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Corporate Presentation

March 2017

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Important notice

These slides (the "Document") have been prepared and issued on behalf of Abzena plc (the "Company") and its subsidiaries for information purposes only. By attending this presentation and/or accepting a copy of this Document, you agree to be bound by the following conditions and will be taken to have represented, warranted and undertaken that you have agreed to the following conditions.

This Document is for information purposes only and should not be construed as any offer or invitation to subscribe for any securities in the Company nor should it or any part of it nor the fact of its distribution, save as otherwise expressly agreed, form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto.

This Document does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States of America. The securities of the Company have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or qualified for sale under the law of any state or other jurisdiction of the United States of America and may not be offered or sold in the United States of America except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Neither the United States Securities and Exchange Commission nor any securities regulatory body of any state or other jurisdiction of the United States of America, nor any securities regulatory body of any other country or political subdivision thereof, has approved or disapproved of this presentation or passed on the accuracy or adequacy of the contents of this presentation. Any representation to the contrary is a criminal offence in the United States of America.

This Document and any materials distributed in connection with the Document, include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will", or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include matters that are not historical facts. They appear in a number of places throughout this Document and include statements regarding the current intentions, beliefs or expectations of the directors ("Directors") of the Company concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, resource estimates, strategies and the Company's markets. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual results and developments may and often do differ materially from those expressed or implied by the forward-looking statements.

Any forward-looking statements in this Document are based on certain factors and assumptions, including the Directors' current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's operations, resource estimates, results of operations, growth strategy and liquidity. Whilst the Directors consider these assumptions to be reasonable based upon information currently available, they may prove to be incorrect, therefore reliance should not be placed on these forward looking statements. Save as required by law or by any applicable rules or regulations, the Company undertakes no obligation to publicly release the results of any revisions to any forward-looking statements in this Document that may occur due to any change in the Directors' expectations or to reflect future events, new information or circumstances after the date of this Document.

No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by the Company, its subsidiaries or by any of their officers, employees, affiliates or agents as to, or in relation to, the accuracy or completeness of the information, data or opinions contained in this Document or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed, nor have the Company or its subsidiaries independently verified such information, and any reliance you place thereon will be at your sole risk. Neither the Company, its subsidiaries or by any of their officers, employees, affiliates or agents shall have any obligation to update this Document or any additional information or to correct any inaccuracies in it which may become apparent.

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Provider of specialist services & technologies to the biopharmaceutical industry

- Operating in the growing multi-billion dollar biopharmaceutical R&D market - Exponential rise in development of biopharmaceutical medicines - Increased outsourcing due to requirement for technical expertise and specialist equipment

- Complementary biology, chemistry and manufacturing services in UK & US - Customers include 18 of top 25 biopharmaceutical companies - >40% business growth rate, with further ability to grow especially through biomanufacturing

investment - 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, plus royalties on products within

ABZENA Inside portfolio

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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Lead discovery

Clinical studies In people Phase I, II and III

Regulatory approval

Treating patients

Non-clinical development (not in people)

Lead selection Lead optimization Manufacture

Non GMPGMP Manufacture

for PIII and the marketAntibody discovery

Manufacture GMP for phase I and II

Revenue generating services & technologies across the drug development process

ABZENA InsidePortfolio of agreements with downstream terms including combinations of licence fees, milestone payments, and/or royalties if products progress through development and reach the market.

The 12 most advanced are in clinical development.

Development & manufacturing services (H1 2017 revenue £2.0m up 60%) Cell line development Process development GMP manufacture of antibodies and proteins

Biology research services (H1 2017 revenue £3.2m up 16%) Antibody discovery Immunology

Protein engineering Technology licence

Alliance

Technology licence

Chemistry research services (H1 2017 revenue £3.5m up 66%) Bioconjugation for ADCs Chemistry research

Enabling progression into clinical studies Revenue growth numbers on a proforma aggregated basis for the six months ending 30 September 2016 prepared as if the group had existed for the comparative six-month period

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Abzena – international operations

Global business

Abzena is a global business with customers worldwide. Its headquarters and biology & chemistry research laboratories are in Cambridge (UK), biologic manufacturing and laboratory facilities in San Diego CA (USA) and chemistry research in Bristol, PA (USA).

The US operations were acquired in the second half of 2015. Abzena is quoted on the Alternative Investment Market of the London Stock Exchange.

CHO – Chinese Hamster Ovary cell line NS0 – Mouse myeloma cell line PQA – Product Quality Attributes

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Reported revenue for six months to

30 September 2015

Growth of biology research services Growth of manufacturing services Revenue for six months to 30 September 2016

Biology Chemistry Manufacturing Licence revenue Total

£2.0m £0.3m

TCRS acquisition

PacificGMP acquisition £3.5m

£6.1m

£9.0m

+£0.5m ↑ 16%

+£0.2m ↑ 326%+£0.8m

↑ 60%

+£1.4m ↑ 66%

Strong underlying growth and acquisitions contributing to significantly increased revenue

• 157% increase in reported H1 FY2017 revenue vs H1 FY2016 • 46% underlying revenue growth • 59% of revenue recorded in USD (H1 FY2017)

£3.2m

£3.5m

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Financial review – income statement

 

Unaudited six months to

30 September 2016

Unaudited six months to

30 September 2015Audited twelve months

to 31 March 2016  £’000  £’000  £’000 

Revenue 8,960  3,501  9,854 Cost of sales (5,179) (1,881) (5,319)Gross profit 3,781  1,620  4,535 

Other operating income 236  166  367 R&D costs (1,950) (1,857) (4,216)Expenses         - Administration (6,385) (3,393) (9,047)   - Exceptional items –  (500) (2,542)Operating loss (4,318) (3,964) (10,903)Net finance income 46  24  244 Loss before income tax (4,272) (3,940) (10,659)Income tax 242  408  961 Loss for the year (4,030) (3,532) (9,698)       Adjusted EBITDA loss (3,004) (2,914) (6,329)

Loss per share (3p) (4p) (9p)

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Financial review – balance sheet

As at 30 Sept 2016

As at 31 March 2016

  £’000  £’000 Non–Current Assets    Goodwill 17,112 15,060 Other intangible assets 7,939 8,117 Property, plant and equipment 5,033 4,170 Total Non–Current Assets 30,084 27,347      

Current Assets    Inventories 1,579  1,379 Trade and other receivables 5,758  5,436 Current income tax assets 1,130  1,569 Cash and cash equivalents 9,379  13,724 Total Current Assets 17,846  22,108      Total Assets 47,930 49,455 

As at 30 Sept 2016

As at 31 March 2016

£’000  £’000 Equity    Issued share capital 274 272 Share premium 41,307 41,263 Retained earnings (5,114) (1,026)Reserves 2,875 547 Total Equity 39,342 41,056      Liabilities    Non-Current Liabilities 2,420 2,549 Current Liabilities 6,168 5,850 Total Liabilities 8,588 8,399      Total Equity and Liabilities 47,930 49,455 

- All goodwill and intangible assets arise on acquisition of subsidiary companies – no R&D or patent expenditure is capitalised, movement reflects IFRS revaluation of acquisition goodwill

- Non-current liabilities principally relate to a deferred tax liability arising on acquisition accounting, with £0.4m for finance lease liabilities

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ABZENA Inside portfolio – includes 12 products in clinical development

Further pre-clinical 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 3 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

- Further disclosed research & preclinical Composite Human Antibody™ programs:

- UCL anti-LRG1 antibody - Faron Pharmaceuticals’ Clevegen - Denceptor Therapeutics anti-CD40:HPV16.E6/E7 antibody-antigen fusion - Trieza Therapeutics licence up to $35m milestone payments plus royalties 

Company & product candidate Potential indications Phase 1 Phase II Phase IIIGilead Sciences – GS-5745 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 conditionsTrue North Therapeutics – TNT009 Cold agglutinin disease & antibody-driven

diseasesNKT Therapeutics – NKTT120 Sickle cell disease      Therapure Innovations – TBI 304H Chemotherapy-induced anaemia    3 Undisclosed biotech companies for undisclosed indications      

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Summary

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

- Global customer base, including 18 of the top 25 major biopharmaceutical companies, enabling integrated service and technology provision for drug development from discovery to clinical manufacturing

- Commitment to invest in service innovation, technology development and capacity expansion

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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 Perpetual 26.2% - Woodford Investment Management 23.1% - Touchstone Innovations (formerly Imperial Innovations) 19.7% - Baillie Gifford 3.3% - Directors 2.6%

* As at 01 March 2017

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Leadership with extensive sector and governance experience

Ken Cunningham Chairman

John Burt Chief Executive Officer

Julian Smith Chief Financial Officer

Tony Brampton Partner Longbow Capital

Nigel Pitchford Chief Investment Officer Touchstone Innovations

Peter Grant Chairman designate LiDCO group PLC

Donna Hackett SVP IP, Commercial & Legal Affairs

Non-executive directors

Executive management

Sven Lee Chief Business Officer

Executive directors

John Manzello President, Abzena (US)

Jim Mills SVP Technical Operations

Campbell Bunce SVP Scientific Operations

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Business review – biology research services

- 1H 2017 revenue increased 16% to £3.2 million

- International customer base including 7 of the top 25 major biopharmaceutical companies during the period - 58 immunology projects (37 customers) - 31 protein engineering projects (16 customers)

- Nine ABZENA Inside Composite Human Antibody™ projects ongoing during the period

- Two protein engineering customers continuing programmes through to cell-line development

- Technology development and investment in analytical equipment enhancing immunology service offering

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EpiScreen™: Human T Cell Immunogenicity Assays

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Immune Profiling of Vaccine and Biologic Products to Improve Clinical Outcome

Protein TherapeuticVaccine

Abzena: • Has robust methods to profile the

immune response • Can inform mode of action and

potential efficacy of test product. • Can inform on potential safety issues • Can design in desirable features • Can design out undesirable features

Desired response good/beneficial

Protective immunity / effective therapeutic outcome

Undesired response bad/detrimental

Drug neutralised / reduced efficacy

Toxicology / safety implications

• Optimise product design • Improve confidence in lead candidate

selection • Reduce risk in committed downstream costs • Help manage clinical risk • Help define regulatory strategy • Maximise success in the clinic

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Multiple Points for Immune Assessment

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EpiScreenTM technology detects T cell epitopes in protein therapeutics: Example humanised antibody

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Composite Human Antibodies™ to specifically reduce antibody immunogenicity

TM

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Composite Human Antibodies™

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Business review – chemistry research services

- H1 2017 revenue of £3.5m (H1 2016: £0.2m) reflects growth in UK chemistry services and contribution from acquisition of TCRS, December 2015 - Underlying revenue increased 66% (proforma aggregate revenue H1 2016: £2.1m)

- More than half of customers have pursued programmes related to Group’s proprietary technologies

- Continued R&D investment in ADC technology development as well as establishment of GMP linker-payload synthesis capability in Bristol, PA

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Antibody drug conjugates: Simple concept - complex products

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Benefits of ThioBridge™ ADCs

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ADC development & manufacturing capabilities

Production of ADC candidates for screening

In vitro potency assays

Cellular pharmacodynamic

s

In vivo efficacy studies*

In vivo pharmacokinetics*In vitro safety

studiesFormulation

0 100 200 300 400 500 600 700 800 9000.1

1

10

100

1000

ADC 2

Adcetris

ADC 4

ADC 3ADC 1

Time (h)

mA

b co

ncen

trat

ion

(µg/

mL)

Conc (pM)

Cel

l Via

bilit

y [%

]

100 101 102 103 1040

50

100

MMAEAdcetrisThioBridge™ ADC 1ThioBridge™ ADC 2ThioBridge™ ADC 3ThioBridge™ ADC 4

Apoptosis assay (Caspase-3 and -7 activity) - 48hrs incubationAnti-PSMA Conjugates included in mouse xenograft study 140294

Compound Concentration (nM)

Apop

tosi

s(F

old

over

Unt

reat

ed c

ells

)

0.001 0.01 0.1 1 100

1

2

3

4

5

6

7

8 PT074-BM004PT074-BM005

PT073-MP007PT74-TK002

PT073-MP005PT073-MP006PT074-BM006PT074-TK007PT55-ED006-3

PT55-TK004-2PT55-TK003-1

PT55-ED006-1PT55-ED006-2

Imaging for biodistribution*

Range of reagents with different

payloads

O

OHN

O

O

NH

OO

NH

ONH

O

HN

H2N O

O

O2S

SO2

NH

NHN

ON

O H

O

N

O O

HN

O

OH24

Ex vivo stability studies

0

20

40

60

80

100

120

Bren-B4-vc-PAB-MMAE

Bren-PEG(6u)-vc-PAB-MMAE

Bren-B4-PEG(24u)-vc-PAB-MMAE

Bren-B4-branched-vc-PAB-MMAE

Adcetris

Bren-PA1

0 102030 45 120 240

Time (min)

% re

leas

ed M

MAE

ADC production for preclinical

studies

GMP manufacture of reagents and

antibodies

The process flow demonstrates Abzena’s capabilities for supporting partners at each step of ADC development

*Outsourced by Abzena for partner

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Business review - manufacturing

- H1 2017 revenue increased 60% over proforma aggregated revenue to £2.0m

- San Diego manufacturing business has grown 47% since equivalent period

- Investigating funding options to accelerate further capacity expansion for process development and manufacturing and upgrade of GMP manufacturing platform

- Cell line development revenue more than doubled and has exceeded revenue for FY2016

- Investment in PQA analytical development capabilities has enhanced biosimilar offering

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QC and transfection

Gene amplification Increasing MTX

Pre-adapted suspension/serum-free Composite CHO™

Cloning plus optical imaging

Automated clone selection ClonePix FL screening

Vector construction

pANT-DEx-dhfr09 BssH II

BamH I

Mlu I

Hind III

Selection of lead clones and upstream

optimisation in ambr®15

Lead selection, GMP ready RCB suitable for

MCB generation, process scale up and production

Titre screen in well plates

Bioassay and characterising PQA

Bioassay and PQA protocol development PQA, bioassays

Overall timescale for DNA to RCB: 6-8mo plus stability studies

Bioassay and characterising PQA

Bioassay and characterising PQA

Manufacturing Cell Line Development Process Overview

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Manufacturing Summary

Scale-up and process development

• Route design, optimization and trouble-shooting

• Process optimization (avoidance of chromatography, solvent minimization, impurity profiles, avoidance of potential genotoxic reagents and manufacturability)

Antibody manufacture

• Production and purification of products for use in preclinical, Phase I and II clinical trials

• Mammalian protein expression from 10L to 500L in batch/fed-batch mode and up to 15,000L in perfusion culture

Payload manufacture

• Abzena currently has the capability to scale-up multi-step procedures to multi-gram quantities of target material

Conjugate manufacture

• Non-GMP batches for GLP Toxicology studies

• Tech-transfer for multi-kg GMP scale

• Full batch records for CMC section

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- JV between Baylor Institute of Immunology Research, part of Baylor Scott & White Health, and Abzena; established July 2016

- Denceptor will develop novel dendritic cell (DC) targeting immunotherapies to treat various cancer & autoimmune diseases

- Denceptor will seek third party funding to take its lead immunotherapy product into clinical development and progress other earlier-stage candidates - Lead product is an HPV E6/E7 immunotherapy for head and neck cancer and other HPV-

associated malignancies which is expected to enter the clinic in H1 2017 - Potential value to Abzena

- Progression of royalty-bearing ABZENA Inside antibodies into clinical development - Service revenues: protein engineering, cell line development & GMP manufacturing - Equity participation provides share of the value of the Company’s future potential value

Denceptor Therapeutics: DC targeting vaccines in collaboration with Baylor Institute for Immunology Research* (BIIR)

Antigenic payload

VL

VHCH

CL

CH2

CH3

Ag1

Antibody targeting DC receptors

DC-targeting fusion proteins

Engineering: Humanisation

Manufacturing: Cell Line Development

VL

VHCH

CL

CH2

CH3

Murine antibody targeting human DC

receptors