11/6/2017  ©2017 CHF Solutions, Inc.  Corporate Presentation  (NASDAQ: CHFS)November 2017  17-1022-A 

 ©2017 CHF Solutions, Inc.  Forward Looking Statement  This presentation contains forward‐looking statements. All forward‐looking statements are management’s present expectations of future events and are subject to a number of risks and uncertainties. Various factors could cause actual results to differ materially from these statements including our ability to execute on our strategic realignment and to grow our Aquadex business, our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, our expectations regarding anticipated synergies with and benefits of the Aquadex business, and the other risks set forth under the caption “Risk Factors” and elsewhere in our periodic and other reports filed with the U.S. Securities and Exchange Commission, including our Annual Report or Form 10‐K for the fiscal year ended December 31, 2016. We are providing this information as of the date of this presentation and do not undertake to update any forward-looking statements contained in this presentation as a result of new information, future events or otherwise.  Although the Company believes that the forward‐looking statements are reasonable and based on information currently available, it can give no assurances that the Company’s expectations are correct. All forward looking statements are expressly qualified in their entirety by this cautionary statement.  Aquapheresis and Aquadex FlexFlow are trademarks of CHF Solutions, Inc.   2 

 | ©2017 CHF Solutions, Inc.  Statement about Free Writing Prospectus  This presentation highlights basic information about us and the offering. Because it is a summary that has been prepared solely for informational purposes, it does not contain all of the information that you should consider before investing in our company. Except as otherwise indicated, this presentation speaks only as of the date hereof.This presentation does not constitute an offer to sell, nor a solicitation of an offer to buy, any securities by any person in any jurisdiction in which it is unlawful for such person to make such an offering or solicitation.Neither the Securities and Exchange Commission (the “SEC”) nor any other regulatory body has approved or disapproved of our securities or passed upon the accuracy or adequacy of this presentation. Any representation to the contrary is a criminal offense.This presentation includes industry and market data that we obtained from industry publications and journals, third-party studies and surveys, internal company studies and surveys, and other publicly available information. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. Although we believe the industry and market data to be reliable as of the date of this presentation, this information could prove to be inaccurate. Industry and market data could be wrong because of the method by which sources obtained their data and because information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. In addition, we do not know all of the assumptions that were used in preparing the forecasts from the sources relied upon or cited herein.We have filed a Registration Statement on Form S-1 with the SEC, including a preliminary prospectus dated October 18, 2017 (the “Preliminary Prospectus”), with respect to the offering of our securities to which this communication relates. Before you invest, you should read the Preliminary Prospectus (including the risk factors described therein) and, when available, the final prospectus relating to the offering, and the other documents filed with the SEC and incorporated by reference into the Preliminary Prospectus, for more complete information about us and the offering. You may obtain these documents, including the Preliminary Prospectus, for free by visiting EDGAR on the SEC website at http://sec.gov.Alternatively, we or any underwriter participating in the offering will arrange to send you the prospectus if you request it by contacting Ladenburg Thalmann & Co. Inc., 277 Park Avenue, 26th Floor, New York, NY 10172 or by email at prospectus@ladenburg.com.  3 

 ©2017 CHF Solutions, Inc.  Aquadex Business Overview  4  Business and Market OverviewAquadex and its Aquapheresis therapy, a form of ultrafiltration to reduce fluid overload in patients, when diuretics failAcquired from Baxter in August 2016FDA 510(k) market cleared and CE markedInstalled base of 500+ consoles, in over 300 US hospitals and successfully used in over 60k patientsThere are an estimated 6.5 million people in the US with heart failure¹There are approximately 1 million US hospital admissions per year for heart failure²Approximately 90% of US hospitalizations admissions for heart failure are due to fluid overload³  Product OverviewRemoves nearly 40% more fluid in patients than conventional diuretic drug therapy over the same period of time⁴At 90 days, patients have a 53% reduction in the risk of rehospitalization than those treated solely with diuretics³Fewer re-hospitalization days due to cardiovascular event⁵Three large cardiology societies have published guidelines recommending ultrafiltration  Benjamin E, et al. Circulation. 2017 Jan 25; e379.CMS Provider Utilization and Payment 100% Coverage IPPS.Costanzo MR, et al. J Am Coll Cardiol. 2007 Feb 13; 49(6): 675-683.Bart BA, et. al., Am Coll Cardiol., 2005;46:2043– 6Costanzo MR, et. al., J Am Coll Cardiol., 2005;46:2047–51.  , 

 ©2017 CHF Solutions, Inc.  Aquadex Product Overview  5  Aquadex Console  Venous Catheter  Blood Circuit Set 

 Our Vision  To be the global market leader in the prediction, control, and prevention of hypervolemia. 

     ©2017 CHF Solutions, Inc.  Fluid Management Today vs Tomorrow  7  Symptomatic  Managing symptoms mostly in In-Patient settings. Used after diuretic failure in very sick patients.   Pharmacologic Therapy  Device-based Therapy  Preventative  Standard of care therapy to prevent fluid overload. Used both in In-Patient and Outpatient settings   

 ©2017 CHF Solutions, Inc.  Heart FailureA weakening of the heart’s pumping ability causing fluid retention in the body.  A Significant Burden on our Healthcare System 1 million people in the US are admitted annually to the hospital for heart failure¹90% of these admissions are because of fluid overload²US congestive heart failure projected cost increase from $31 billion in 2012 to $70 billion in 2030³  Fluid OverloadThe Predominant Cause of Heart Failure Hospitalization  8  CMS Provider Utilization and Payment 100% Coverage IPPS.Costanzo MR, et al. J Am Coll Cardiol. 2007 Feb 13; 49(6): 675-683.Heidenreich PA, et al. Circ Heart Fail. 2013 May; 6(3): 606-619. 

 ©2017 CHF Solutions, Inc.  Recurrent fluid overload in heart failure has uniformly been associated with worse outcomes independent of age and renal function  Recurrent Fluid Overload An Alarming Problem  9  24%Readmission Rate  50%Readmission Rate  30 Days  6 months  24% within 30 days50% within 6 months      24% of patients are readmitted within 30 days of hospital release50% of patients are readmitted within 6 months of hospital release  Sources: Ross JS, et al. Circ Heart Fail. 2010 Jan; 3(1): 97-103.Desai AS, Stevenson LW. Circulation. 2012 Jul 24; 126(4): 501-506 

 ©2017 CHF Solutions, Inc.  DiureticsThe Current First-line Standard of Care  Symptomsof Fluid Overload  Treatment  10  Limitations  Difficulty in breathing and shortness of breathSwelling in legs, arms, abdomen, and fluid in lungsLimitations in daily life, decrease in patient’s quality of lifeLasix and FurosemideThe body develops natural resistance; treatment goals are not met; patients discharged still fluid overloadedUnresolved congestion leads to further cardiovascular morbiditiesDiuretic effectiveness can become unpredictable; unique to the patient and disease progressionLonger exposure to diuretics can lead to Acute Kidney Injury, Cardio Renal Syndrome and non-responsiveness  *Granado and Mehta, BMC Nephrology (2016) 17:109.  * 

 ©2017 CHF Solutions, Inc.  DiureticsThe Current First-line Standard of Care  11  In a large subset of patients, Diuretics fail to provide optimal patient outcomes due to:Diuretic resistance, which leads to ineffective removal of fluid from patientsResidual fluid excess at the time of discharge accounts for nearly half of hospitalized patients with heart failureWorsening heart failure with increased mortality after dischargeInsufficient symptom relief, such as persistent congestionIncrease in re-hospitalization ratesRisk of electrolyte imbalance (i.e. low magnesium and low potassium)  Costanzo MR, et al., J Am Coll Cardiol., 2017; 69: 2428-45 

 Indications for Use  ©2017 CHF Solutions, Inc.  12  Despite advances in HF-related medical care, frequent readmission leading to reduced patient quality of life and significant health care cost, remains today’s challenge.   The Aquadex FlexFlow® System is indicated for:Temporary (up to 8 hours) ultrafiltration treatment of patients with fluid overload who have failed diuretic therapy Extended (longer than 8 hours) ultrafiltration treatment of patients with fluid overload who have failed diuretic therapy and require hospitalizationAll treatments must be administered by a healthcare provider, under physician prescription, both of whom having received training in extracorporeal therapies.Use in pediatric patients has not been validated and is not recommended. 

 Aquadex Ultrafiltration System How it Works  The device is connected to a catheter to withdraw blood containing excess fluid from the interstitial spaceThe blood then passes through a special filter in the deviceThe filter separates excess salt and water from the bloodThe blood is returned to the patient's body via the catheter  An FDA cleared, ultrafiltration system that is a safe and effective way to remove excess salt and water from the body  13  ©2017 CHF Solutions, Inc. 

 ©2017 CHF Solutions, Inc.  14  Aquadex FlexFlow® System Controlling Fluid Reduction. Restoring Balance.   Clinical and Economic Advantages of the Aquadex System:Simple to use, highly automated, and provides precise control of rate and amount of fluid removedExtracts more sodium than diuretic therapy while sparing potassium and magnesium¹Restores diuretic responsiveness²Sustained benefits of early and adjustable ultrafiltration²At 90 days, patients have a 53% reduction in the risk of rehospitalization than those treated solely with diuretics³Reduced unscheduled ER visits³Fewer rehospitalization days due to cardiovascular event⁴Aquadex provides for efficient patient to nurse workflow  Ali SS, et al. Congest Heart Fail. 2009; 15(1):1-4..Costanzo MR, et al., J Am Coll Cardiol., 2017; 69: 2428-45.  Costanzo MR, et al. (UNLOAD) J Am Coll Cardiol. 2007 Feb 13; 49(6): 675-683Costanzo, et al. (AVOID-HF) Am Heart J 2015;170: 471–82. 

 ©2017 CHF Solutions, Inc.  15  Recent Clinical EvidenceJournal of American College of Cardiology (JACC); May 16, 2017  Extracorporeal Ultrafiltration for Fluid Overload in Heart FailureUnmet Clinical Need:The foremost goal in managing acutely decompensated heart failure is to effectively resolve fluid overloadDiuretic agents become increasingly ineffective with disease progression due to the development of unresponsiveness in a significant sub-set of patientsNearly 50% of hospitalized patients are discharged with residual fluid after receiving conventional diuretic therapiesThe Clinical Solution:Ultrafiltration can restore diuretic agent responsivenessClinical benefits of ultrafiltration can persist beyond the index heart failure hospitalization up to 90 daysPrecise control of rate and amount of fluid removalNo effect on plasma concentration of potassium and magnesiumMore effective decongestion and fewer heart failure events compared to diureticsEfficacy, and improved outcomes can be seen with ultrafiltration  Costanzo MR, et al., J Am Coll Cardiol., 2017; 69: 2428-45 

 ©2017 CHF Solutions, Inc.  16  Aquadex FlexFlow® Ultrafiltration SystemSignificant Clinical Evidence   Study Name  Study Design  # of Patients  Study Patient / Patients Group  Date  Key Findings  SAFE   Multi-center, prospective, single-arm  21  IDE for 510k  2003JCF  Extracellular and intravascular fluid volume excess can be safely achieved via peripherally inserted UFFluid removal endpoint achieved in 92% of patients  RAPID-HF   Multi-center RCT  4020 UF/20 SC  Early UF vs Diuretics  2005JACC  Early use of UF in CHF patients resulted in significant weight loss and fluid removal.Dyspnea and CHF symptoms were significantly improved in the UF group at 48 hours.  EUPHORIA   Single-center, prospective single-arm  19  Early UF in diuretic resistance  2005JACC  UF before IV diuretics effectively and safely decreases length of stay and readmissions.60% of patients discharged in ≤3 days  UNLOAD   Multi-center RCT  200100 UF/100 SC  UF vs SC  2007JACC  UF produces greater weight loss than IV diureticsUF produced greater fluid loss than IV diureticsAt 90-days, UF had fewer patients rehospitalizations   CARRESS-HF   Multi-center RCT  18894 UF/94 SC  UF vs SC patients with cardiorenal syndrome  2012NEJM  Stepped pharmacologic therapy algorithm was superior to a strategy of ultrafiltration for the preservation of renal function at 96 hours, with a similar amount of weight loss with the two approaches.  AVOID-HF   Multi-center RCT  224110 UF/114 SC(810 planned)  UF vs SC to evaluate readmissions  2015JACC:HF  Ultrafiltration group trended towards a longer time to first HF event within 90 days and fewer HF and cardiovascular events. 

 ©2017 CHF Solutions, Inc.  17  Clinical Guidelines Support Aquapheresis Use   HFSA 2010 Comprehensive Heart Failure Practice Guidelines: Lindenfeld J, et al. J Card Fail. 2010 Jun; 16(6): 475 – 539.ESC Guidelines for the diagnosis and treatment of acute and chronic heart failure 2012: McMurray JJ, et al. Eur Heart J. 2012 Jul; 33(14): 1787 – 1847. 2012 Canadian Cardiovascular Society Heart Failure Management Guidelines Update: McKelvie RS, et al. Can J Cardiol. 2013 Feb; 29(2): 168 – 181.  HFSA - Heart Failure Society Of AmericaUltrafiltration may be considered in lieu of diureticsESC / HFA - European Society of Cardiology and Heart Failure AssociationVenovenous isolated ultrafiltration is sometimes used to remove fluid in patients with HF, although is usually reserved for those unresponsive or resistant to diureticsCCS - Canadian Cardiovascular SocietyPatients with persistent congestion despite diuretic therapy, with or without impaired renal function, may, under experienced supervision, receive continuous venovenous ultrafiltration 

 ©2017 CHF Solutions, Inc.  18  80% of Hospital Readmissions Due to Heart Failure  In response, on October 1, 2012 the Affordable Care Act instituted the Hospital Readmission Reduction Program (HRRP) Requirement: CMS to reduce payments to hospitals with excess readmissionsPenalty: hospitals can lose ≤ 3% of Medicare reimbursement   †Readmissions Reduction Program (HRRP). Centers for Medicare & Medicaid Services website. Updated April 18, 2016. Accessed May 25, 2016.https://www.cms.gov/medicare/medicare-fee-for-service-payment/acuteinpatientpps/readmissions-reduction-program.html  † 

 Multicenter, prospective, randomized clinical study 100 patients UF vs. 100 patients standard of care (diuretics)  Ultrafiltration vs. Intravenous Diuretics for Patients Hospitalized for Acute Decompensated CHF (UNLOAD Study)¹  ©2017 CHF Solutions, Inc.  19  63% reduction in re-hospitalized days (1.4 vs. 3.8 p =0.022)>50% reduction in unscheduled clinic / ER visits (21% vs. 44%; p=0.009)  1Costanzo MR, et. al., J Am Coll Cardiol., 2007;49:675–83  Ultrafiltration 90-day Outcomes 44% reduction in patients re-hospitalized for heart failure  

 ©2017 CHF Solutions, Inc.  20  Today’s Healthcare Environment  Aquapheresis in a Clinical SettingGood Samaritan Hospital: A Single Center Experience  Independent study on 67 heart failure patients who received Aquapheresis:No 30-day readmits for volume overloadLength of Stay when started within 24 hours was 2.2 days, compared to national average of 5.9 daysReadmission rate from before Aquapheresis down from 12% to 4% the year priorAverage of 5.7 liters removed per patient  *Data presented at the National Teaching Institute & Critical Care Exposition (NTI) in Chicago, IL on May 5-8, 2008. Results may vary. 

 ©2017 CHF Solutions, Inc.  Recent Developments   21  Revenue increased 21% compared to the same period in 2016 on a pro forma basis Expanded sales footprint to 10 territories by adding 6 additional sales professionalsDistribution commenced in United KingdomCompleted Scientific Advisory Board (SAB) meeting with 6 physician Key Opinion LeadersClinical research protocols underwayTransitioned Aquadex manufacturing from Baxter to in-house operationsCurrent number of customers continues to increase (Currently at 164) 

 ©2017 CHF Solutions, Inc.  Performance Metrics  22  (*)  (*) Represents revenue since acquisition date, August 6, 2016  (**) Calculated on a pro forma basis  (**) 

 Instrument  Shares  Common Shares (Nasdaq: CHFS)  625,791  Warrants (WAEP $26.10; Exp 2021-2025)  496,468  Options (WAEP: $90.70)   36,868  RSUs   297  Total  1,159,424  ©2017 CHF Solutions, Inc.  23  Capitalization Table 

 ©2017 CHF Solutions, Inc.  Growth Opportunities  24        1  Established Customer BaseOpportunity to expand utilization in current base of over 300 US hospital customers who currently own over 500 consoles  Untapped Outpatient MarketMedicare penalties for early readmissions is driving a growing outpatient market with ≈300K treatments per year in U.S. alone  2  Underpenetrated Inpatient Market1 million annual HF admissions for fluid overload, 30% whom are resistant to diuretics provide an inpatient opportunity of ≥ 315,000 patients/year      3  OUS Growth OpportunityOUS market largely untapped to date, offering long-term growth potential  Multiple Clinical ApplicationsAquadex removes excess fluid in diuretic resistant patients with a variety of volume overloaded conditions        5  Dedicated Reimbursement OpportunityProducing clinical data or assimilating existing data can achieve dedicated outpatient codes and drive market uptake  Alignment with Market DynamicsReadmission and length of stay benefits of Aquadex are in line with the market shift toward value-based technology  7  6  Aquadex Growth Drivers  4 

 | ©2017 CHF Solutions, Inc.  Executive Leadership Team  15 year finance career with Medtronic in United States and Europe20+ years finance/accounting experienceCPA, MBA Finance and Strategy University of Minnesota  Claudia Napal DraytonChief Financial Officer  25+ years of medical device development experienceFounder of several vascular diagnostic device firms Graduate degrees in Medical Physics and Technology Management  Sandra EayrsVP Human Resources  20 years experience in human resources with medical device experience with Boston Scientific and St. Jude MedicalB.A. degree in Business Administration from the University of Wisconsin  David LernerSenior VP R&D  Gordon WeberVP General Counsel  19 year legal career, 6 in medical devices, 13 in corporate law12 years finance/accounting experienceB.A. in Accounting, Valedictorian of William Mitchell College of Law class of 1997  15 years Executive Leadership (President/COO/GM) ExperienceCommercial and Operations Sr Level LeadershipParadigm changing technology development -Baxter, Kyphon, Neuronetics, CSI.  Jim BreidensteinChief Commercial Officer   Megan BrandtSenior VP Operations   15 Years medical device/pharma experienceVeteran regulatory & quality professional with provide track recordB.S. in Biochemistry & Microbiology  25 

 | ©2017 CHF Solutions, Inc.  Board of Directors  John ErbChief Executive Officer, Chairman   40+ years of financial management experienceCurrent and past Board member for multiple medical device companies30 years experience as CFOMBA in Accounting from California State University at Fullerton  Greg WallerNon-Executive Member  35+ years of medical device experience33 years of experience at Medtronic in CRM, HF, Cardiac Ablation, and CardiologyUndergraduate and graduate degrees in Engineering from the University of MN  Warren WatsonNon-Executive Member  Investment Banking and Chairman of the Healthcare Investment Banking Group at Piper Jaffray, focus on the medical device industryB.A. in Chemistry from St. Olaf College and an M.M.M. in Finance from the Kellogg Graduate School of Management at Northwestern University  Jon SalvesonNon-Executive Member  President and CEO of Ulthera, Inc. from 2006 to 2016President of GMP Wireless Medicine from 2001 to 2006Baxter Healthcare Corporation from 1978 to 2001, President of Baxter’s Renal U.S.B.B.A. in Marketing, Kent State University  35+ years of experience in medical devices.  VP, Global Sales and Marketing at Thoratec, 2004 to 2015 VP Sales & Marketing, CHF Solutions 2002 to 2004 VP of Global Marketing, Cardiovascular Surgery Division for St. Jude Medical, 2000 to 2002B.S. from Franklin Pierce College  Matthew LikensNon-Executive Member  Steve BrandtNon-Executive Member  40+ years experience in medical devicesCE0 of 4 med-tech start-up companiesChairman of 3 public boardsBA in Business Administration from California State University, Fullerton  26 

 

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 Claudia Napal DraytonChief Financial OfficerCHF Solutions Inc. 952-345-4205 -or- Bret ShapiroManaging PartnerCORE IR516 222 2560brets@coreir.com  For More Information  Investor Relations:CHF Solutions, Inc.ir@chf-solutions.com