The Board of Directors of Arbutus Biopharma (the "Company") sets high standards for the Company's employees, officers and directors. Implicit in this philosophy is the importance of sound corporate governance. It is the duty of the Board of Directors to serve as a prudent fiduciary for shareholders and to oversee the management of the Company's business. To fulfill its responsibilities and to discharge its duty, the Board of Directors follows the procedures and standards that are set forth in these guidelines. These guidelines are subject to modification from time to time as the Board of Directors deems appropriate in the best interests of the Company or as required by applicable laws and regulations.

Summary of Amendments to Code of Business Conduct

On August 18, 2020, the Board of Directors (the “Board”) of Arbutus Biopharma Corporation (the “Company”) amended and restated the Company’s Code of Business Conduct (the “Amended Code”). The Amended Code includes an additional section that defines the Company’s expectations of personnel with respect to discrimination and harassment matters. The Company also clarified certain language in the Amended Code to more clearly identify who is subject to the Amended Code. The Amended Code was effective upon adoption by the Board and did not result in any waiver, explicit or implicit, of any provision of the Company’s previous Code of Business Conduct. The above summary of the Amended Code is qualified in its entirety by reference to the full text of the Amended Code, which is available on the Company’s website at www.arbutusbio.com under the “Investors – Corporate Governance” section.