Corporate Presentation June 2015

Breakthrough Cancer Therapies: Directing the Immune System to Eliminate Tumor Cells

Forward-looking statements / safe harbor

This presentation and the accompanying oral commentary contain “forward-looking” statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation and the accompanying oral commentary, including statements regarding our future financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “believe,” “will,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “might,” “approximately,” “expect,” “predict,” “could,” “potentially” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places throughout this presentation and the accompanying oral commentary and include statements regarding our intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, our ongoing and planned preclinical development and clinical trials, the timing of and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates AFM13, AFM11 and AFM21, our intellectual property position, our ability to develop commercial functions, expectations regarding clinical trial data, our results of operations, cash needs, financial condition, liquidity, prospects, future transactions, growth and strategies, the industry in which we operate, the trends that may affect the industry or us and the risks uncertainties and other factors described under the leading “Risk Factors” in Affimed’s filings with the Securities and Exchange Commission.

Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Forward-looking statements represent our management’s beliefs and assumptions only as of the date of this presentation. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

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Corporate facts Nasdaq: AFMD

• Affimed is developing immune cell engagers in immuno-oncology

• Leading edge technology platforms that

• Direct the immune system to eliminate tumor cells

• Target NK-cells or T-cells

• Clinical stage product candidates are unencumbered

• Leader in NK-cell-based approach

• Validation through partnerships with Amphivena/Janssen (JnJ) and support from The Leukemia & Lymphoma Society (LLS)

• Raised $97 million in IPO on Nasdaq and follow-on

• Cash and cash equivalents as of March 31, 2015: EUR 37.0 million (not including EUR ~33.2 million net proceeds from May 2015 follow-on)

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Current pipeline and programs Global rights retained with 3 candidates

Worldwide rights with Affimed Partnered program

Compound Disease Target Immune Cell Target Indication Discovery Preclinical Phase 1 Phase 2 Phase 3

AFM13 CD30 CD16A / NK-cell

Hodgkin Lymphoma

CD30+ Lymphoma

Hodgkin Lymphoma Combination with CPIs*

Hodgkin Lymphoma Combination with Lenalidomide

AFM11 CD19 CD3 / T-cell Non-Hodgkin Lymphoma

Acute Lymphocytic Leukemia

AFM21 EGFRvIII CD3/T-cell CD16A/NK-cell

Solid Tumors

TandAb CD33 CD3 / T-cell Acute Myeloid Leukemia

Trispecific Abs Undisclosed undisclosed Multiple Myeloma

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*CPI = Checkpoint inhibitor

Highlights H1-15

• Raised $41 million in follow-on offering in May 2015 to enhance AFM13 and AFM11 programs and to generate further NK-cell engagers

• Performed pre-clinical studies of AFM13 in combination with checkpoint inhibitors (Stanford) and lenalidomide (Mayo Clinic); combination data were presented at ASCO 2015

• Selected CD33/CD3 candidate for IND-enabling studies in collaboration with Amphivena/Janssen; received milestone; presented 3 posters at ASCO

• Published three papers: AFM13 phase 1 (BLOOD), AFM11 preclinical data (mAbs) and TandAb generation (Eur. Pharm. Rev.)

• Received BMBF grant to support dual tumor targeting platform and development of multi-specific antibodies for multiple myeloma

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Credit: Joshua Stokes, St. Jude Children's Research

Hospital

Engaging NK-cells to Fight Cancer:

AFM13

NK-cells: Important cells for innate immunity Significant interest by industry

KIR2

NKG2a

CD16A (FcgRIIIA)

IPH2201 Innate/AZ

Lirilumab Innate/BMS

TNFa

IFNg

CD137 (4-1BB)

PD-1 GITR

CD319 (CS1)

Elotuzumab BMS/Abbvie

Nivolumab Pembrolizumab

BMS, Merck

Urelumab PF-05082566 BMS, Pfizer

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AFM13 CD16A TandAbs Affimed

Other cytokines

PD-L1 MEDI4736

MPDL3280A MSB0010718C

AZ, Roche MerckSerono/Pfizer

MK-4166 Merck

IgGs

TandAbs

Stimulation of T-cell response

NK-cell engagement: Targeted single cell apoptosis induction via immune cell engagement

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NK-cell with CD16A receptors and tumor cell with CD30 receptors

NK-cell TandAb locks NK-cell and tumor cell in close proximity and activates NK-cell

NK-cell releases per- forin, creating pores in tumor cell membrane through which granzyme enters, triggering caspase cascade

Granzyme and caspase action trigger apoptosis of tumor cell

Stage 1 Stage 2 Stage 3 Stage 4

AFM13

• Clinically most advanced NK-cell engager validating platform

• Potential as drug in CD30-positive lymphoma

• Demonstrated clinical and PD activity in heavily pretreated HL patients

• Data were published in Blood and ASH2014

• Phase 2a initiated in r/r HL patients

• Maximize effect by optimized regimen and longer treatment period

• Very good safety, well suited for combination with wide range of other drugs

• CPIs and lenalidomide in preclinical investigations (Stanford University and Mayo Clinic)

• Study role of NK-cells in tumor environment

• NK-cells may influence T-cell tumor infiltration

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AFM13: Significant synergy of AFM13 in combination with PD-1 inhibitor

• Tumor pieces (8x8 mm) were derived from surgical specimens of a newly diagnosed CD30+ Hodgkin Lymphoma patients; Tumor pieces (8x8 mm) were xenografted and mice were randomized into 8 groups on day 28.

• Autologous PBMCs were infused on day 28 (2x106 PBMCs/mouse) i.p.

• Therapy with AFM13 and CPI began on day 28 and continued weekly for a total of three I.P injections.

• Tumor size was compared between groups on day 58.

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AFM13: Increased number of tumor-infiltrating cytotoxic T-cells with AFM13/PD-1 and ./CTLA-4

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AFM13 Clinical development strategy

Phase 2, PoC

r/r HL

GHSG; n=40

Phase 1b/2a, TR

CD30+ lymphoma

Columbia; n=24

Phase 1b, + CPI

r/r HL

n=t.b.d.

Data on

PoC

Data on

dose

Data on

combo

End of Ph2

Meeting FDA

Registration

Study

Study initiated

Studies in planning

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• Encouraging phase 1 data

• Clinical strategy to validate AFM13 and NK-cell platform

• The Leukemia & Lymphoma Society provides major financial contribution

• Opportunity for mono- and combination therapies

• Multiple near-term milestones

• Broadening of NK-cell engager pipeline in NHL, colon/H&N, MM or GBM

AFM13 Summary

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Funded activities

Planned milestones, news releases,

posters/ presentations

Ph2a HL Monotherapy

Ph1b/2a CD30+ lymph.

ASH ASH ASCO ASCO ASCO

Preclin. AFM13+CPI

Preclin. AFM13+Len.

Ph1b HL AFM13+CPI

AFM13

2015 2016 2017

Follow-on

Manufacturing

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© STEVE GSCHMEISSNER/SCIENCE SOURCE

Engaging T-cells to Fight Cancer:

AFM11

AFM11 Differentiation from BiTE

• Blincyto (blinatumomab) is first T-cell engager approved by FDA for treatment of ALL (12/14)

• AFM11 (CD19/CD3 TandAb) preclinical data (published in mAbs)

• ~100-fold higher affinity to CD3 as compared to BiTE

• Low pM cytotoxicity maintained at low effector to target (E:T) ratio

• Prolonged t½ allows regular i.v. infusion

• Phase 1 dose escalation in NHL/ALL patients ongoing

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Blincyto AFM11

MW ~55 kDa ~104 kDa

Binding sites 1 for each, CD3 & CD19 2 for each, CD3 & CD19

Affinity to CD3+ cells 100 nM 1 nM

AFM11 Clinical development strategy

Phase 1, Safety r/r NHL/ALL

AFMD; n=30-36

Phase 1, Safety NHL (new regimen)

AFMD; n=t.b.d.

Phase 1, Safety ALL (new regimen)

AFMD; n=t.b.d.

Data

Data

Data

Scientific Advice

Meeting FDA/EMA

POC studies in NHL and/or ALL

Study initiated

Studies in planning

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AFM11 Summary

• Phase 1 dose escalation in NHL/ALL patients initiated

• Endpoints: safety, activity, efficacy

• Drug administered by regular i.v. infusion

• Multiple options for differentiation from competition

• Indication, convenience (“CAR-T in a vial”)

• Multiple near term milestones

• Strong market potential

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AFM11 Ph1 NHL/ALL

2015 2016 2017

ASH ASH ASCO ASCO ASCO

Ph1 ALL (new dose regimen)

Ph1 NHL (new dose regimen)

Funded activities

Planned milestones, news releases,

posters/ presentations

Follow-on

AFM21 Summary of preclinical program

• EGFRvIII is a highly tumor-specific receptor variant

• EGFRvIII is expressed e.g. in glioma/glioblastoma, prostate, H&N, breast, lung

• Data update at AACR 2015 (poster presentation)

• 2 molecules at discovery stage

• EGFRvIII/CD3 TandAb

• TandAb candidates are potent and show efficacy in animal tumors model

• EGFRvIII/CD16A TandAb

• Molecule generation has been advanced

• Milestone and news flow

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2015 2016 2017

ASH ASH AACR ASCO ASCO

Preclinical Development AFM21 (T- or NK-cell) Planned milestones,

news releases, posters/ presentations

Partnership with Amphivena/Janssen Achieved milestone ahead of schedule

• Development of a CD33/CD3 TandAb for AML

• Program further validates robustness of Affimed’s TandAb platform

• Rapid identification of preclinical candidate (< 18 months)

• Molecules are stable, highly expressed, and display significant in vitro and in vivo cytotoxicity

• 2nd milestone achieved in March 2015 triggering payment of EUR 7.5 million

• Corroborative evidence of direct correlation between binding affinity and potency

• Confirmed in translational studies (primary AML specimens)

• To be presented at ASCO (3 posters – Abstracts 3057, 7067 & 7071)

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2013 2014 2015

ASH ASH ASCO ASCO ASCO

Preclinical Development Amphivena/Janssen

2016

Planned milestones, news releases,

posters/ presentations

Platform development Trispecific Abs

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• Based on tetravalent platform

• Results in high affinity and, importantly, in increased selectivity for malignant tissues compared to healthy tissues

• Platform offers an expansion of target space

• Program for the therapy of multiple myeloma initiated

• Supported by EUR 2.4 million ($3 million) German government research grant

Tumor cell

Cytotoxic

effector cell

CD19 CD30

Healthy cell Healthy cell

Use of proceeds and milestones Strong news flow in 2015 and 2016

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Ph2a HL Monotherapy

Ph1b/2a CD30+ lymph.

AFM13

AFM11 Ph1 NHL/ALL

Novel NK-cell engagers

2015 2016 2017

ASH ASH ASCO ASCO ASCO

Preclinical Development

IPO

Funded activities

Planned milestones, new

releases, posters/ presentations

AFM21 (T- or NK-cell)

Preclin. AFM13+CPI

Preclin. AFM13+Len.

Preclinical Development Janssen/Amphivena

Trispecific Program

Discovery/ Preclin. Development

Ph1b HL AFM13+CPI

Ph1 ALL (new dose regimen)

Ph1 NHL (new dose regimen)

Follow-on

Manufacturing

Q1/2015 Cash flow statement

• Net proceeds of May 2015 follow-on ~33,166

• Cash reach projected through H2/2017 (including this financing and additional use of proceeds of this financing)

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in thousands of € For the three months ended March 31, 2015

Cash and Cash equivalents at the beginning of the period 39,725

FX related changes to Cash and Cash equivalents 1,269

Net cash used in operating activities (3,924)

Cash Flow from investing activities (37)

Cash Flow from financing activities 0

Cash and Cash equivalents as of March 31, 2015 37,033

Our strategy Maximize value from pipeline and technologies

• Leverage first product to establish market in key indication

• Develop AFM13 through approval in salvage settings in multiple CD30-positive indications and detail product through own U.S. and/or EU sales forces

• Salvage settings enable fast development path and cost-efficient M&S structure

• Scientific leadership in NK-cell engagement

• Position AFM13 as combination drug with CPIs and other anti-cancer agents

• Use pipeline and technologies to create value through both next-generation products and deal opportunities

• Develop AFM11 through phase 2 POC studies

• Advance EGFRvIII TandAbs (AFM21) in solid tumors

• Enhance CD16A/NK-cell TandAb pipeline

• Add high-value technology platform partnership

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