Board of Directors

Jocelyn PINEAUMBA.

CFO, Member of the board

20 years’experience in projectmanagement positions as part

of executive management boards,in the agro-food and foodsupplements industries.

Pascal SIRVENTPhD - HDR.

CSO, Member of the board

Over 15 years’ researchexperience in the field of metabolic diseases, with

leadership positions and a strong background in international scientific

partnerships.

25 years’ experience in healthand nutrition. Founder and

former Executive Director of Biofortis Mérieux Nutrisciences

Europe.

Murielle CAZAUBIELM.Sc.

CMO, Member of the board

Medicine degree, 25 years’ international experience in marketing and business development focused on Consumer Healthcare, with top management positions. Former Vice President at

Sanofi, Johnson & Johnson and Pfizer.*

Josep INFESTAMD, MBA

Head of Global Busines Development

*External consultant

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ALAn expert management team for healthcareinnovationSupervisory Board

Laurent LÉVY, PhDChairman of the Supervisory Board

Remuneration CommitteeCEO, co-founder,

NANOBIOTIX

Agnès TIXIERAudit Committee

Executive Director, Crédit Mutuel, Equity SCR

Sébastien BESSYRemuneration Committee

Vice President Global Strategic Operations, IPSEN

Dr Jean ZETLAOUI, MD, MBAAudit Committee

Medical Affairs and ClinicalDevelopment Consultant

30 years’ experience as hospitalpractitioner in anesthesia-reanimation

(AP-HP), Head of scientific and medicalaffairs, market access at Sanofi, Nestlé Health Science and Novartis Pharma.

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ALA unique partnershipin the field of Nutrition Health

A long-term strategic partnershipfor the development and worldwidecommercialization of TOTUM-63 in prediabetes.

A worldwide contract signed before pivotal phase

A license and supply agreement

Commercialization possible prior to health claim

Milestones payments: up to CHF 66 million, covering the cost of TOTUM-63 development+ Upfront: CHF 5 million

+ Tiered royalties on net sales+ Supply revenues

Joint Advisory Committee VALBIOTIS / Nestlé Health Science

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AL2020-2022 strategic roadmap

2020

2022

TOTUM-63 (prediabetes, T2D)1st patient Phase II/IIIREVERSE-IT (Mid 2020)

TOTUM-070 (LDL-cholesterol)1st patient Phase II (Q4)

Objectives 1. Commercial launch of TOTUM-632. Launch of new clinical programs, from R&D activities

3. Partnerships on other active substances in the portfolio

TOTUM-63 (prediabetes, T2D)Scientific publications

TOTUM-448 (NAFL)1st patient Phase II (S2)

TOTUM-854 (AHT)1st patient Phase II (Q1)

TOTUM-63 (prediabetes, T2D)- Phase II/III results (S1)- Health claim file

TOTUM-854 (AHT)Phase II results (Q1)

2021

TOTUM-070 (LDL-cholesterol)Results Phase II (Q4)

New therapeuticareas

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Milestones 2020:TOTUM-63

FEBRUARY 2020 MARCH 2020 JUNE 2020 SEPT 2020

Partnership signed withNestlé Health Science

REVERSE-IT launch(prediabetes, untreatedType 2 Diabetes)Phase II/III pivotal study, TOTUM-63

A D AAmerican DiabetesAssociation, 80th scientific sessions

Chicago, Illinois (USA)

R E V E R S E - I TPA R T N E R S H I P

SUMMER 2020

FPFV (first patient, first visit)

R E V E R S E - I T E A S DEuropean Association forthe Study of Diabetes, 56th annual meeting

Vienna, Austria

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ALHigh-value scientific & medicalsupervisory Board

Pr Samy HADJADJ MD, PhD, PU-PH

Nantes University Hospital

Professor of endocrinology, diabetology and metabolic

diseases, Hospital practitioner.

Bruno GUIGASPhD

Leiden University (Netherlands)

Assistant professor.

Pr Jean-Marie BARD PharmD, PhD, PU-PH

Nantes University Hospital

Professor of biochemistry at the Faculty of Pharmacy and

Head of the BiopathologyDepartment at Institut de

Cancérologie de l’Ouest (ICO) in Nantes.

Nathalie BOISSEAUPhD, PU

Clermont Auvergne University

Professor of sports physiology.

Thierry MAUGARD PhD, PU

La Rochelle University

Professor of biochemistry inthe Biotechnology

Department.

André MARETTE PhD - Laval University Hospital

INAF (Canada)

Professor in the Faculty of Medicine. Researcher at the

Quebec Heartand Lung Institute and Scientific

Director of the Institute of Nutritionand Functional Foods (INAF) at

Université Laval.

700 scientific publications: Diabetes Care, The Lancet, Nature

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3 R&D centers dedicatedto metabolic diseases

Plant-based chemistryDesign of active substances (compliant with pharmacopeia US / EU).

Extraction processes, characterisation, purification, bioengineering, pharmaco-modulation.

Discovery et Preclinical ResearchIn vivo screening on relevant models of metabolic diseases.In vivo and in vitro studies: efficacy, safety, mode of action.

1,200 m2 platform: models of metabolic diseases, radiolabelling, micro-surgery & clamp, histology, cellular culture, molecular biology, biochemistry.

Clinical researchDesign, lead and achieve all Phase I/II, II and II/III clinical studies.Clinical studies following the Good Clinical Practice standards (GCP), within specialized clinical investigation centers.

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ALNutrition Healthcare: a high level of evidencefor prevention

A R&D process following the outlineof pharmaceutical development.

Research Clinical studiesPreclinical studies Regulatory approval

A short development cycle: 6-7 years

Phase I/IISecurity

Phase IIEfficacy

on targetpopulation

Phase II/IIIEfficacy

confirmation on target population

Unequivocal clinical evidencefor the reduction of risk factors

versus placebo

Industrial development of the product

FDA, EFSAHealth Canada, other regulatory

authoritiesby country

Obtention of health claim

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ALHealth claims:well establishedregulatory processes

“TOTUM-63 may reducethe risk of type 2 diabetes,

a disease associatedwith several risk factors.”

Composition, quality& safety

”TOTUM-63 reducesfasting glycemia,

which increase is a risk factorfor type 2 diabetes.”

Composition, quality± safety

Free claim,but strictly compliantwith clinical evidence.

Quality + evidence regardingsafety and efficacy

Food supplement status Food supplement status Natural health product

HEALTH CLAIMS Provide non-ambiguous proof of the efficacy of the productin at-risk population, accordingto current regulation.

Set product specificationsand quality management.

Different framesamong countries.

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ALThe business model:strategic agreementswith global health players

Target populationSubjects at riskof developingmetabolic diseases

AdvisorsHealthcare professionals

RetailPharmacies / drugstores network, online sale+ ad hoc omnichannelstrategy by country

Commercialization model

Global agreements along the products life cycle:- Last stages of clinical development- Galenic development and supply- Worldwide commercialization

Long term strategicpartnerships

Revenue generating growth

Upfront and milestones paymentsFunding of clinical studies

+ Royalties on sales+ Supply

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Nutrition Healthcare4 Nutrition Health productsin clinical development stages,to reduce the risk of developingmetabolic diseases

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A global IP strategyacross the portfolio

Demonstrates that innovative combinationsof plant extracts are patentable for a healthcarepurpose in food, supplements or pharmaceuticalsproducts> “ Plant extracts / molecules ”.

TOTUM-63

TOTUM-070

TOTUM-854

TOTUM-448

Patents applied for in + 60 countries

All patents registered internationally, including USA, Europe, Canada, China, Australia, Russia, Japan, Brazil.

4 patent families applications worldwide

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ALSolid scientific resultsselected by major international scientific societies

Including 8 accepted communications in the 3 major diabetescongresses worldwide:- American Diabetes Association (ADA) - European Association for the Study of Diabetes (EASD)- International Diabetes Federation (IDF)

14Communications duringscientific congresses since 2016

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TOTUM-63, to reducethe risk of type 2 diabetes

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ALPrediabetes:an opportunity for diabetes prevention“Prediabetes should not be consideredas a disease but as a high-risk stage of developing T2 diabetes”1

AT-RISK STAGE

REVERSIBLEmetabolic

impairments

IRREVERSIBLEmetabolic impairments

(in most cases)

TYPE 2 DIABETES

Lifelong treatments,costful and stressful follow-up

+ morbid complications

1 Standards of care in Diabetes, ADA 2017 ; 2 Tabak AJ. et al., Lancet, 2012 ;

3 Nathan DM. et al., Diabetes Care, 2007 ; 4 Knowler WC et al., N Engl J Med, 2002

1year:

5% to 10%2

3-4 years:

25% to 37%3,4

Long term:

70% to 90%2

PREDIABETES Risk of progression to type 2 diabeteswithout intervention

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ALPrediabetes: a favourable medicalenvironment for new productsAn easy diagnosis in primary care, based on simple blood tests.

A recognition by international scientific societies and health authorities:• Screening and diagnosis modalities• Recommendations for prediabetes management

AND/OR

MODERATE FASTING HYPERGLYCEMIA

GLUCOSE INTOLERANCE

Standards of care in Diabetes, ADA, 2017 ; Global Report on Diabetes, WHO, 2016 ; HAS – Référentiel de pratiques de l’examen périodique de santé, Prévention et dépistage du diabète de type 2, 2014

1,00 to 1,25 g/L I ≥ 5,7% and < 6,5%Fasting glycemia from: HbA1c:

2 hours after a 75goral glucose intake

1,4 and 2 g/LGlycemia from

Fasting glycemia from:

AND/OR

GLUCOSE INTOLERANCE

2 hours after a 75goral glucose intake

1,4 and 2 g/LGlycemia from

MODERATE FASTING HYPERGLYCEMIA

1,10 and 1,25 g/L

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TOTUM-63: a worldwide innovation designed for people with prediabetes

• Clinical evidence of efficacy already obtained in prediabetics, for the reduction of fasting glycemia, to obtain a healthclaimfor the risk reduction of type 2 diabetes

• Already marketable in Europe, with authorizations granted, related to its status.

• Different formulations: capsules, powder, possible integrationinto medical nutrition products.

• 100% natural

• Well tolerability

First clinically proven and naturalsolution created to reduce the riskof developing type 2 diabetes.

Complete characterisationof the biomolecules(HPLC-UV/MS)

A combination ofplant extracts

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Improvedinsulin signaling

↓ Sizelipid droplets

↓ Steatosis

Akt

TOTUM-63: an activesubstance for a multitargetaction on several tissues involved in metabolic regulation

Glucose

↑ DiversityIntestinal microbiota

↓ Glucose absorption

LIPOGENESIS↓Cd36, ↓Fabp1, ↓ Acaca

↓ Fas, ↓ Scd1

↓Triglycerides

GLUT2 SGLT1Sucrase-

IsomaltaseMaltase-

Glucoamylase

GLUT2

GLUT4

↑ Peripheralglucose intake

IR

InsulinI

IRS1PI3K

GLUT4

Glucose

G

G

GG

GUT

LIVER

MUSCLE

WHITE ADIPOSE TISSUE

IRI

IRS1PI3K

↑P

Akt

Insulin

↓ Pro-inflammatorymacrophages

CD11c+

BROWNADIPOSE TISSUE

↓ Expressionlipogenesis genes

↑ Expression thermogenesis genes

↑Ucp1↑Dio2↑Cox8b

↓PLIN2

↓ATG

L↓Fsp27

↓ Expression lipid storage genes

LIPIDDROPLET

Decrease in fasting glycemiaImproved glucose tolerance

G

GG

G

↓ Inflammation

GGLUT4 Glucose

G

↑P

Improvedinsulin signaling

BLOOD

24TOTUM-63:preclinical dataon type 2 diabetesprevention

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Prevention protocols

Positive and significant results on:• Fasting glycemia• Insulin-resistance• Body weight• Fat mass

Low fat diet, LFD (n= 10)High fat diet, HFD (n= 12)HFD + TOTUM-63 (n= 12)

Control (n=10)TOTUM-63 (n=10)

High Fat Diet mice(HFD)

Diabetic mice model: db/db

25TOTUM-63:preclinical dataon type 2 diabetesreversion

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Reversion protocolsHigh Fat Diet mice

Positive and significant results on:• Post-prandial glycemia• Insulin-resistance• Body weight• Fat mass

Low fat diet, LFD (n= 10)High fat diet, HFD (n= 12)HFD + TOTUM-63 (n= 12)

26TOTUM-63:Phase II clinical results

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• Multicenter, randomised, unbalanced(3:1, TOTUM-63:Placebo) and double-blindplacebo-controlled study, 2 parallel-groups

• Supplementation period: 6 months, 5 g/day (3 intakes)

• Primary endpoint: change in fasting glycemiabetween baseline and 6 months

• Main secondary endpoints: 2 hours OGTT glycemia, insulin sensitivity, anthropometric parameters, hemodynamic parameters lipid profile, safety

Study design51 prediabetics with abdominal obesity associatedwith moderate hyperglycemia, hyperglycemiaat 2 hours (OGTT) and hypertriglyceridemia.

• Age*: 57.1 years (± 1.4)• Gender: 35 female, 16 male• BMI*: 31.3 kg/m2 (± 0.8)• Fasting glycemia*: 1.26 g/L (± 0.02)• 2 hours OGTT glycemia*: 1.85 g/L (± 0.08)• Fasting triglycerides*: 1.78 g/L (± 0.10)

Study population

Coordinating Investigator: Dr. David Gendre (MD Biofortis) Expert: Pr. Jean-Marie Bard (PharmD, PhD, Professor of Basic and Clinical Biochemistry, Nantes, France)ID-RCB Number: 2016-A00484-47

* Mean values ± SEM

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ALTOTUM-63: Phase II clinical resultsPrimary endpoint met:reduction in fasting glycemia vs. placebo

– 9.3%a

aDifference of the means of individual variations expressed in %

TOTUM-63

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ALTOTUM-63:Phase II clinical resultsSecondary endpoint met:reduction in 2h-glycemia (OGTT)vs. placebo

aDifference of the means of individual variations expressed in %

TOTUM-63

– 22.5%a

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ALTOTUM-63:Phase II clinical resultsSecondary endpoints met:reduction in anthropometric parametersvs. placebo

aDifference of the means of individual variations

– 4.48 cma– 1.9 kga

TOTUM-63

Values are expressed as mean ± SEM. ** p<0.05

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ALTOTUM-63:Phase II clinical resultsSecondary endpoints met:reduction in triglyceridemia and Fatty Liver Indexvs. placebo

aDifference of the means of individual variations expressed in %

TOTUM-63

– 32.2%a – 18.7%a

FLI ≥ 60: High probability of steatosisValues are expressed as mean ± SEM. ** p<0.01

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ALTOTUM-63:Phase II clinical resultsSecondary endpoints met:reduction in systolic blood pressurevs. placebo

aDifference of the means of individual variations

TOTUM-63

-10.6 mmHga – 18.9 mmHga

Systolic blood pressure evolution(from baseline to 6 months), overall population

Systolic blood pressure evolution(from baseline to 6 months), subpopulation SBP > 130mmHg

Overall populationSub-population: subjects with high

blood pressure

Values are expressed as mean ± SEM. ** p<0.01

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TOTUM-63:an innovative active substance in the last stage of clinicaldevelopment

2019Phase I/IIpositive results2017

Industrialprocessvalidated withPierre FabreGroupeMay

Phase IIpositive resultsJuly / September

Global strategicpartnership withNHSFebruary

Phase II/III : REVERSE-ITinternational pivotal studymid-2020

Health claims

EFSA – HealthCanada – FDA and other regulatoryauthoritiesby country

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ALREVERSE-IT:the international Phase II/III pivotal study in prediabeticsand untreated Type 2 diabetics

An international multicentric, randomized, placebo-controlled, double blind study.Dose: 5 g/day2 regimens: 2 and 3 intakes/dayA 3-month follow-up period, post-supplementation

Study design

Prediabetics + early stage untreated Type 2 diabetics• Elevated fasting glycemia (≥ 1.10 g/L and ≥ 1.26 g/L)• Abdominal obesity: waist circumference ≥ 102 cm (men) and > 88 cm (women)

Extended target population

Primary endpoint: reduction in fasting glycemia (a risk factor for type 2 diabetes) with TOTUM-63, 3 intakes/day, vs. placeboOther critera: 2h glycemia (Oral Glucose Tolerance Test, OGTT), body weight,waist circumference, body fat mass (DEXA)* + other metabolic parameters of interest

Same endpoints as the previous clinical Phase II

* Not tested in Phase II

TOTUM-635.0 g

(3 intakes) / day

N=200

Placebo3 intakes

/ day

N=200

TOTUM-635.0 g

(2 intakes) / day

N=200(open label)

Randomization

Duration= 6 months

600 subjects

ResultsexpectedS1 2022

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ALPrediabetesmarket data

prediabetics in the world 900 million

adults diagnosed with prediabetes, waiting for a solution

13.4 million

adults with prediabetes(total USA, Canada, Top 5 Europe)

134 million

adults diagnosed in the USA10 million

Current average diagnosis rate (US/UE) = 10%

Data: AEC Partners data on key VALBIOTIS markets: the United States, Canada and the 5 primary European countries 2019

Prediabetic adultpopulation per country

14(20.2%)

12(24.2%)

6(22.1%) 6

(15.8%) 5(10.1%) 4

(8.4%)

86(33.9%)

Note: estimation for 2018

United States Germany UK Canada Spain France Italy

Million adult(% of overall adult population)

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ALA fast-growing marketin the coming decade: estimate for NorthAmerica and Top 5 Europe

2018 20272019 2020 2021 2022 2023 2024 2025 2026

• Increasing prevalence of prediabetes

• Continuous progression of screening

• Development of prevention programs

• Growth of the market of prediabeteshealthcare products

0.60.7

0.8

0.9

1.0

1.2

1.4

1.6

1.8

12%

x3

Data: AEC Partners data on key VALBIOTIS markets: the United States, Canada and the 5 primary European countries (Germany, United-Kingdom, France, Spain and Italy), 2019

Mar

ketv

alue

(billi

ons €

)

1.8

1.6

1.4

1.2

1.0

0.8

annual growth rate

in 10 years

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TOTUM-070,to reduce hypercholesterolemia

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ALLDL hypercholesterolemia:a risk factor for cardiovascular diseases

“LDL-cholesterol is the primary cause of atheroscerosis.”1

12018 Guideline on the Management of Blood Cholesterol, a report from the American College of Cardiology/American Heart Association, Journal Of The American College Of Cardiology, 20192www.inserm.fr/information-en-sante/dossiers-information/atherosclerose, accessed 2 April 2020

Atheroma plate breakageis the cause of

80% of sudden deaths.2

Atheroma platesweakening and clogging arteries

Hypercholesterolemia

LDLAtherosclerosis

Stroke

Risk ++ of cardiovascular mortality

Myocardialinfarction

Peripheralarterialdisease

Alone or associatedwith other cardiovascular

risk factors(arterial hypertension, diabetes, obesity, etc.)

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TOTUM-070: developed for people withmild to moderateLDL hypercholesterolemia,a risk factor for cardiovasculardiseases

• An innovating composition, 100% natural, patented, without phytosterolnor red rice yeast.

• A Phase I/II clinical study validated the tolerance and suggesteda 7-10% reduction in LDL cholesterol for the next Phase II study,in people with mild to moderate hypercholesterolemia.

à A 10% reduction in cholesterol reduces by 50% the risk ofdevelopping a heart disease within 5 years. 1

• An upcoming clinical development to obtain a proprietary health claim related to the reduction of LDL-cholesterol, risk factor for cardiovasculardiseases.

1In 40 y.o. men, www.who.int/gho/ncd/risk_factors/cholesterol_text/en/ accessed 10 April 2020

Complete characterisationof the biomolecules(HPLC-UV/MS)

A combination ofplant extracts

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Chole

stero

lSq

ualen

eMev

alona

teHMG-C

oA

CD36

NPC1L1

GUT

LDL

LDLR

Cholesterol

HMGCR

Bile acids

Cholesterol

PCSK9

Fatty acids

ApoB100

Chylomicron Chylomicron

VLDL

PCSK9

Bile acids

SREBP2

AMPKP

HMGCR

LDLR

PCSK9

CYP7A1

Intestinal microbiota

OngoingLIVER

Bile acids

ApoB48

IBAT

BLOODLymph

ABCA1

HDL

Enterocyte

NPC1L

1

CETP

ResidualVLDL

VLDL

Fatty acids

LPL

ApoER

Residualchylomicron

LPL

Degradation

Degradation

LPL

ABCG5/G8

Fatty acids

TG

TG

Bileduct

Ongoing

Ongoing

Ongoing

Ongoing

Ongoing

Ongoing

Ongoing

Ongoing

TOTUM-070: the main hypothesis currently studied, for a multitarget mode of action on lipid metabolism

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AL2020-2021: a Phase II clinical study to reduceLDL blood cholesterol

A randomized, placebo-controlled, double blind studyPopulation: 120 subjectsDose: 3.75 g/day

Study design

People with mild to moderate LDL hypercholesterolemia• LDL cholesterol blood level between 1.3 g/L and 2.2 g/L

Study population

Primary endpoint: reduction in blood LDL cholesterol, a cardiovascular riskfactor, with TOTUM-070, vs. placebo

Other criteria: several metabolic parameters of interest

Objectives

TOTUM-0703.75 g / day

N=60

Placebo3.75 g/ day

N=60

ResultsexpectedQ4 2021

Randomization

FPFV:Q4 2020

Duration:6 months

120 subjects

*Not tested in Phase II

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ALMild to moderateLDL hypercholesterolemia: the market data

Adults diagnosed(total USA & Top 5 Europe)

83 million

Adults with moderatelyelevated LDL* (total USA

& Top 5 Europe)

174 million

Patients diagnosed and whouse food supplements to

control their cholesterol levels(total USA & Top 5 Europe)

34 million

Current average diagnosis rate (USA/UE) = 48%

1.2billion euros

A large and well establishedmarket in USA & Europe Top 5

Data AEC Partners, Elevated LDL preliminary market estimation, 2020.

39% of adults worldwide

with high cholesterol 1

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TOTUM-854,to reduce blood pressure

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ALArterial hypertension (AHT):the leading cardiovascular riskfactor in the world

“The continuous relationship between blood pressure and riskof cardiovascular events has been shown at all ages and in all ethnic groups, and extends from high blood pressure levelsto relatively low values.”

1ESC/ESH Guidelines for the management of arterial hypertension, European Heart Journal, 2018

Weakened arteries

Arterialhypertension

Major risk of mortalityand disability

Ischemicheart disease

Peripheralartery disease

Stroke

Renalfailure

- Hemorrhagic- Ischemic

- Myocardial infarction- Heart failure

+ 40 % of disability adjustedlife years related to high blood

pressure since 1990.1

First cause of prematuredeath in the world: 10 million in 2015.1

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ALArterial hypertension (AHT):the leading cardiovascular riskfactor in the world

people with AHT in the world (2015).1the world's first chronic disease.

1,1 billion

1ESC/ESH Guidelines for the management of arterial hypertension, European Heart Journal, 2018 ;2 Prise en charge de l’hypertension artérielle de l’adulte, Recommandation de bonne pratique, HAS, 2016 www.has-sante.fr/jcms/c_2059286/fr/prise-en-charge-de-l-hypertension-arterielle-de-l-adulte ;

3 International Diabetes Federation, 2006. Professors Sir George Alberti and Paul Zimmet.The IDF consensus worldwide definition of the METABOLIC SYNDROME

Efficient management of AHT decreases the risk of cardiovascular complications and contributes to longer life expectancy.2

The normal blood pressure of an adult is established at 120 mmHg * when the heart contracts(systolic pressure) and at 80 mmHg when the heart relaxes (diastolic pressure)2.

In Europe, AHT defined as arterial blood pressure ≥ 140/90 mmHg* persistingover time2, or ≥ 130 /85 mmHg in subjects with metabolic syndrome.3

*Blood pressure is expressed in millimeters of mercury (mmHg)

In USA, the hypertension threshold has been lowered to 130/90 mmHg.

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TOTUM-854: developed for people with mild to moderateelevation of bloodpressure, a risk factor for cardiovascular diseases

• An innovating composition, 100% natural, patented.

• An ongoing partnership with the University of Avignon Pharm-Ecology Cardiovascular Laboratory (EA 4278) to deepen the mechanism of action of TOTUM-854.

• An upcoming clinical development to obtain a proprietary healthclaim in Europe and North America, related to the reduction of systolic blood pressure, risk factor for cardiovascular diseases.

Complete characterisationof the biomolecules(HPLC-UV/MS)

A combination ofplant extracts

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ALTOTUM-854: the main hypothesis currently studied,for a multitarget mode of action on blood pressure

Angiotensinogène

Angiotensin I

Angiotensin II

R-AT1

ACE Angiotensin Conversion Enzyme

Ongoing

Ongoing

Ongoing

Ongoing

Ongoing

Ongoing

Ongoing

Inflammation

NADPH Oxidase

eNOS

NO

SIRT1AMPKP

Autophagy

ROS

MAPK

Akt

PI3K

P

Mitochondrie

TLR4

NF-kB

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EL2020-2022: a Phase II clinical study for the reduction of blood pressure

A randomized, placebo-controlled, double blind studyPopulation: 100 subjectsDose: 2.5 g/day

Design study

People with mild to moderate elevation of blood pressure, untreated• Blood pressure between 130/80 mmHg and 160/90 mmHg

Population study

Primary endpoint: reduction in systolic blood pressure,a cardiovascular risk factor, with TOTUM-854, vs. Placebo(measurement in clinical investigation center)

Others endpoints: blood pressure ambulatory measurement over 24h

Objectives

*Not tested in Phase II

TOTUM-8542.5 g / day

N=50

Placebo2.5 g/ day

N=50

ResultsexpectedQ1 2022

Randomization

FPFV:Q1 2021

Duration:6 months

100 subjects

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ALMild to moderateelevation of bloodpressure: the market data

Adults diagnosed(total USA & Top 5 Europe)

77 million

Adults with moderateelevation of blood

pressure (total USA & Top 5 Europe)

124 million

Adults diagnosed and whouse food supplements to

control their blood pressure (total USA & Top 5 Europe)

32 million

Current average diagnosis rate (USA/UE) = 61%

Données AEC Partners, Pre-HTA preliminary marjet estimation, 2020.

1.15billion euros

The mild to moderate raiseof blood pressure market

in USA + Europe Top 5

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TOTUM-448, to reducenon-alcoholic hepatic steatosis

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ALHepatic steatosis: an opportunity to preventNASH and its complications”The progression from NAFL to NASH dramatically increases the risksof cirrhosis, liver failure,and hepatocellular carcinoma”1

1Nonalcoholic Fatty Liver Disease and Nonalcoholic Steatohepatitis; World Gastroenterology Organization, 2012 ;2EASL–EASD–EASO 2016 Clinical Practice Guidelines on the management of non-alcoholic fatty liver disease. J Hepatol 2016

Without intervention, up to 40% of subjects with non-

alcoholic hepatic steatosiswill at least develop NASH

within 8 to 13 years.2

Reversible triglycerides accumulation in> 5% of hepatocytes 1

« Ballooning »+inflammation1

Fibrosis,Cirrhosis, Hepatocellular carcinoma,Liver failure

HEALTHY LIVER

HEPATIC STEATOSIS NASH

Risk of progression to NASH without intervention

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ALNon alcoholic hepatic steatosis, established specific medical practices

Recommendations for systematic screening in at-risk populations2:- Patients with obesity, insulin-resistance, metabolic syndrome, type 2 diabetes.

Liver ultrasonography: the recommended non invasive first line exam for diagnosis.2,3

- Not expensive, largely available, highly sensitive for moderate to severe steatosis.4

1Bedogni, G. et.al., BMC Gastroenterology; 2006 ;2EASL–EASD–EASO 2016 Clinical Practice Guidelines on the management of non-alcoholic fatty liver disease. J Hepatol 2016 ;

3Global Guidelines Nonalcoholic Fatty Liver Disease and Nonalcoholic Steatohepatitis, World Gastroenterology Organisation, 2012 ; 4Hernaez R et al. Hepatology. 2011.

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Based on routine clinical examinations:• Body Mass Index (BMI) and waist size• Blood triglycerides level• Blood Gamma GT (liver enzyme) level

Fatty Liver Index (FLI): a predictive score for screening in primary care1

FLI < 30: No steatosisFLI ≥ 60: High probability of steatosis

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TOTUM-448: developed for people with non-alcoholicfatty liver disease, at risk of NASH

Complete characterisationof the biomolecules(HPLC-UV/MS)

Initiation of the Phase II clinicalstudy plannedfor S2 2021

A combination ofplant extracts

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AL

Financial information

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ALALVAL-FR: Shareholders breakdown

Target price (data February 2020)

Portzamparc Christophe DOMBU

10.50 EUR

Target price (data July 2020)

Invest Securities Thibaut VOGLIMACCI-STEPHANOPOLI

12.30 EUR

69.7%

12.7%

17.6%

Individuals and institutions

Management

Family Offices

Free float87.3%

At 17/07/2020

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ALCash and R&D expenses

Cash Position: € 10.9 million(at 30/06/2020)

Not included:first milestone payment from Nestlé Health Science (CHF 3 M),fundraise from Amiral Gestion (€ 2 M) and PGE (€ 3 M, loan with French State guarantee).

IFRS en K€, au 31 décembre 2019 2018

Operating income, including 1,913 1,509

Grants 602 46

Research Tax Credit 1,219 1,183

R&D expenses (3,974) (3,826)

Sales and marketing expenses (1,473) (1,059)

Overhead costs (1,343) (1,284)

Operating profit for the period (5,157) (4,876)

Operating profit (5,157) (4,876)

Earnings before tax (5,504) (4,967)

Net profit (5,504) (4,967)

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VALBIOTISINVESTORS PRESENTATION

July 2020