Cells for Healing

Biotech Showcase
January 2015
Safe Harbor Statements

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statements or disclosures may, among other things, include: the potential of our products, including its potential for success with women; forecasts of expenditures; the sources of
financing; expectations regarding our ability to raise capital; our business outlook; plans and objectives of management for future operations; and anticipated financial performance.

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and
factors are based on information currently available to our Company, including information obtained from third-party industry analysts and other third party sources. In some instances,
material assumptions and factors are presented or discussed elsewhere in this presentation in connection with the statements or disclosure containing the forward-looking
information. You are cautioned that the following list of material factors and assumptions is not exhaustive. The factors and assumptions include, but are not limited to:
no unforeseen changes in the legislative and operating framework for the business of our Company;
a stable competitive environment; and
no significant event occurring outside the ordinary course of business such as a natural disaster or other calamity.
These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause our or our industrys actual results, levels of activity or
performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. These risks and
uncertainties include:
negative results from any of our clinical trials;
Failure to advance research and development programs into clinical trials;
the effects of government regulation on our business;
the viability and marketability of our cell replication technologies;
our failure to successfully implement our marketing plan;
the development of superior technology by our competitors;
the failure of consumers and the medical community to accept our technology as safe and effective;
the risk that publications on which certain data in this presentation are based are withdrawn or invalidated;
risks associated with our ability to obtain and protect rights to our intellectual property;
risks and uncertainties associated with our ability to raise additional capital; and
other factors beyond our control.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity or performance. Further,
any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge
from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of such factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

Readers should consult all of the information set forth herein and should also refer to the risk factor disclosure outlined in the Companys annual report on Form 20-F for the fiscal
year ended December 31, 2013 and other periodic reports filed from time-to-time with the Securities and Exchange Commission on Edgar at www.sec.gov and with the Canadian
Securities Commissions on Sedar at www.sedar.com.

Not an Offer to Purchase or Sell Securities. This presentation is for informational purposes and is not an offer to sell or a solicitation of an offer to sell any securities in the
Company, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. This presentation may not be relied upon in connection with the purchase of any security. Securities of the Company, if offered, will only be available to
parties who are qualified investors, pursuant to applicable securities laws.

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RepliCel Overview

Product portfolio large commercial applications

Two distinct cell therapy platforms built on hair follicle expertise
A unique dermal injector device
Strong IP covering process/use of hair follicle cells in a variety of indications

Strong near-term clinical pipeline

Chronic tendinosis RCT-01 1/2 Canada
Aging and sun damaged skin RCS-01 1 2015 Germany
Pattern Baldness RCH-01 2 2015 Germany
Pattern Baldness RCH-01 TBD 2015 Japan *

* funded by Shiseido
Near-term milestones
2015 clinical trial starts (tendon, dermatology and hair)
2015 injector device approval
Data read outs for tendon and skin trials 12 months post-initiation
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RepliCel Overview

Business Model: Create high-value assets
for pre-commercial licensing to partners
First deal (2013): $35M+ deal with
Shiseido Company
Next: geographic licensing for tendon, skin
& injector device

Strategy: minimize overhead, maximize R&D Contract manufacture (Innovacell)

output, execute deals, manage partnerships Shiseido-RepliCel joint-steering committee

Fibroblast platform (RCS, RCT)

Dermal Sheath Cup Cells (RCH)
Technology: Cell therapies. Injection device.
Dermal injector (RCI)

Chronic tendinosis RCT-01

Markets: Orthopedics. Dermatology. Baldness. Aging & sun-damaged skin RCS-01
Pattern baldness RCH-01

2015 trial launches

Near-term Value Creation:
2016 Q1 data readouts
2015/6 geographic licenses
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Platform

Proprietary
delivery device
1. Condition is diagnosed

6. Cells injected back 2. Biopsy taken from

into patient scalp

NBDS
Fibroblasts
5. Cells mixed with carrier 3. Cells isolated from
(RCT-01, RCS-01)
and frozen hair follicle

4. Cells grow
(5-8 weeks)

Dermal Sheath
Cup Cells
(RCH-01) 5
 RepliCels Position in the Regen Med Industry

Pre-Clinical | Early-Stage Trial | Mid-Stage Trials | Late-Stage Trials | On Market High

Induction Differentiation

Adult Induced
Stem Pluripotent Target Cells
Cells Stem Cells

Regulatory Burden
Embryonic Target
Stem Cells Cells
Allogeneic &
Autologous
Differentiated
cell products
Adult
Stem Cells

30 Isolated Expanded
Target Cells Target Cells

RepliCel represents a lower technical, clinical & regulatory risk than many companies in the sector Low
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Platform Technology from Hair Follicles

Fibroblast Platform (NBDS)

Non-bulbar dermal sheath (NBDS) fibroblast cells
are prolific type I collagen production (5x dermal
fibroblasts)1
Active fibroblasts promote tendon healing and
dermal matrix rejuvenation
NBDS
RCT-01 Phase 1/2 (Tendon), RCS-01 Phase 1 (Skin
Aging)
Dermal Sheath Cup Cells (DSC)
DSC cells are responsible for the regulation of the
volume of dermal papillae (DP) cells
DP cells are responsible for the thickness and
growth of a hair fibre
DP
RepliCels RCH-01 Phase 2 (Pattern Baldness)
DSC
Shiseidos RCH-01 Trial (Pattern Baldness)
1 Source: Jun Kyu Oh, et al, JSID, 2012 7
Chronic Tendinosis Fibroblast Deficit

Chronic tendinosis
Cycle of incomplete healing & re-injury
Chronic degeneration of the tendon
Problem: deficit of active fibroblasts

Standard of Care
Physiotherapy, PRP, ultrasound,
acupuncture, dextrose injections and
surgery

Incidence (North America 21-60 yr old)

Achilles: 485,000 (0.24%)
Elbow: 6,200,000 (3.0%)
Knee: 412,000 (0.20%)

RepliCel Treatment
Injection of fibroblasts into the injury
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Phase 1 Chronic Achilles Tendinosis - 63 Yr-old Male

3-years of chronic pain Ultrasound Image Before Treatment Day 1

Failed eccentric
loading, casting &
platelet rich plasma
Chronic tendinosis:
unorganized tissue
formation

Pain reduction Ultrasound Image After Treatment 6 Months

Tendon thickness
reduction
Organized tissue
formation
Healing complete:
return to normal
tendon structure Source: D. Connell et al, JBJS 2012, Note: JBJS has issued an expression of concern about this publication due to proper
clearances. Both Connell and RepliCel believe these allegations are without merit and working to resolve the allegations. 9
Phase 1 Chronic Achilles Tendinosis

Past Clinical: Phase 1 Achilles Tendinosis1

(D. Connell et al., Royal National Orthopaedic Hospital) Function

Treatment Adipose derived dermal fibroblasts

24 patients (unilateral disease)

12 treated, 12 controlled
Mean age 45.2 years (20 male, 12 female)
VISA questionnaire & VAS scores @ 6 months

VISA median values (p<0.001)

Pain Measurement
Cell group improved 127%
Control improved 11%

VAS median values (p<0.001)

Cell group decreased 66%
Control decreased 20%
1 Source: D. Connell et al, JBJS 2012 10
Chronic Tendinosis Fibroblast Deficit

Phase 1/2 Trial for Achilles Tendinosis (UBC) cleared by Health

Canada
Primary endpoint - safety through 6 months - then
volunteers will be solicited for an additional 18 months follow-up
next-phase study application will be submitted to Health Canada
28 patients, 21 treated & 7 placebo
Estimated 3 months to complete enrollment
Secondary endpoint efficacy at 6 months
Function, pain, tendon appearance & biomechanics, blood flow,
activity scale, quality of life measured at 1, 2, 4, & 6 months
Treatment: fibroblast cells from hair follicle sheath
Abundant, healthy and easily accessible
Prolific producers of type I collagen

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Aging and Sun Damaged Skin Fibroblast Deficit

Skin damage caused by aging, UV exposure, lifestyle factors

As we age fibroblasts in the skin produce less collagen causing skin to

lose its elasticity and structure

Injection of collagen-rich fibroblasts is designed to reverse skin

damage
Histology YOUNG SKIN Histology OLDER SKIN

Collagen Collagen Fibroblast

Fibroblast

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RCS-01 Proposed Phase 1 Trial 2014

Treatment: Injection of RCS-01 fibroblasts RCS-01 Injection

Prolific producers of type I collagen
BEFORE
28 healthy volunteers (22 treated, 6
placebo)
Primary endpoint local safety & tolerance
Secondary endpoints
Efficacy at 6 and 12 months
16 patients biopsied for gene expression of
skin aging markers AFTER

12 patients biopsied for histopathology

analysis
Assess structural characteristics underlying
the skin
Assess molecular markers associated with
skin aging
New collagen growth 13
Dermal Sheath Cup Deficit: Pattern Baldness

Human scalp follicles develop with a fixed

amount of dermal papillae (DP) cells
(approx. 500)
Total # of DP cells determines the # and
thickness of hair fibers
Diminishing volume of active DP cells leads
to pattern baldness
Drug treatments do not increase DP cells
Only dermal sheath cup (DSC) cells regulate
the volume of DP cells and therefore hair
fiber growth
DP RepliCel solution: deliver missing dermal
DSC
sheath cup cells (collected from back of
scalp)
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Current Standard of Care

Micro-transplant surgery is the current gold standard

Highly dependent on surgeons skill

Rogaine (minoxidil) topical solution suitable for men and women

Approx. 8-16% density increase from baseline (at 12 months)
Treatment maintenance required or gains are lost

Propecia (finasteride) oral pill not suitable for women

Approx. 7-14% density increase from baseline (at 12 months)
Treatment maintenance required or gains are lost

Replicel Dermal Sheath Cup phase 1 averaged 11.8% density increase at 6

months for its responders (5%)
Safety endpoint achieved; no adverse events

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 RCH-01: Phase 1 Safety - Six Month Results

63% of subjects responded with increases in density greater than the

6-month 5% target1
Mean change in total hair density at 6-months = 6.1% vs 5.0% target

70% of responders were above 10% - average 14.3%1

Change in total hair density after 6 months
19.6%
19.2%
17.2%
13.6%
12.0%
10% responders (n=7) (70%) 11.2%
Average = 14.3% 10.6%
9.6%
5% responders (n=10) 6.2%
Average = 11.8% 5.1%
2.1%
1.9%
1.1%
-3.7%
-4.6%
-6.2% 1 Source: RepliCels 6-month interim analysis results from Phase I trial
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RCH-01: Phase 2 Pattern Baldness

Planned Phase 2 Trial for Pattern Baldness 2015 (Charit, Freiburg and Mnster)
160 participants
396 RCH-01 treatment group sites (vs. 16 in P1), with 244 placebo sites
Designed to measure dosing and treatment frequency
Primary commercial endpoint efficacy at 52 weeks after final injection
efficacy measured as total density, hair thickness, cumulative hair and treatment
response rate
Secondary endpoints 52 weeks
local tolerance, systemic safety
N = 160

Screening RCH-01 Group 1: Single injection, 4 sites, 3 doses, 1 placebo (n=66)

Inclusion
Criteria:
RCH-01 Group 2: Day 1 + day 91 injections, 4 sites, 3 doses, 1 placebo (n=66)
Male
pattern
baldness Placebo Group 1: Single placebo injection, 4 sites, all placebo (n=14)

Placebo Group 2: Day 1 + day 91 repeat injections, 4 sites, all placebo (n=14)
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3rd Party Validation & Value Creation

2013 licensing partnership with Shiseido (July 2013)

Geographic license for pattern baldness only for Japan, China, Korea and
ASEAN nations
$35 Million ($4M upfront, $31M in sales milestones and royalties)
Shiseido is the 4th largest cosmetic company WW 2013

Joint product and clinical development; shared data

Shiseido funds own facility and trial

Shiseido opened new cell-processing facility May 2014
Completing tech transfer & comparability/validation runs
Capable of handling all aspects of the RCH-01 technology
Biopsies, cell isolation and expansion, packaging and shipment

Actively pursuing additional geographic partners for other indications

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Injector Devices

Generation 1 Injector
Dermal injector

Generation 2 Injector (RCI-02)

Devices for RCS and RCH
Programmable depth and dose
Built-in freezing replaces anaesthetic (Pelletier
Element)
Treatment specific interchangeable heads
Prototype build stage
CE mark, 510K pathway
Focused licensing program into dermal filler market
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Dermal Filler Market

PRODUCT # OF GROWTH PROCEDURE APPROX. APPROX.

PROCEDURES RATE FEE PRODUCT PRODUCT
COST MARKET
Botulinum 3,766,148 15.6% $392 $10-17/unit $2+ billion
Toxin
Hyaluronic Acid 1,872,172 31.5% $552 $200- $1.2+ billion
$800/syringe
Others 253,335
TOTAL 5,891,655

$1.9 billion spent on physician fees for skin rejuvenation procedures in

2013

2013 statistics provided by the American Society of Plastic Surgeons

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Potential Therapeutic Applications

Hair Loss
Aged and Damaged Skin Periodontal

Rotator Cuff

Tennis Elbow Golfers Elbow

Patellar

Achilles
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Pro-Forma Financial Highlights

STOCK LISTING TSXV: RP

OTCQB: REPCF
in $CAD
Recent Share Price (CDN) $0.35
52 week high/low (CDN) $0.99 - $0.30
Market Cap. (approx.) $20.0 M
Cash & Equivalents (09/31/14) $3.3 M
Current Monthly Burn Rate $350,000
Shares Outstanding (Basic/FD) 54.9/67.4M
Share Ownership
- Founders/Officers/Insiders 43.5%
Anticipated Trial Costs
- RCH-01 (24 months) $2 - $2.5 M
- RCH-01 Japan (24 months) $0 M
- RCT-01 (9 months) $1 M
- RCS-01 (3 months) $0.5 M

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Upcoming Development and Strategic Milestones

Program Event Est. Timing

RCT-A-01 Tendon Initiate Phase 1/2 trial in chronic Achilles tendinosis

RCS-01 Skin Initiate Phase 1 trial in sun damaged and aging skin Q1 2015

RCH-01 Hair Initiate Phase 2 trial in pattern baldness H1 2015

RCH-01 Hair Shiseido initiate trial in pattern baldness H1 2015

RCI-02 Injector Generation 2 device CE mark approval filing H2 2015

RCT-A-01 Tendon Phase 1/2 data on chronic Achilles tendinosis 12 months

RCS-01 Skin Phase 1 data on sun damaged and aging skin 12 months

RCT-P-01 Tendon Initiate Phase 1/2 study in chronic patellar tendinosis H2 2015

RCH-01 Hair Phase 2 data on pattern baldness 2016

Corporate Licensing 2015/2016 23

RepliCel Life Sciences Inc.

OTCQB: REPCF
TSXV: RP
David M Hall R. Lee Buckler
CEO & President VP Business Development
604.248.8730 604.248.8693
dhall@replicel.com lee@replicel.com