DCR-AUD: Applying GalXC™ RNAi Innovation to the Treatment of Alcohol Use Disorder (AUD) March 18, 2021 Forward-Looking Statements This presentation has been prepared by Dicerna Pharmaceuticals, Inc. (“we,” “us,” “our,” “Dicerna,” or the “Company”) and includes forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Examples of forward-looking statements include, among others, statements we make regarding: (i) the therapeutic and commercial potential of DCR-AUD, nedosiran, RG6346, belcesiran (formerly DCR-A1AT) and the GalXC™ platform; (ii) research and development plans and timelines, as well as regulatory pathways and plans, related to DCR-AUD, nedosiran, RG6346, belcesiran, GalXC and GalXC-Plus™; (iii) the potential of Dicerna’s technology and drug candidates in the Company’s research and development pipeline, including our pipeline expansion efforts and expectations; (iv) the Company’s collaborations with Novo Nordisk A/S; Roche; Eli Lilly and Company; Alexion Pharmaceuticals, Inc.; Boehringer Ingelheim International GmbH; and Alnylam Pharmaceuticals, Inc.; and (v) the Company’s strategy, business plans and focus. The process by which an early-stage investigational therapy such as nedosiran and an early-stage platform such as GalXC could potentially lead to an approved product is long and subject to significant risks. Applicable risks and uncertainties include, but are not limited to, those risks identified under the heading "Risk Factors" included in the Company’s most recent Form 10-K filing and in other subsequent filings with the Securities and Exchange Commission. These risks and uncertainties include, among others, the impact to, and potential for delays in, the current and future conduct of the business of the Company, its clinical programs and operations as a result of the COVID-19 pandemic; the cost, timing and results of preclinical studies and clinical trials and other development activities; the likelihood of Dicerna’s clinical programs being executed within timelines provided and reliance on the Company’s contract research organizations and predictability of timely enrollment of subjects and patients to advance Dicerna’s clinical trials; the potential for future data to alter initial, interim and preliminary results of clinical trials, including the multidose data from the PHYOX™3 trial of nedosiran; the unpredictability of the duration and results of the regulatory review of Investigational New Drug (IND) applications and Clinical Trial Applications that are necessary to continue to advance and progress the Company’s clinical programs and the regulatory review of submissions relevant to regulatory agencies for marketing approvals, including New Drug Applications (NDAs); market acceptance for approved products and innovative therapeutic treatments; competition; the possible impairment of, inability to obtain and costs of obtaining needed intellectual property rights; possible safety or efficacy concerns that could emerge as new data are generated in R&D; that the Company may not realize the intended benefits of its collaborations; general business, financial and accounting risks; and the risks and potential outcomes from litigation. Dicerna is providing this information as of this date and does not undertake any obligation to update or revise it, whether as a result of new information, future events or circumstances or otherwise. Additional information concerning Dicerna and its business may be available in press releases or other public announcements and public filings made after the date of this information. Dicerna™, GalXC™, GalXC-Plus™ and PHYOX™ are trademarks of Dicerna Pharmaceuticals, Inc. 2 Today’s Speakers and Agenda Welcome & Introductions Douglas M. Fambrough, Ph.D. Welcome & Introductions President & Chief Executive Officer Dicerna 2021 Outlook Dicerna 2021 Outlook​ Dicerna Pharmaceuticals ExecutiveExecutive Overview Overview of of AUD AUD Special Guest: Henry Kranzler, M.D. AUD Landscape and Unmet Need Professor of Psychiatry and Director, AUD Epidemiology Center for Studies of Addiction Pathology University of Pennsylvania’s Perelman School of Medicine Treatment Paradigm & Need for New Pharmacologic Therapies Bob D. Brown, Ph.D. DCR-AUD Overview Chief Scientific Officer, Genetic Rationale Executive Vice President of R&D RNAi Advantage Dicerna Pharmaceuticals Preclinical Validation Shreeram Aradhye, M.D. AUD Clinical Development Considerations Executive Vice President, Our Vision for DCR-AUD Chief Medical Officer Phase 1 Development Plan Dicerna Pharmaceuticals Regulatory Considerations Phase 2/3 Considerations 3 Douglas M. Fambrough, Ph.D. President & Chief Executive Officer, Dicerna Dicerna’s 2021 Outlook Growing Pipeline Backed by Strong Balance Sheet Core Clinical Pipeline Shots on Goal GalXC-Plus Delivery to Milestone-Rich 2021 Current pipeline expected to yield • 20+ discovery programs in Multiple Tissues Key data readouts, NDA multiple major milestones over multiple tissue types • Up to 99% gene silencing filing, clinical entries and next year+ collaboration payments • 7 programs in IND-enabling in neurological tissues in non- • Nedosiran: A differentiated studies human primate models from a • Pivotal data in primary potential therapy for all primary single dose hyperoxaluria mid-year • 1st partnership discovery hyperoxaluria (PH) types (PH1, PH2 compound already in clinic • Up to 85% gene silencing • $568.8M in cash, cash and PH3) in muscle tissue in non-human equivalents and marketable • 4 additional partnership • RG6346: Potential best-in-class primate models from a single securities at 12/31/2020 programs anticipated to therapeutic with strong and subcutaneous dose enter clinic in next 12 • Expect little change durable HBsAg reduction for months • Up to 85% gene silencing between 2020 and 2021 treatment of chronic hepatitis B in adipose tissue in non-human year-end net cash virus (HBV) infection primate models from a single positions, assuming no • Belcesiran: Targeting alpha-1 subcutaneous dose follow-on stock offering antitrypsin deficiency-associated • Delivery to additional tissues, liver disease (AATLD) including tumor associated • DCR-AUD: Targeting ALDH2 for immune cells alcohol use disorder (AUD) 5 Core and Collaborative Development-Stage Programs Eleven Programs Have Entered Development, Many More Are in Discovery Stage COMPOUND DICERNA TARGET INDICATION PRECLINICAL PHASE 1 PHASE 2 PHASE 3 PARTNER (GENE TARGET) PRODUCT RIGHTS Primary Hyperoxaluria 1, 2 & 3 Nedosiran (LDHA) 100% global Chronic Hepatitis B RG6346 (HBV) U.S. opt-in AAT Liver Disease Belcesiran (SERPINA1) 100% U.S. (Alnylam ex-U.S. opt-in) Alcohol Use Disorder DCR-AUD (ALDH2) 100% global Cardiometabolic LY3561774 (ANGPTL3) Milestone/royalty Cardiometabolic LY3819469 (LPA) Milestone/royalty Cardiometabolic LY3849891 Milestone/royalty Complement-mediated DCR-COMP1 (C3) Milestone/royalty Complement-mediated DCR-COMP2 (CFB) Milestone/royalty Cardiometabolic DCR-NOVO1 Opt-in to co-dev. and co-comm. Cardiometabolic DCR-NOVO2 Opt-in to co-dev. and co-comm. Anticipated Timing: IND filing for DCR-AUD expected mid-2021 IND filings for LY3819469 and LY3849891 are Lilly’s responsibility and are anticipated in Q2’21 and Q1’22, respectively. Dicerna intends to deliver IND-supporting packages to Alexion for DCR-COMP1 and DCR-COMP2 in Q4’21 and Q1’22, respectively; IND/CTA filings are the responsibility of Alexion and are at their discretion. With 20+ discovery-stage programs in multiple tissues 6 Alcohol Use Disorder: A Large Market Indication Ideal for RNAi Alcohol Use Disorder (AUD) is characterized by the inability to stop or control alcohol use despite social, occupational or health consequences • Strong human genetic data point to ALDH2 • RNAi can mimic the effects of naturally occurring mutations that are protective against AUD ALDH2 mutations • Alcohol metabolism occurs in liver hepatocytes, • GalXC RNAi is targeted to just the metabolically the target tissue of GalXC GalNAc-targeted RNAi relevant liver tissue • The need for sustained treatment is well- • RNAi’s long duration is designed to take the compliance established in AUD burden off patients assuring sustained treatment • Side effects and drug-drug interactions have • RNAi has well-established tolerance to date, delivering limited treatment uptake in AUD high target specificity with minimal side effects 7 AUD Presents a Large and Underserved Market Most Treated Patients Are Not Receiving Pharmacotherapy AUD in U.S. Adults Receiving Treatment • The 1% receiving pharmaceutical treatment need (mostly behavioral therapy) a better option <140,000 • The 9% receiving only psychosocial therapy need 90% 14M 10% <1.4M 10% are offered untreated Total treated Total medication a simple, safe & effective complement to enhance for AUD outcomes • Many of the 90% untreated may be drawn into therapy by the advent of safe and effective treatment The Opportunity • Currently only ~10% of the ~14 million people in the U.S. with AUD are receiving any treatment, and only ~1% of them are receiving pharmaceutical therapy RNAi has the potential to transform • The World Health Organization estimates ~283 the treatment of AUD million people globally have an alcohol use disorder NIAAA Alcohol Facts and Statistics, Oct 2020; 2018 National Survey on Drug Use and Health; https://www.cdc.gov/features/costsofdrinking/index.html; Grant et al., JAMA Psychiatry