Slide 1

Abzena plcFull Year Results 2017

13 June 2017

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Important notice

This presentation has been prepared by Abzena plc (the “Company”). By attending this presentation and/or reviewing the slides, you agree to be bound by the followingconditions.

This presentation does not constitute or form any part of, and should not be construed as, an offer to sell, or an invitation or solicitation or recommendation to purchase, orsubscribe for or underwrite or otherwise acquire any securities in the Company in any jurisdiction and does not constitute or form part of a prospectus. No part of this presentationshould form the basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment or investment decision whatsoever. Althoughreasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reasonable, the contents of thispresentation have not been formally verified by the Company or any other person. Accordingly, no representation or warranty, expressed or implied, is made as to the fairness,accuracy, completeness or correctness of the information and opinions contained in this presentation, and no reliance should be placed on such information or opinions. Further,the information in this presentation is not complete and may be changed. Neither the Company nor any of its respective members, directors, officers or employees nor any otherperson accepts any liability whatsoever for any loss howsoever arising from any use of such information or opinions or otherwise arising in connection with this presentation.

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This presentation contains certain statements that are neither reported financial results nor other historical information. These statements include information with respect to theCompany’s financial condition, its results of operations and businesses, strategy, plans and objectives. Words such as “anticipates”, “expects”, “should”, “intends”, “plans”,“believes”, “outlook”, “seeks”, “estimates”, “targets”, “may”, “will”, “continue”, “project” and similar expressions, as well as statements in the future tense, identify forward-lookingstatements. These forward-looking statements are not guarantees of the Company’s future performance and are subject to assumptions, risks and uncertainties that could causeactual future results to differ materially from those expressed in or implied by such forward-looking statements. Many of these assumptions, risks and uncertainties relate tofactors that are beyond the Company’s ability to control or estimate precisely and include, but are not limited to, the general economic climate and market conditions, as well asspecific factors including the success of the research and development and commercialisation strategies of Company and its subsidiaries (the "Group"), the uncertainties related toregulatory clearance and the acceptance of the Group’s products by customers.

By receiving this presentation, you agree to be bound by the foregoing provisions, limitations and conditions and, in particular, you have represented, warranted and undertakenthat: (i) you will observe the foregoing provisions, limitations and conditions and (ii) you have read and agree to comply with the contents of this disclaimer.

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Provider of specialist services & technologies to the biopharmaceutical industry

- Compelling market opportunity

• Worldwide market growing at >10% p.a., projected to reach $387bn by 2019

• R&D outsourcing market growing >23% p.a., projected to reach $11.4bn by 2020

- Complementary biology, chemistry and manufacturing services in UK & US

• Customers include 18 of top 25 biopharmaceutical companies

• >40% business growth rate, with further growth expected from investment in biomanufacturing

• Significant cross-selling within and across the Group’s service and technology offerings

- ABZENA Inside technology licence portfolio

• ABZENA Inside portfolio of licence & licence option agreements for Group’s proprietary technologies

• 12 ABZENA Inside products in clinical development

• $0.5bn potential licence fees, milestone payments, and royalties on products

Biopharmaceuticals are protein based drugs and include antibodies, antibody-drug conjugates, therapeutic proteins and peptides. ABZENA Inside products are biopharmaceutical products that incorporate one or more of Abzena’s proprietary technologies. ADC’s are antibody drug conjugates.

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Abzena – international operations

CHO – Chinese Hamster Ovary cell lineNS0 – Mouse myeloma cell linePQA – Product Quality Attributes

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Corporate highlights

- Integration of Abzena’s service offering for biopharmaceutical development and manufacturing across three sites in UK and US delivering expected revenue synergies

- Licence deal with US biopharma for ThioBridge ADC technology for up to 10 products, with potential to deliver $300m in licence fees and milestone payments plus royalties

- Maturation of ABZENA Inside clinical stage partner product portfolio with five Phase II products, including three with major biopharma companies, in addition to Gilead’s andecaliximab (formerly GS-5745) in Phase III gastric cancer study as well as Phase 2 studies in two further indications

- Executive management team strengthened with appointment of Chief Business Officer and President, Abzena (US)

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Financial highlights

- Revenue increased 89% to £18.7m (FY16: £9.9m)

- Underlying revenue growth of 41% (Proforma FY16: £13.3m)

- Increased administrative expenses due to expansion of the Group, particularly in US

- Research & development expenditure reduced to £3.8m (FY16: £4.2m) as Group increases focus on service business

- EBITDA loss reduced 17% to £7.9m (FY16: £9.5m)

- Reported loss reduced 6% to £9.1m (FY16: £9.7m)

- Cash at year end of £4.1m (FY16: £13.7m)

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Post period events

- Raised £23.9m (net of expenses) to fund investment & growth plan to accelerate transition to profitability

- Composite Human Antibody licence deal signed with public US biotech company with potential to deliver $19m milestone payments

- Bioverativ’s agreement to acquire True North Therapeutics and its ABZENAInside product TNT009 for consideration of up to $825m

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Revenue growth across all lines of the business

*Historic pro forma revenue assumes the Group had existed in current form for the whole comparative period. Biology not adjusted as that division existed in its current form in the historic period

Reported revenue forMarch 2016

Proforma aggregaterevenue for March

2016

Growth of biologyresearch services

Growth of chemistryresearch services

Growth ofmanufacturing

services

Increase in licencerevenue

Revenue for March2017

Biology

Chemistry

Manufacturing

Licence revenue

TCRS acquisition

PacificGMP acquisition

£9.9m

£13.3m

£18.7m

+£0.4m↑ 8%

+£0.4m↑ 131%

+£2.3m↑ 74%

+£2.3m↑ 48%

↑ 41%

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Financial review – income statement

Year-ended31 March 2017

Year-ended31 March 2016

£’000 £’000Revenue 18,654 9,854Cost of sales (10,547) (5,319)Gross profit 8,107 4,535

Other operating income 611 367R&D costs (3,849) (4,216)Administration (14,611) (9,047)Exceptional items - (2,542)Operating loss (9,742) (10,903)Net finance income 277 244Loss before income tax (9,465) (10,659)Income tax 347 961Loss for the year (9,118) (9,698)

Adjusted loss for exceptional items (9,118) (7,156)

Revenue

89% increase on prior year

- £5.3m (41%) increase on proforma

Gross profit

£3.6m up on prior year

- £1.8m increase on proforma

Gross profit % at 43%

- down on prior year (46%)

Administration expenses

£5.6m higher than last year

- £2.7m increase on proforma

R&D investment

£0.4m lower than last year

- £0.9m reduction on proforma

A proforma aggregated basis is used to set out the underlying financial changes for the Group, had itexisted in its current form in the prior reporting period.

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Financial review – revenue analysis

Year-ended31 March 2017

Year-ended31 March 2016

£’000 % £’000 %

Biology research services 5,719 31 5,299 54

Chemistry 6,961 37 2,174 22

Manufacturing 5,316 28 2,096 21

Licence revenue 658 4 285 3

18,654 9,854

North America 14,251 77 6,640 67

Europe (ex. UK) 2,656 14 2,048 21

United Kingdom 787 4 580 6

Other 960 5 586 6

18,654 9,854

Biology research services continues

steady (8%) growth

Chemistry research revenue increased

by £4.8m

– increase on proforma of £2.3m (48%)

Manufacturing revenue increased

by £3.2m

– increase on proforma of £2.3m (74%)

Repeat customers 78% (£14.6m) up

from 52% (£5.2m) in prior year

- Increase in business from US customers reflecting increasing penetration into world’s leading market

- 121 customers (FY16:113), top ten customers £9.0m (48%) compares £4.2m (43%)

- Significant increase in non-US/European business

1 A proforma aggregated basis is used to set out the underlying financial changes for the Group, had it existed in itscurrent form in the prior reporting period.

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Financial review – balance sheet

As at 31 March 2017

As at 31March 2016

£’000 £’000Non–Current AssetsGoodwill 18,017 15,060Other intangible assets 7,865 8,117Property, plant and equipment 7,612 4,170Total Non–Current Assets 33,494 27,347

Current AssetsInventories 1,876 1,379Trade and other receivables 4,982 5,436Current income tax assets 274 1,569Cash and cash equivalents 4,135 13,724Total Current Assets 11,267 22,108

Total Assets 44,761 49,455

As at 31 March 2017

As at 31March 2016

£’000 £’000EquityIssued share capital 276 272Share premium 41,822 41,263Retained earnings (10,175) (1,026)Reserves 4,011 547Total Equity 35,934 41,056

LiabilitiesNon-Current Liabilities 2,508 2,549

Current Liabilities 6,319 5,850

Total Liabilities 8,827 8,399

Total Equity and Liabilities 44,761 49,455

- Increase in goodwill & other intangible assets due to foreign exchange accounting

- £4.2m investment in property, plant & equipment

- Increase in share capital & share premium as result of share issuance due to deferred acquisition consideration and option exercises

- Non current liabilities - deferred tax (£2.0m) and equipment leases (£0.5m); options for further PP&E financing under consideration

- Cash bolstered by equity raise in April by £23.9m

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Financial review – Summary cash flow statement

Year ended March 2017

Year endedMarch 2016

£’000 £’000

Loss before income tax (9,465) (10,659)Net non cash items 1,831 2,453Working capital adjustments (189) (2,880)Cash used in operating activities (7,823) (8,206)

Taxation received 1,665 371Investing activities (3,289) (11,354)Financing activities (142) 19,994Net cash used in year (9,589) (2,075)

Net cash at year end 4,135 13,724

- Reduced working capital used as prior year reflects working capital provision to US businesses at acquisition

- Cash bolstered by equity raise in April 2017 by £23.9m

- Investment in year represents plant and lease improvements, with an additional £0.8m purchased under finance leases

- Tax receipt in year represents two years collections

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Biology research services

- 8% increase in revenue to £5.7m (FY16: £5.3m / Proforma FY16: £5.3m)

• 32% of Group service revenues

• Gross profit £3.1m (FY16: 3.0m)

• Gross profit ratio 54% (FY16: 56%)

- Continued development of immunology research services

• Active contributor to the industry-wide dialogue on immunogenicity assessment assays as part of the drug development process

• As a leader in the field, immunology group continually pursues opportunities to increase standardisation and robustness of immunogenicity assessment assays

• Broadening assay capabilities, including immuno-oncology, through collaboration between immunology, bioanalytical & bioassay groups

- Bioassay group works closely with chemistry group on ADC programs & with biomanufacturing in development of potency assays

- Six Composite Human Antibody projects completed during the year with five projects ongoing at the end of the year

• Technology access fees for Composite Human Antibody technology contribute to Group’s licence revenues

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Chemistry research services

- 48% underlying growth in revenue to £7.0m (FY16: £2.2m / Proforma FY16: £4.7m)

• 39% of Group service revenues

• Gross profit £2.5m (FY16: £0.9m / Proforma FY16: £2.6m)

• Gross profit ratio 36% (FY16: 42% / Proforma FY16: 55%)

- Growth driven by both UK and US chemistry groups

• Expanded long-term customer-funded chemistry programs

• Multiple bespoke custom synthesis projects

• Extensive ThioBridge evaluation and process development programs

- Significant ThioBridge licence agreement signed in January 2017

• Agreement provides partner with rights to utilise technology for up to 10 ADCs

• Potential to provide over $300m of licence fees & milestone payments, plus royalties on product sales

- R&D investment in establishing GMP manufacturing capability for ADC linker-payloads, improvements in ADC linker technology and development of novel cytotoxic payloads

- GMP capability for the manufacture of ADC linker-payloads is now operational

- Analytical capabilities support biosimilar cell line development projects & immunology research services

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Biomanufacturing

- 74% underlying growth in revenue to £5.3m (FY16: £2.1m/ Proforma FY16: £3.1m)

• 30% of Group service revenues

• Gross profit £1.8m (FY16: £0.3m / Proforma FY16: £0.5m)

• Gross profit ratio 35% (FY16: 16%) / Proforma FY16: 16%)

- Integrated offering between Cambridge & San Diego for cell line development, process development and manufacturing

- Seven GMP manufacturing programs underway during the year

• More than twice as many undertaken during prior year

- Biomanufacturing capabilities utilised by ABZENA Inside partners

• Faron Pharmaceuticals (Clevegen)

• UCL (magacizumab)

- Significant repeat customer engagement for GMP manufacturing – MSKCC, Armagen

- Demand for cell line development services for biosimilars supported by enhanced Product Quality Attribute (PQA) analytical capabilities

- Equipment and process improvement investment for cell line development to increase project efficiency, capacity and manufacturing productivity

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Investment & growth plan

- Raised £23.9m to fund a transformational growth plan

- Targeting 40% CAGR revenue growth over three years and significant improvement in gross margin, along with driving operational leverage to accelerate transition to profitability

- San Diego - Biomanufacturing

• Manufacturing platform upgrade initiated with equipment for 1st single-use disposable stirred tank bioreactor (STR) train to 500L on order

• Facility plans being finalized to enable capacity expansion to three manufacturing STR trains

• Full investment programme expected to be completed in second half of 2018

- Bristol - Chemistry Research Services; Biomanufacturing (ADCs)

• GMP ADC conjugation suite in detailed facility planning with equipment on order

• Expected to be operational and delivering customer projects by Q1 2018

- Cambridge - Biology & Chemistry Research Services; Biomanufacturing (CLD)

• Technology & equipment investment underway to increase cell line development offering underway

• Relocation to single building on Babraham Research Campus expected late 2017

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ABZENA Inside portfolio– includes 12 products in clinical development

Further licence agreements

- ThioBridge ADC licences with potential to yield $0.5 billion licence fees and milestone payments plus royalties

• Halozyme Therapeutics (Jan 2016) – up to three ADC targets

• Undisclosed San Diego-based partner (Jan 2017) – up to 10 ADC products

• Major pharma company ThioBridge™ option agreement for up to 10 ADC products

- Composite Human Antibody licence agreements

• Trieza Therapeutics licence up to $35m milestone payments plus royalties

• Deal signed with US public company with potential to deliver $19m milestone payments

Company & product candidate Potential indications Phase I Phase II Phase III

Gilead Sciences – andecaliximab Gastric cancer, RA, cystic fibrosis

Opsona Therapeutics – OPN-305 Myelodysplastic syndrome

Vascular Pharmaceuticals – VPI-2690B Diabetic nephropathy

Roche – RG6125 Rheumatoid arthritis

Undisclosed major US Pharma Neurodegenerative conditions

Undisclosed major US Pharma Neurodegenerative conditions

True North Therapeutics – TNT009 Cold agglutinin disease & antibody-driven diseases

NKT Therapeutics – NKTT120 Sickle cell disease

Therapure Innovations – TBI 304H Chemotherapy-induced anaemia

3 Undisclosed biotech companies for undisclosed indications

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Current trading & outlook

- Increasingly, Group’s prospective customers looking to Abzena for comprehensive service offering from lab bench to clinic

- Expectation of further ABZENA Inside technology licences

- Potential for more significant and longer-term integrated service contracts

• Business development opportunities may be subject to partners’ progress and/or funding situation and therefore may be less predictable

• Revenue recognition for higher value, longer term multi-phase contracts more difficult to forecast

- Contracted revenue for current year exceeds 50% of revenue reported for FY17

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Summary – focus on scale & sustainability

- Growing international service and technology group enabling the development of better biopharmaceuticals

- Supporting a global customer base, including 18 of the top 25 major biopharmaceutical companies

- Demand-led growth drives investment in service innovation, technology development and capacity expansion

- Supporting clients further into drug development, from discovery to manufacturing for Phase I and II clinical trials

- Focused on driving revenue and margin growth to build a sustainable services business

- Significant future upside from ABZENA Inside licence portfolio

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Appendices

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Abzena’s corporate history & major shareholders

- Group created in July 2013 through combination of PolyTherics (London, UK) & Antitope

(Cambridge, UK)

- IPO on London Stock Exchange AIM market in July 2014 (ticker: ABZA)

- Acquisitions of PacificGMP (San Diego CA, USA) & The Chemistry Research Solution “TCRS”

(Bristol PA, USA) in September & December 2015 respectively

- Major shareholders*:• Invesco Asset Management Limited 25.8%• Woodford Investment Management LLP 23.0%• Touchstone Innovations (formerly Imperial Innovations) 16.9%• Hargreave Hale 5.8%• City Financial 3.0%• Directors 1.8%

* As at 08 June 2017

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Proven leadership with extensive sector and governance experience

Ken Cunningham Chairman

John Burt Chief Executive Officer

Julian Smith Chief Financial Officer

Tony BramptonPartnerLongbow Capital

Nigel PitchfordChief Investment Officer Touchstone Innovations

Peter GrantChairman LiDCO Group PLC Donna Hackett

SVP IP, Commercial & Legal Affairs• Over 25 years experience in biotech• Expertise in negotiation and deal conclusion

Non-executive directors

Executive management

Sven LeeChief Business Officer• 20 years of biotech experience in commercial,

marketing, licensing and business development

• Prior senior executive positions, including VP of global business development in CMO corporation

Executive directors

John ManzelloPresident, Abzena (US)• 30 years of life sciences industry experience

including 10 years of C-Suite.• Operations, business development and

executive managementJim MillsSVP Technical Operations• 21 years experience in the biopharmaceutical

sector• Extensive track record in bioprocess

development and GMP manufacturing

Campbell BunceSVP Scientific Operations• 20 years in Biotech sector• Successful track record in taking drugs from

concept to bench and bench to clinic

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Contact Details

Abzena plc +44 1223 903498

John Burt, Chief Executive Officer john.burt@abzena.com

Julian Smith, Chief Financial Officer julian.smith@abzena.com

Pippa Grange, Investor Relations pippa.grange@abzena.com

Locations

Abzena Headquarters, Cambridge, UK Abzena Bristol, USA Abzena San Diego, USA

Babraham Research Campus, 360 George Patterson Blvd. 8810 Rehco Road

Babraham Suite 101E Suite E

Cambridge CB22 3AT Bristol PA 19007 San Diego CA 92121

UK USA USA

+44 1223 903498 +1 215 788 3603 +1 858 550 4094