June 2017

Generating Value from Innovation in Life Sciences

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This presentation is strictly confidential to the recipient and has been prepared by Arix Bioscience pic (the “Company”). “Presentation” means this document, any oral presentation, the question and answer session and any written or oral material discussed or distributed during the “company presentation”. By attending the meeting where this presentation is made, or by accepting a copy of this presentation, you acknowledge and agree to be bound by the following limitations and to maintain absolute confidentiality regarding the information disclosed in this document.

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This presentation is intended to present background information on the Company and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made. The contents of this presentation have not been independently verified.

This document and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respect to the Company’s business, financial condition and results of operations. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, reflect the beliefs and expectations of the directors of the Company and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Past performance of the Company cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation and each of the Company and the Banks expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements.

Disclaimer

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Building businesses and valueOverview

Life Science Venture Capital in a publicly-traded company

Active Management with a proven team of company builders

Building a diverse collection of world-class life science businesses

Privileged relationships with Academia and Pharma

Strong presence in Europe and the US

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£113m raised in February 2017IPO on the London Stock Exchange

Building a diverse group of 15-20 life science companies

Highly Innovative early and late stage companies

Bringing life-science VC to public investors

Concept appeals to a broad range of investors- Blue-chip generalist financial institutions- Large pharma- Wealth managers- Retail investors

7 already in place

Target 20% IRR over the long term

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1828 45

2007 2011 2015

Smaller companies driving innovation

1. Source: Company, FDA, HBM analysis 2. Drug originator defined as the company that undertook the first significant development effort for a drug 3. Source: BioCentury. Excludes Venture Debt financings.

Market Opportunity

Innovation driven by smaller companies

Funding environment for healthcare has historically been uncertain and volatile

New molecular entity approvals by the FDA1

Number of drug approvals by originator2 company size

Total capital raised in biopharma IPOs & private rounds (US$bn)3

28 3423

38 45

2011 2012 2013 2014 2015

Top Ten Companies 11-30 Smaller Companies

048

1216

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

YTD

Scientific innovation driving increasing numbers of new therapies and technologies

5

212225

375400

500535558605

9251,200

1,725

121130140144

254324

400478500537

600725

1,250

- 400 800 1,200 1,600 2,000

GlycoVaxyn / GlaxoSmithKlineArresto / Gilead

Oncoethix / Merck & Co.Heptares / Sosei

Amplimmune / AstraZenecaTensha / Roche

Fibrotech / ShirecCAM Biotherapeutics / Merck & Co.

Avila / CelgeneNimbus / GileadSeragon / Roche

ZyStor / BioMarinCallidus / Amicus Therapeutics

Envoy Therapeutics / TakedaZacharon / BioMarin

CoStim / NovartisLotus Tissue Repair / Shire

IOMet / Merck & Co.Taligen / Alexion

SmartCells / Merck & Co.Marcadia / Roche

Padlock / Bristol-Myers SquibbiPierian / Bristol-Myers SquibbFlexus / Bristol-Myers Squibb

Upfront EarnoutSource: Press releases, Pitchbook.Note: Companies acquired while lead asset is in Phase I or preclinical development, for a disclosed value of over US$100m, 2010 to present. This slide is not intended to indicate Arix’s expected returns or strategy in any way but

instead to provide an historical market context for early stage biotech.

Market OpportunityTotal Return Years From Inception

Investment (US$m) Upfront Total To Exit37 21.4x 33.4x 1.376 2.3x 9.5x 4.821 10.8x 28.9x 1.313 21.6x 40.4x 4.812 0.0x 41.9x nm80 1.4x 6.0x 4.514 10.7x 28.7x 5.712 4.2x 27.6x 1.512 21.5x 21.5x 1.84 2.4x 33.9x 4.18 17.7x 17.7x 3.15 3.1x 26.7x 0.67 4.1x 17.6x 5.7

Average 23 9.3x 25.7x 3.3Median 12 4.2x 27.6x 3.6

33 21.8x 52.0x 1.066 6.0x 18.1x 5.151 6.9x 18.2x 5.06 16.3x 104.0x nm8 8.9x 66.1x 5.2

14 8.3x 38.8x 4.318 12.7x 28.3x 7.753 3.4x 7.5x 7.530 3.6x 12.4x 7.029 7.8x 7.8x nm31 6.9x 6.9x 8.6

Average 31 9.3x 32.7x 5.7Median 30 7.8x 18.2x 5.2

Transaction Value (US$m)

Prec

linica

lPh

ase I

Premium Price Paid for Innovation

61. From 9 January 2006 to 8 December 20162. Cambridge Associates; Realised and unrealised returns; includes VC deals with an initial year of investment between 2006-2016 and net of fees

“Innovation” side of the healthcare sector driving investment returnsLife sciences delivering value for shareholders

Market Returns 2006-2016

8.1%

11.8%

22.5%

NASDAQ Index NASDAQ BiotechIndex (NBI)

Biopharma VC1 1 2

Targeting VC-like returns: 20% IRR over the long term

Publicly traded shares versus ten year VC fund

Balanced exposure to diverse group of life science companies

Highly experienced team with a strong track record of building and realising value

Arix Bioscience

71 Market cap is at 29 April 20162 Includes Vectura ($1,779m), Santhera ($457m), ReNeuron ($151m), and Cyclacel ($14m). Vectura is pro forma for acquisition of Skyepharma PLC, expected to close in Q3 2016; assumes 2.7977 Vectura shares issued per Skyepharma share, at a price of $2.52 as

of close on April 29th, 2016. Source: Capital IQ.

Leadership Team

Former Group CFO at Amgen and Novartis Pharma35 years global experience Broad experience in strategy, financeand operationsExtensive M&A experience on both buy- and sell-side>$20bn capital raisedPublic company CEO and Boardmember experienceFormer McKinsey and PwC CorporateFinance Partner

Venture investing: strong track record of generating cash-on-cash returns25 years experience in life science industryFormer Partner at Abingworth: leading VC firmPublic equities: founded and co-managed hedge fund with superior 5 year returnsExtensive active Board-level experience of building life science companiesGlobal Healthcare portfolio manager, First State Investments, Commonwealth Bank of AustraliaPharma analyst at Dresdner Kleinwort BensonHead of Strategy Team at the Wellcome Trust

Over 30 years experience as entrepreneurFounded Chiroscience, Celsis, Merlin Biosciences, ReNeuron, VecturaCreated 11 successful academic spin-outsRaised c.$450m for Merlin Biosciences FundsRaised $2.6bn from disposals, including sale of BioVex to Amgen ($1bn) and Piramed to Roche ($175m)Through Merlin Ventures, co-founded andadvised Biotech Growth Trust plc (current market cap $522m1)Sold Arakis to Sosei ($187m)Founded multiple listed companies with collective market cap of c.$2.4bn at endof April 20162

Complementary combination of experience and expertise

Prof Sir Chris Evans

Deputy Chairman

Entrepreneur

Joe AndersonCEO

VC

Jonathan PeacockChairman

Big Pharma

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Highly experienced Board

British Member of Parliament for 18 years; former Secretary of State for Work and Pensions, Secretary of State for Business and Secretary of State for DefenceAdviser to Bechtel and Lockheed Martin and NED to Circle Holdings Plc and SiriusMinerals PlcChairs the Nuclear Industry Association

Previously Group CFO of Charles Stanley plc,a leading Wealth Manager with over £20bnof client assets under managementFormer Group CFO of Coutts, a global Private Bank & Wealth ManagerFormer CFO of UBS Wealth (UK) before takinga global role in UBS Wealth based in Zurich

Pharmacologist, and leader in drug receptor research, pharma R&D, biotechnology and venture investingLed Zeneca’s global research activities and subsequently SmithKline Beecham’s R&DHas worked to establish the Harrington Project since 2012 and is on the BioMotiv board and is chair of the Advisory Board

Chairman of Innoveas InternationalFormer chairman of Johnson Matthey, Whitbread, Kingfisher, Tarmac, andECI PartnersDirector of Invesco until May 2015

Former Roche Chairman and CEO Chairman of Diageo plc and Non-Executive Director of Citigroup, Chugai Pharma andKite PharmaFormer chairman of INSEAD Board of Directors

Former Group R&D Director at The WellcomeFoundation and a former director of AllerganFormer Director General of the Association of the British Pharmaceutical Industry (ABPI) and served, for 12 years, as a member of the UK Government Medicines CommissionVisiting professor at King’s College, London, and holds honorary degrees and Gold Medals fromsix universities

Dr. Franz HumerLead Independent

DirectorSir John Banham

NEDDavid U’Prichard

PhD, NED

Lord Hutton of FurnessNED

Professor Trevor Jones, PhD, NED

James RawlingsonCFO

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Investment Proposition

Early and late stage

Privileged partnerships and extensive deal sources

Life science specialists

Proactive industry research

Active managers

Transatlantic

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Building a balanced portfolio

Breakthrough treatmentsEarly and late stageGlobalLife sciences

Current portfolio: 7 companies (plus indirect holdings)

Target portfolio: 12 companies by end of FY1720 companies by end of FY18

Target shareholder return: 20% IRR over the long term

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Company Field of Science Geography Board seat Committed£m

Oncology EU 5.1

Oncology EU 10.0

Sequencing EU 1.0

Oncology US 8.6

Anti-infectives EU 8.6

Opthalmology US 0.9

Respiratory EU 3.6

Total committed to Group Businesses 37.8

Inclusive of further £15.7m reserved for Group Businesses 53.1Funds

Life Sciences US Advisory Board Up to £20m

Life Sciences EU Manager Receive fees

Interests in Group Businesses held on the Arix balance sheetCurrent Portfolio

12Source: Company, BioMotiv

BioMotiv, a US research accelerator, and ALS, a regional fund managerInterests in FundsInterest Company Description Direct Board

Seat

BioMotivholdingsin the US

Allinaire Antibody therapy for respiratory diseases including chronic obstructive pulmonary disease ADual Developing a novel small molecule for the treatment of solid and haematological tumours A

Antibody against a novel immunology target in development for atopic dermatitis, inflammatory bowel disease and colorectal cancer ANYNEX Pharmaceutical agent targeted against deubiquitinase UPS9X for the treatment of various forms of cancers A

Small molecule modulator of well-validated nuclear receptor in development for autoimmunity and immuno-oncology ASAPVAX Developing peptide-based, self-adjuvanting cancer vaccines, comprising synthetic long peptide antigens linked to a TLR2 agonist A

Antibody inhibitor of leukocyte infiltration to sites of inflammation, under development for various autoimmune disorders AChaperone to increase intracellular zinc concentration in development for various solid and haematological tumours A

ArthurianLifeSciences managed portfolio

Novel therapeutics for autoimmune and allergic diseases BDelivery systems for type II diabetes BMinimally invasive interventional and surgical procedures -

Medaphor Advanced ultrasound education and training simulators -

Orion Full-service CRO focused on the most challenging therapeutic areas BProton Proton Beam Therapy for cancer BReneuron Clinical-stage stem cell therapy for stroke-related disabilities BSimbec CRO specialising in early clinical development BSphere Markets Proxima – a platform for measuring blood gases, electrolytes and metabolites B

Respiratory-focused clinical stage biotechnology company with a “first-in-class” drug for chronic obstructive pulmonary disease -

A = Board Representation through BioMotiv B = Board Representation through ALS

Direct Board Seat

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Unmet Need

Many cancers still poorly treated

New approaches involve engineering patients’ immune cells to recognise and kill cancer cells

Many blood cancer patients have shown complete remission with CAR-T

Innovation

Exciting science from University College, London

Extends potential of Chimeric Antigen Receptor CAR-T-cell therapy

Promise of improved targeting and control of patients’ killer cells

Impact

Potential for safer, more effective treatment, as well as moving into solid tumours

Clinical trials starting in 2017

Potential market over $5bn

Next Generation Cancer-targeting CAR-T cell therapyAutolus

Proven Leadership Team

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Unmet Need

Many cancers still poorly treated

Tumour cells known to be poor at repairing DNA damage and various chemo and radio-therapies exploit this

But efficacy is limited by unwanted effects on healthy cells

Innovation

Inhibiting “DNA Damage Response” (DDR) of cancer cells proven

Artios founders involved in successful development of first generation DDR (PARP inhibitor)

New DDR pathways discovered by scientists at CRUK

Impact

Following success of AstraZeneca's Lynparza™ (olaparib), now opportunities to target new DDR pathways

Artios aiming for a pipeline of multiple programmes and new targets

A novel class of DNA damage response (DDR) inhibitorsArtios

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Unmet Need

Drug resistant bacteria on the rise

> 2m US citizens get resistant infections, leading to 23,000 deaths each year

The CDC & Infectious Disease Society of America call for an urgent need for new drugs

Innovation

Sulopenem, a novel oral and intravenous antibiotic for multi-drug resistant infections

Shown broad-spectrum coverage and potent in-vitro activity against E. coli & K. pneumonia

Proven leadership (involved in development of Dalbavancin)

Impact

Cost of antibiotic resistance $20bn in the US

Arix led $65m Series B for key clinical trials in urinary tract and abdominal infections

Iterum plans to file with the FDA for approval in 2019

New anti-infective combatting drug-resistant pathogensIterum Therapeutics

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Unmet Need

Human T-cells are designed to kill abnormal or cancerous cells

But cancer cells can evade detection by T-cells, allowing uncontrolled growth of a tumour

Using antibodies to “engage” T-cells with tumours an approach in its infancy

Innovation

Harpoon’s founders were involved in the development of Blincyto® a “bispecific” engager for leukaemia

Harpoon is now developing a next generation “trispecific” engager, TriTAC™

This has the potential for greater efficacy and potency than earlier T-Cell engagers

Impact

Arix co-led Series B financing to advance TriTAC™ to Phase 1 clinical trials

First clinical trial, in metastatic prostate cancer, expected in 2018

Further trials being planned

Unleashing a patient’s immune system to kill cancersHarpoon Therapeutics

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Sourcing Ideas

Arix Group Balance Sheet

Rich, renewable pipeline of opportunitiesExpect over 1,000 deal ideas annually*

Deep exposure to Europe and US

Source: Company*587 deals reviewed in first year of operation

Privileged relationships

Academia Research Accelerator Fund Manager Industry Partnerships and Direct NetworksUniversities Research

Accelerators Fund Manager Industry Partnerships

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Extensive relationships in the industry and VC community

Dealflow supported by team at Arix HQ in London

UK: “First Look” Agreements with 6 leading universities

Germany: “First Look” Agreement with the Max Planck LDC

Max Planck Society operates c.100 research institutions in GermanyEmploys > 15,000 people and receives funding of €1.7bn p.a.

Deep VC Networks and agreements with leading research centresEurope: Sourcing Innovation

19Source: Company, BioMotiv

Deep VC Networks and investment in a Research AcceleratorUS: Sourcing Innovation

Extensive relationships in the industry and VC community in the US

Dealflow and US Group Companies supported by a team in NYC

Innovative science also sourced through BioMotiv with links to the Harrington Scholars program

Arix is a BioMotiv shareholder and has committed $25m

Arix can invest in businesses via BioMotiv, alongside BioMotiv, or independently of BioMotiv

Opportunities pre-qualified at point of review by BioMotiv following Harrington screening process

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Harrington Scholars Programme

Source: BioMotiv

Extensive Reach into US academic centres

Albert Einstein College of Medicine

Rutgers

Columbia University

University of North Carolina

Duke University

Emory University

University of Kentucky

Indiana University

Washington University in

St. Louis

University of Colorado

University ofSouthern California

University of California,

San Francisco

Mayo Clinic

The Ohio State University

Case Western Reserve University

Harvard University

Sickle Cell disease

Hypoxemia & Cardiac Arrest

Myocardial Infarction

Diabetes and AtherosclerosisMacular Degeneration

Cancer

Breast & Ovarian CancerProstate Cancer

HTN & AtherosclerosisBacterial Drug Resistance

Type I Diabetes

Diabetes CancerRetinitis Pigmentosa

BlindnessOsteoporosisAlzheimer’s DiseaseAge Related Macular

DegenerationCOPD

Obesity & Diabetes

Ischemic Retinal Diseases

Wound HealingBasal Cell Carcinoma

Huntington’s Disease and Neurodegenerative Disorders: Psoriasis

Type I Diabetes

Neonatal Brain Injury & Stroke

RetinitisPigmentosa Heart Failure

Tuberculosis Alzheimer’s

Disease

Alzheimer’s Stroke and Cancer

Acute Myeloid LeukaemiaBacterial Drug Resistance

Blood Cancers Respiratory Stimulant

Inflammation

Alzheimer’s DiseaseNiemann-Pick C Disease

BioAtlaAutoimmune

Retinal DegenerationCancer

Rheumatoid ArthritisLa Jolla Institute

University of California, San Diego

Pain ControlNervous System

Movement DisordersOsteoporosis

Alzheimer’s Disease

Alzheimer’sDiseaseDiabetes

Vanderbilt University

Lung Transplant Rejection

Non-alcoholic

Fatty Liver Disease and

Diabetes

Yale University

Pain Management

CancerMt.

Sinai

The Rockefeller UniversityMyocardial Infarction

Memorial Sloan Kettering Cancer

Center

Brigham and Womens Hospital

Heart Rhythm Disorder

Psoriasis, Diabetes,Rheumatoid Arthritis and

Alzheimer's Disease

HDI

Sickle Cell anaemia and Beta-Thalassemia

BostonUniversity

University of Pittsburgh

New York University

University of Pennsylvania

Johns Hopkins University

Massachusetts General Hospital

Inherited Heart Rhythm

Disorders

GeiselMRSA

University of TexasCancer

U. ofMarylandDepression

University of Michigan

Melanoma

University of Arizona

Stanford University

Cancer

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Detailed diligence approach

Science • Breakthrough science & unmet medical need• Validating preclinical or clinical data

• Capability of management and R&D teams• Opportunity to add significant operational value

• Cash runway• Deal structuring• Agree clear value inflection points

• Regulatory pathway• Market analysis• Intellectual Property

Commercial

Operations

Finance

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White papers drive rigorous understanding of a sectorProactive sector research

Objective: Rigorous sector evaluation to develop a detailed understanding of a sectorContents: Memorialise findings that becomes a “living document”

Market opportunity / unmet needCurrent competition / standard of careClinical development approachesRegulatory environmentPipeline / new technologiesCommercialisation (pricing, reimbursement)Strategic interest / valuations

Results: List of companies / technologies worth immediate diligence or longer-term monitoring

Recent Focus Areas: Anti-Infectives, Oncology and Gene Therapy

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Two-way flow of information on business opportunities, covering:SourcingScreeningDue diligenceJoint business building

Benefits for Arix:

Access to deep scientific knowledge and R&D capabilitiesMarket intelligence and commercial assessment

Strategic investments at IPO: 5% holding from Takeda, 4% from UCB Pharma

Pharmaceutical partnershipsTakeda and UCB Pharma

24Source: Company, company websites

Regulated Fund Manager Acquired by ArixFund Management

Wholly-owned subsidiary of ArixFirst mandate: The Wales Life Sciences Investment Fund£50m in funding2.5% management fee and 20% carried interest

Minimally invasive interventional andsurgical procedures

Full-service CRO focused on the mostchallenging therapeutic areas

CRO specialising in early clinical development Clinical-stage stem cell therapy forstroke-related disabilities

AIM:RENE

Novel therapeutics for autoimmune andallergic diseases

Chronic respiratory and inflammatory diseasesAIM: VRP

Advanced ultrasound education andtraining simulators

AIM: MED

Proton beam therapy for cancerMarkets Proxima – a platform for measuring blood gases, electrolytes and metabolites

AIM: SPHR

Delivery systems for type II diabetes

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Life Science Venture Capital in a Public CompanyConclusion

Deep pipeline of new opportunities

Key relationships with Big Pharma

Ambitious portfolio of 7 companies already in place

Bringing life-science VC to Public market investors

Adding a further 8-10 companies with IPO Proceeds