Lineage Cell Therapeutics Investor Presentation — January 2021

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January 6, 2021The future of cell therapy.This presentation is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy

any securities of Lineage Cell Therapeutics, Inc. (“Lineage”). This presentation includes certain information

obtained from trade and statistical services, third -party publications, and other sources. Lineage has not

independently verified such information and there can be no assurance as to its accuracy.

All statements in this presentation, other than statements of historical fact, are forward -looking statements

within the meaning of federal securities laws. In some cases, you can identify forward -looking statements by

terms such as “may,” ”will,” “expect,” “plan,” “anticipate,” “strategy,” “designed,” “could,” “intend,” “believe,”

“estimate,” “target,” or “potential” and other similar expressions, or the negative of these terms. Forward -looking

statements involve risks, uncertainties and assumptions that may cause Lineage’s actual results, performance, or

achievements to be materially different from those expressed or implied by the forward -looking statements in

this presentation, including risks and uncertainties inherent in Lineage’s business and other risks described in

Lineage’s filings with the Securities and Exchange Commission (SEC). Lineage’s forward -looking statements are

based upon its current expectations and involve assumptions that may never materialize or may prove to be

incorrect. All forward -looking statements are expressly qualified in their entirety by these cautionary statements.

Further information regarding these and other risks is included under the heading “Risk Factors” in Lineage’s

periodic reports filed with the SEC, including Lineage’s Annual Report on Form 10 -K filed with the SEC on March

12, 2020 and its other reports, which are available from the SEC’s website. You are cautioned not to place undue

reliance on forward -looking statements, which speak only as of the date on which they were made. Lineage

undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after

the date on which they were made, except as required by law.Forward -Looking Statements

2Management Biographies

3Mr.Culley joined Lineage asCEO inSeptember 2018 .Prior tojoining Lineage, Mr.Culley served from

August 2017 toSeptember 17,2018 asInterim Chief Executive Officer atArtemis Therapeutics, Inc.,where

hewas responsible forthemanagement ofthecompany .Mr.Culley previously served asChief Executive

Officer ofMast Therapeutics, Inc.(“Mast”), from February 2010 ,and was also amember ofitsBoard of