September 2017

Generating Value from Innovation

in Healthcare & Life Sciences

1

This presentation may contain certain “forward-looking” statements. Such statements reflect current views on, among other things, our markets, activities, projections, objectives and prospects. Such ‘forward-looking’ statements can sometimes, but not always, be identified by their reference to a date or point in the future or the use of ‘forward-looking’ terminology, including terms such as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘forecasts’, ‘intends’, ‘due’, ‘plans’, ‘projects’, ‘goal’, ‘outlook’, ‘schedule’, ‘target’, ‘aim’, ‘may’, ‘likely to’, ‘will’, ‘would’, ‘could’, ‘should’ or similar expressions or in each case their negative or other variations or comparable terminology.

By their nature, forward-looking statements involve inherent risks, assumptions and uncertainties because they relate to future events and circumstances which may or may not occur and may be beyond our ability to control or predict. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of Arix Bioscience plc (the "Company") speak only as of the date they are made and no representation or warranty is given in relation to them (whether by the Company or any of its associates, directors, officers, employees or advisers), including as to their completeness or accuracy or the basis on which they were prepared.

Other than in accordance with our legal and regulatory obligations (including under the UK Financial Conduct Authority’s List ing Rules, the Disclosure Rules and Transparency Rules and the Market Abuse Regulation), the Company does not undertake to update forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

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All opinions expressed in this presentation are subject to change without notice and may differ from opinions expressed elsewhere.

Disclaimer

2

Building businesses and value

Overview

Life science ventures 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

3

£112m raised in February 2017

IPO on the London Stock Exchange

Bringing life science ventures to public investors

Business model appeals to a broad range of investors

- Blue-chip generalist financial institutions

- Large pharma

- Wealth managers

- Retail investors

Target 20% IRR over the long term

Building a diverse group of highly innovative early and late stage

companies

- 11 already in place (5 at IPO)

4

18

28 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

2834

23

3845

2011 2012 2013 2014 2015

Top Ten Companies 11-30 Smaller Companies

0

4

8

12

16

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

212

225

375

400

500

535

558

605

925

1,200

1,725

121

130

140

144

254

324

400

478

500

537

600

725

1,250

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

GlycoVaxyn / GlaxoSmithKline

Arresto / Gilead

Oncoethix / Merck & Co.

Heptares / Sosei

Amplimmune / AstraZeneca

Tensha / Roche

Fibrotech / Shire

cCAM Biotherapeutics / Merck & Co.

Avila / Celgene

Nimbus / Gilead

Seragon / Roche

ZyStor / BioMarin

Callidus / Amicus Therapeutics

Envoy Therapeutics / Takeda

Zacharon / BioMarin

CoStim / Novartis

Lotus Tissue Repair / Shire

IOMet / Merck & Co.

Taligen / Alexion

SmartCells / Merck & Co.

Marcadia / Roche

Padlock / Bristol-Myers Squibb

iPierian / Bristol-Myers Squibb

Flexus / Bristol-Myers Squibb

Upfront Earnout

Source: 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 January 2017. 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 Opportunity

Total Return Years From Inception

Investment (US$m) Upfront Total To Exit

37 21.4x 33.4x 1.3

76 2.3x 9.5x 4.8

21 10.8x 28.9x 1.3

13 21.6x 40.4x 4.8

12 0.0x 41.9x nm

80 1.4x 6.0x 4.5

14 10.7x 28.7x 5.7

12 4.2x 27.6x 1.5

12 21.5x 21.5x 1.8

4 2.4x 33.9x 4.1

8 17.7x 17.7x 3.1

5 3.1x 26.7x 0.6

7 4.1x 17.6x 5.7

Average 23 9.3x 25.7x 3.3

Median 12 4.2x 27.6x 3.6

33 21.8x 52.0x 1.0

66 6.0x 18.1x 5.1

51 6.9x 18.2x 5.0

6 16.3x 104.0x nm

8 8.9x 66.1x 5.2

14 8.3x 38.8x 4.3

18 12.7x 28.3x 7.7

53 3.4x 7.5x 7.5

30 3.6x 12.4x 7.0

29 7.8x 7.8x nm

31 6.9x 6.9x 8.6

Average 31 9.3x 32.7x 5.7

Median 30 7.8x 18.2x 5.2

Transaction Value (US$m)

Pre

clin

ical

Ph

ase

I

Premium Price Paid for Innovation

6

1. From 9 January 2006 to 8 December 2016

2. 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 returns

Life sciences delivering value for shareholders

Market Returns 2006-2016

8.1%

11.8%

22.5%

NASDAQ Index NASDAQ Biotech

Index (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

7

1 Market cap is at 24 August 2017

2 Includes Vectura ($1,779m), Santhera ($457m), ReNeuron ($151m), and Cyclacel ($14m). Vectura is pro forma for acquisition of Skyepharma PLC, which closed in Q3 2016; reflects 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 Pharma

35 years global experience

Broad experience in strategy, financeand operations

Extensive M&A experience on both buy- and sell-side

>$20bn capital raised

Public company CEO and Boardmember experience

Former McKinsey and PwC CorporateFinance Partner

Venture investing: strong track record of generating cash-on-cash returns

25 years experience in life science industry

Former Partner at Abingworth: leading VC firm

Public equities: founded and co-managed hedge fund with superior 5 year returns

Extensive active Board-level experience of building life science companies

Global Healthcare portfolio manager, First State Investments, Commonwealth Bank of Australia

Pharma analyst at Dresdner Kleinwort Benson

Head of Strategy Team at the Wellcome Trust

Over 30 years experience as entrepreneur

Founded Chiroscience, Celsis, Merlin Biosciences, ReNeuron, Vectura

Created 11 successful academic spin-outs

Raised c.$450m for Merlin Biosciences Funds

Raised $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 (market cap $568m1)

Sold Arakis to Sosei ($187m)

Founded multiple listed companies with collective market cap of c.$2.4bn at endof April 20162

Powerful, complementary combination of experience and expertise

Prof Sir Chris Evans

Deputy Chairman

Entrepreneur

Joe Anderson

CEO

VC

Jonathan Peacock

Chairman

Big Pharma

8

Highly experienced Board

Former Roche Chairman and CEO

Former Chairman of Diageo plc and Non-Executive Director of Citigroup, Chugai Pharma and Kite Pharma

Former chairman of INSEAD Board of Directors

Dr. Franz Humer

Lead Independent

Director

Chairman of Innoveas International

Former chairman of Johnson Matthey, Whitbread, Kingfisher, Tarmac, andECI Partners

Director of Invesco until May 2015

Sir John Banham

NED

Pharmacologist, and leader in drug receptor research, pharma R&D, biotechnology and venture investing

Led Zeneca’s global research activities and subsequently SmithKline Beecham’s R&D

Has worked to establish the Harrington Project since 2012; BioMotiv board member and chair of the Advisory Board

David U’Prichard,

PhD, NED

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 Defence

Adviser to Bechtel and Lockheed Martin and NED to Circle Holdings Plc and Sirius Minerals Plc

Chairs the Nuclear Industry Association

Lord Hutton

of Furness

NED

Former Group R&D Director at The WellcomeFoundation and a former director of Allergan

Former Director General of the Association of the British Pharmaceutical Industry; and a member of the UK Government Medicines Commission for 12 years

Visiting professor at King’s College, London, holds honorary degrees & Gold Medals from six universities

Professor Trevor Jones,

PhD, NED

Previously Group CFO of Charles Stanley plc,a leading Wealth Manager

Former Group CFO of Coutts, a global Private Bank & Wealth Manager

Former CFO of UBS Wealth (UK) before takinga global role in UBS Wealth based in Zurich

James

Rawlingson

CFO

Partner at L1 Health; and Associate Professor of Strategy and Health Policy at Columbia University

Former Executive Vice President of Strategy and Health Policy at Cardinal Health

Holds a DrPh in Healthcare Policy from New York Medical College, a BSN in Nursing from Fairfield University, and a Master of Public Health from Columbia University

Meghan

FitzGerald,

DrPh, NED

9

Investment Proposition

Transatlantic

Privileged partnerships and extensive deal sources

Life science specialists

Proactive industry research

Active managers

Early and late stage ventures

10

Building a balanced group

Breakthrough

treatmentsEarly and late stageGlobalLife sciences

Currently: 11 companies (plus indirect holdings)

Target: 12 companies by end of FY17

20 companies by end of FY18

Target shareholder return: 20% IRR over the long term

11

Company Field of Science Geography Board seat

Current

Holding

%

Valuation

Basis

Valuation

£m

Committed, Not

Yet Invested

£m

Oncology EU ✓ 7.2% PRI 6.7 3.3

Oncology EU ✓ 15.1% PRI 1.9 3.2

Oncology US ✓ 8.0% PRI 4.2 4.2

Antifungals US Observer N/D PRI N/D N/D

Anti-infectives EU ✓ 6.8% PRI 5.9 2.5

Sequencing EU ✓ 20.7%* PRI 1.1 -

Gene therapy US ✓ 13.3% PRI 5.0 2.7

Neuro-degenerative Israel Observer 2.2% PRI 0.4 1.2

Ophthalmology US ✓ 31.9% PRI 0.9 -

Bone disease Canada ✓ 17.8% PRI 0.5 5.7

Respiratory EU 2.7% Quoted 3.1 -

Funds / accelerators Life Sciences 10.3 -

40.0+Amplyx

22.8+Amplyx

Interests held on the Arix balance sheet

Current Group Businesses

* 40% participation rights; N/D: Not disclosed to market; PRI: Price of recent investment

12

Novel therapeutics for autoimmune and allergic diseases B

Delivery systems for type II diabetes B

Minimally invasive interventional and surgical procedures -

Advanced ultrasound education and training simulators -

Full-service CRO focused on the most challenging therapeutic areas B

Proton Beam Therapy for cancer B

Clinical-stage stem cell therapy for stroke-related disabilities B

CRO specialising in early clinical development B

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 -

Antibody therapy for respiratory diseases including chronic obstructive pulmonary disease A

Antibody against a novel immunology target in development for atopic dermatitis, inflammatory bowel disease and colorectal cancer A

NYNEX 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 A

SAPVAX 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 A

Source: Company, BioMotiv

BioMotiv, a US research accelerator, and ALS, a fund manager

Interests through BioMotiv and ALS

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

Direct

Board Seat

BioMotiv

holdings

in the US

Arthurian

Life

Sciences

managed

portfolio

13

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

Potential for

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 therapy

Autolus

Proven Leadership Team

14

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) inhibitors

Artios

15

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 cancers

Harpoon Therapeutics

16

Unmet Need

Drug-resistant,

potentially deadly

fungal infections, e.g.

Candida, Aspergillus

and rare molds

Over 600,000 cases

annually; patients

with compromised

immune systems

particularly

susceptible

Existing treatments

not effective, difficult

to use or poorly

tolerated

Innovation

Amplyx developing

novel, broad-spectrum

antifungal agents for

life-threatening

invasive fungal

infections

Potential to be first

novel antifungal drug

approved since 2001

Impact

Successful Phase I

trials; granted orphan

drug designation and

QIDP

$67m Series C

financing to fund

Phase II trials of lead

candidate

Developing novel antifungals to treat life-threatening invasive infections

Amplyx Pharmaceuticals

17

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 pathogens

Iterum Therapeutics

18

Sourcing Ideas

Arix Group Balance Sheet

Rich, renewable pipeline of opportunities

Expect over 1,000 deal ideas annually*

Deep exposure to Europe and US

Source: Company

*769 deals reviewed since 1 March 2017

Privileged relationships

Academia Research Accelerator Fund ManagerIndustry Partnerships

and Direct NetworksUniversities

Research

AcceleratorsFund Manager

Industry

Partnerships

19

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 Germany

Employs > 15,000 people and receives funding of €1.7bn p.a.

Deep VC Networks and agreements with leading research centres

Europe: Sourcing Innovation

20Source: Company, BioMotiv

Deep VC Networks and investment in a Research Accelerator

US: 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

21

Harrington Scholars Programme

Source: BioMotiv

Extensive Reach into US academic centres

Albert Einstein

College of Medicine

Rutgers

Columbia

University

University of

North Carolina

Duke

UniversityEmory

University

University of

Kentucky

Indiana

University

Washington

University in

St. Louis

University of

ColoradoUniversity of

Southern 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 Atherosclerosis

Macular Degeneration

Cancer

Breast & Ovarian Cancer

Prostate Cancer

HTN & Atherosclerosis

Bacterial Drug Resistance

Type I Diabetes

Diabetes Cancer

Retinitis Pigmentosa

BlindnessOsteoporosisAlzheimer’s

DiseaseAge Related Macular

Degeneration

COPD

Obesity & Diabetes

Ischemic Retinal Diseases

Wound Healing

Basal Cell Carcinoma

Huntington’s Disease and

Neurodegenerative

Disorders: Psoriasis

Type I Diabetes

Neonatal Brain

Injury & Stroke

Retinitis

PigmentosaHeart Failure

Tuberculosis

Alzheimer’s

Disease

Alzheimer’s

Stroke and Cancer

Acute Myeloid Leukaemia

Bacterial Drug Resistance

Blood Cancers

Respiratory Stimulant

Inflammation

Alzheimer’s Disease

Niemann-Pick C Disease

BioAtla

Autoimmune

Retinal Degeneration

Cancer

Rheumatoid Arthritis

La Jolla Institute

University of California,

San Diego

Pain Control

Nervous System

Movement Disorders

Osteoporosis

Alzheimer’s Disease

Alzheimer’s

Disease

Diabetes

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

Boston

University

University of

Pittsburgh

New York

University

University of

Pennsylvania

Johns Hopkins

University

Massachusetts

General Hospital

Inherited Heart

Rhythm

Disorders

Geisel

MRSA

University

of Texas

Cancer

U. of

Maryland

Depression

University of

Michigan

Melanoma

University of

Arizona

Stanford University

Cancer

22

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

23

White papers drive rigorous understanding and identify specific opportunities

Proactive sector research

Objective: Rigorous sector evaluation to

develop a detailed understanding of a sector

Contents: Memorialise findings that becomes a

“living document”

Market opportunity / unmet need

Current competition / standard of care

Clinical development approaches

Regulatory environment

Pipeline / new technologies

Commercialisation (pricing, reimbursement)

Strategic interest / valuations

Results: List of companies / technologies worth

immediate diligence or longer-term monitoring;

e.g. Iterum, Harpoon, LogicBio

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

24

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

Sourcing

Screening

Due diligence

Joint business building

Benefits for Arix:

Access to deep scientific knowledge and R&D capabilities

Market intelligence and commercial assessment

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

Pharmaceutical partnershipsTakeda and UCB Pharma

25Source: Company, company websites

Regulated Fund Manager Acquired by Arix

Fund Management

Wholly-owned subsidiary of Arix

First mandate: The Wales Life Sciences Investment Fund

£50m in funding

2.5% management fee and 20% carried interest

Minimally invasive interventional and

surgical procedures

Full-service CRO focused on the most

challenging therapeutic areas

CRO specialising in early clinical developmentClinical-stage stem cell therapy for

stroke-related disabilitiesAIM:RENE

Novel therapeutics for autoimmune and

allergic diseases

Chronic respiratory and inflammatory diseases

AIM: VRP

NASDAQ: VRNA

Advanced ultrasound education and

training simulatorsAIM: MED

Proton beam therapy for cancerMarkets Proxima – a platform for measuring

blood gases, electrolytes and metabolitesAIM: SPHR

Delivery systems for type II diabetes

26

Life Science Ventures in a Public Company

Conclusion

Deep pipeline of new opportunities

Key relationships with Big Pharma

High potential portfolio of 11 companies already in place

Bringing life science ventures to public market investors