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Embryomics: Commercial Opportunities in the Increasingly Complex Biology of Pluripotency Case Western Reserve University

July 16, 2013

Forward Looking Statements

The matters discussed in this presentation include forward looking statements which are subject to various risks, uncertainties, and other factors that could cause actual results to differ materially from the results anticipated. Such risks and uncertainties include but are not limited to the success of BioTime in developing new stem cell products and technologies; results of clinical trials of BioTime products; the ability of BioTime and its licensees to obtain additional FDA and foreign regulatory approval to market BioTime products; competition from products manufactured and sold or being developed by other companies; the price of and demand for BioTime products; and the ability of BioTime to raise the capital needed to finance its current and planned operations. Any statements that are not historical fact (including, but not limited to statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. As actual results may differ materially from the results anticipated in these forward-looking statements they should be evaluated together with the many uncertainties that affect the business of BioTime and its subsidiaries, particularly those mentioned in the cautionary statements found in BioTime's Securities and Exchange Commission filings. BioTime disclaims any intent or obligation to update these forward-looking statements.

2 The Opportunity in Pluripotency

• Scalable source of all human cell types • Source of embryonic progenitors

3 Challenges of Pluripotency

• Scalable & reproducible product • Purity and identity of cells • A formulation optimizing viability & immobilization of engraftment • Strategies for near-term commercialization

4 Contrasted Scale-Up Strategies

Purification of Problem of impurities Differentiation ES Cells desired

>200-fold diversity Scalable, monoclonally purified progenitors

5 Solving the Challenge of Reproducibility

Embryoid Body

Activin A

FGF2

Wnt 3A

Pluripotent Stem Cells

1,000 + Complexity of Cell Types

6 The Opportunity of hES Cell Scalability

TRF Length Population Doublings (kbp) Germ-Line & Pluripotent SCs 22 34 43 55 65 72 82 90 15 (Telomerase +)

Somatic 10 (Telomerase -)

5 Decreasing Decreasing Telomere with Length Age Neonatal Hayflick Limit Age

7 Solving the Technical Hurdles

8 Solving the Technical Hurdles

9 Solving the Technical Hurdles

10 Solving the Technical Hurdles

11 Manufacturing Technology 2.0

Human embryonic progenitor (hEP) cell lines: > 200 diverse cell types isolated

Kidney

—Diversity Smooth Muscle —Precise identity Skeletal Muscle —Purity —Scalability Blood/Brain —Patents pending Barrier

12 Purity

Purified Embryonic Progenitor Line E68

CNTN6

CNTN6 Isotype Ab Reg Med 3(3):287 (2008) Direct Scalability

Selection Criteria of Scalability in Rollers hEP Cell Line Scalability

Regen Med 2012 Jul;7(4):481-501 4D20.8 Scalability

Regen Med 2012 Jul;7(4):481-501 4D20.8 Scalability Fate Space Screening

TGFbs Chondrogenesis

FGFs Angiogenesis

BMPs Osteogenesis

RA Neurogenesis

WNTs Myogenesis

>100 Scalable Array of Diverse Approx 4,000 Clonal hEP Differentiation Expression Lines Conditions Microarrays

18 Fate Space Screening

T42 in MM Culture T42 in HyStem Culture

19 Subsidiaries

OncoCyte Corporation Cancer diagnostics and anti-cancer therapies

Cell Cure Neurosciences Ltd. Neurology

OrthoCyte Corporation Orthopedics

ReCyte Therapeutics, Inc. Age-related vascular disorders

ES Cell International PTE Ltd. Research products

LifeMap Sciences, Inc. Online databases

Asterias Biotherapeutics Contribution of Geron and BioTime Assets

20 Osteochondral Differentiation

Micromas s with TGFb3 COL2A1 qPCR Condition7SMOO32

4D20.8 MSCs

SM30 7PEND24 E15 MEL2

SK11 NHAC

21 Diverse Osteochondral hEP Cell Lines Diverse Osteochondral hEP Cell Lines Osteochondral Differentiation

Micromas s with TGFb3 Condition

24 PureStem Line 4D20.8

• HOXB2+ • BARX1+ • LHX8+ • FOXF2-

25 4D20.8 hEP Reproducibility

26 Solving the Manufacturing Challenges

Simplified and more reproducible differentiation

FGF2

Wnt 3A

1,000 + Complexity of Cell Types

27 Osteochondral Differentiation

DPSCs

4D20.8

28 Precise Identity

Foxf1 Lhx8 Barx1

Foxf1 & Dev. 18: 937-951 Lhx8 Science 24:306: 2255-2257 Barx1 Development 136: 637-645 29 Osteochondral Differentiation

30 Osteochondral Differentiation

31 COL2A1 (Cartilage) Induction

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32 Regen Med 2012 Jul;7(4):481-501 Diverse Osteochondral hEP Cell Lines

Effects of GDF5 PureStem Line E15

NNAT+ Chondrogenic Progenitor

E15 Differentiated in GDF5

Positive For: Negative For: NNAT MSX1 HOXA2 FOXF1 HOXB2 FOXF2 PureStem Line SM30

• HOX- • PITX1+ • ZIC2+ • TBX15-

35 PureStem Lines SK11 AND SM30

PITX1 ZIC2 TBX15 SK11 + + + SM30 +PITX1 + ZIC2 TBX15 -

Genepaint.org Diverse Osteochondral hEP Cell Lines Diverse Osteochondral hEP Cell Lines Diverse Osteochondral hEP Cell Lines

E15 Diversity of Defined Osteochondral Cells

40 Limb Bud Markers

We are beginning to understand limb morphogenesis as controlled by site- specific homeobox genes and gradients from morphogen fields. Such lines, if capable of osteochondral differentiation, could have the advantages of homologous use (i.e. not putting mandibular mesenchyme in the knee). First, limb buds are an outgrowth from lateral plate (LPM), specifically the somatic mesoderm).

Splanchnic Mesoderm

Lateral Plate Mesoderm

Somatic Mesoderm

41 Limb Bud Markers

The nomenclature is as follows:

42 Limb Bud Markers

Distal LPM, perhaps from distal HOX genes, is thought to trigger PITX1, a dominant factor for conversion of limb bud to hindlimb. PITX1 is also expressed in mandibular mesenchyme as shown below for PureStem SK11 and SM30.

Mandibular Mesenchyme

Forelimb

Hindlimb

Taher L, Collette NM, Murugesh D, Maxwell E, Ovcharenko I, et al. (2011)

43 Limb Bud Markers

HOXB6 as a marker of committed limb bud mesenchyme

44 Limb Bud Markers

HOXA10 expression in limb mesenchyme

45 Limb Bud Markers

NHAC RTPEC

ASCs EN1 RA Series

SK17 MSCs B16 C4ELSR10 SK31 T14 4SKEL20

46 Limb Bud Markers

HOXA13 as a marker of distal limb mesenchyme

47 Limb Bud Markers

NHAC

C4ELSR10 Xgene EN1 RAD20.19

SK17 B16 SK31 T14 MSCs C4ELS5.1

48 Novel Osteogenic Lines E3 & E72

Embryonic Forelimb Mesenchyme (EFM) E3 E72

49 Novel Osteogenic Lines E72 & E75

Embryonic Forelimb Mesenchyme (EFM)

E3 EFM E3 EFM

50 Scalable Human Embryonic Limb Cells

Upper Limb E72 Lower Limb RAD20.5 HOXA10+ HOXA10+ HOXD11 HOXB6+ PITX1- PITX1+

51 Scalable Human Embryonic Limb Cells

Iliac MSCs Lower Limb RAD20.5 HOXA10+ HOXA10+ HOXB6+ HOXB6+ PITX1+ PITX1+ CD74+ CD74-

52 PureStem E69 and T42

53 Potential Uses of PureStem E69 & T42

E69

T42

54 Potential Uses of PureStem E69 & T42

CYP26B1 TTR Basio-Occipital Bone

Choroid Plexus Meninges Of 4th Ventricle Of Upper Medulla

In situ images from Genepaint.org 55 Storage Strategies

Cells can be differentiated and frozen in HyStem

56 LifeMap

57 Orthopedic Applications

> 30 distinct osteochondro-progenitors

BACK PAIN

Degenerative disc disease: Disc repair/regeneration

Spinal fusion: Bone induction Back Pain DDD

KNEE PAIN:

Cartilage injuries, bone defects, osteoarthritis

Meniscus, ligament, Tendon Knee Pain Traumatic injury 58 PureStem Manufacturing Technology

Human embryonic progenitor (hEP) cell lines: > 200 diverse cell types isolated

• Reproducible product Kidney • Purity and identity • Can differ from MSCs in Smooth Muscle Skeletal Muscle being non-hypertrophic • Potential for permanent Blood/Brain engraftment Barrier • Improved survival and translatability with HyStem

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