Nanobodies®

creating better medicines

October 2016

Investor presentation

2

Forward looking statements

Certain statements, beliefs and opinions in this presentation are forward-looking, which reflect the

Company or, as appropriate, the Company directors’current expectations and projections about

future events. By their nature, forward-looking statements involve a number of risks, uncertainties

and assumptions that could cause actual results or events to differ materially from those expressed

or implied by the forward-looking statements. These risks, uncertainties and assumptions could

adversely affect the outcome and financial effects of the plans and events described herein. A

multitude of factors including, but not limited to, changes in demand, competition and technology,

can cause actual events, performance or results to differ significantly from any anticipated

development. Forward looking statements contained in this presentation regarding past trends or

activities should not be taken as a representation that such trends or activities will continue in the

future. As a result, the Company expressly disclaims any obligation or undertaking to release any

update or revisions to any forward-looking statements in this presentation as a result of any

change in expectations or any change in events, conditions, assumptions or circumstances on

which these forward-looking statements are based. Neither the Company nor its advisers or

representatives nor any of its parent or subsidiary undertakings or any such person’s officers or

employees guarantees that the assumptions underlying such forward-looking statements are free

from errors nor does either accept any responsibility for the future accuracy of the forward-looking

statements contained in this presentation or the actual occurrence of the forecasted developments.

You should not place undue reliance on forward-looking statements, which speak only as of the

date of this presentation.

2

3

Ablynx

Powerful platform generating potentially innovative medicines

• Platform technology and late-stage clinical development company

• >350 staff in Ghent, Belgium

• >45 wholly-owned and partnered programmes

• 8 Nanobodies in clinical development

• First potential launch in 2018

• AbbVie, Boehringer Ingelheim, Eddingpharm, Genzyme, Merck &Co., Inc.,

Merck KGaA, Novartis, Novo Nordisk and Taisho Pharmaceuticals

• >€380M cash received; >€7Bn in potential milestones; and royalties

• €289M in cash at 30th June 2016

• €100M of issued Convertible Bonds maturing in 2020

CORPORATE

PARTNERS

PRODUCTS

FINANCIALS

• Pioneer in next generation antibody-derived drugs – Nanobodies®

• >500 patent applications and granted patents; critical know-how

• Validation through multiple partnerships with top tier pharma companies

TECHNOLOGY

4

Ablynx

Diversified shareholder base – October 2016

• Ordinary shares listed on Euronext Brussels (ABLX)

• Sponsored Level I ADRs on the US OTC market (ABYLY)

• 60.9M shares outstanding

• 2.6M outstanding warrants (in number of shares)

Breakdown of share capital

US 42%

UK 18%

Belgium 24%

The Netherlands

9%

Scandinavia 1%

France 2% Other

4%

% of Institutional Shareholders by Geography (representing 79% of total S/O)

9%

5%

5%

5%

4%

4%

Fidelity Management ResearchLLC (FMR LLC) (US)

Van Herk Investments B.V. (NL)

Bank of America (US)

Perceptive Advisors (US)

GAM International (UK)

Boehringer Ingelheim (DE)

Other shareholders

Unique technology

6

Nanobodies

• Camelid heavy-chain only antibodies are stable and fully functional

• Nanobodies represent the next generation of antibody-derived biologics

Derived from heavy-chain only antibodies

Conventional

antibodies

Heavy chain only

antibodies

Ablynx’s Nanobody

• small and robust

• easily linked together

• sequence homology comparable

to humanised/human mAbs

• nano- to picomolar affinities

• able to bind and block challenging

targets

• multiple administration routes

• manufacturing in microbial cells

CH2

CH3

CH1

CL

VL

VH 12-15kDa

CH2

CH3

VHH

VHH

7

Ablynx’s drug discovery engine

Rapid generation of novel biologics

~12-18 months

and/or

Use proprietary synthetic

Nanobody phage libraries

Wide range of highly

diverse Nanobodies with

0.1-10nM affinities

Formatted

Nanobodies

Cloned into microbial

systems and produced

through fermentation

Immunise llamas

with antigen

8

Ablynx’s Nanobodies

Platform advantages

Albumin-

binding

Nanobody Fc

Hours/days/weeks

Customised

half-life extension

Nanobodies

against ion

channels and

GPCRs

Able to bind and block

challenging targets

Manufacturing

High-yield,

high-

concentration,

low-viscosity,

microbial

production

Inhalation

Oral-to-topical

Ocular

Multiple delivery routes Mix and match

Multi-specific/multivalent Nanobodies

that address multiple targets in a

single drug molecule – flexible GS

linker lengths

Broad product pipeline

10

Hybrid business model fuels the pipeline

>45 programmes, 8 Nanobodies in clinical development

Indication Product Target

aTTP

RSV

vobarilizumab

Pre-clinical Phase I Phase II Phase III

IL-6R

caplacizumab vWF

ALX-0171

ALX-0141 RANKL

ALX-0761

RSV

Bone disorders Greater China

IL-17A/IL-17F

ozoralizumab TNFα

Greater China

Filing

Japan

RA

RA

SLE

RA

Psoriasis

Immuno-Oncology

~ 15 wholly-

owned and

partnered

programmes

Up to 17

programmes

IL-6R

IL-6R

TNFα RA

Various

Various

CXCR2 Inflammation NA

Oncology VEGF/Ang2 BI 836880

Chronic kidney disease CX3CR1 BI 655088

+

Key value drivers

Vobarilizumab (anti-IL-6R)

Novel potential best-in-class treatment for RA

13

Vobarilizumab – anti-IL-6R Nanobody

Novel potential best-in-class treatment for RA

• Excellent results from 2 Phase IIb RA studies

in a total of ~600 patients – partnering

discussions initiated

• RA open-label extension study ongoing

• Phase III expected to start end 2017

• Phase II SLE study ongoing (AbbVie has opt-

in right)

• Opportunity in multi-billion dollar markets

RA: rheumatoid arthritis

SLE: systemic lupus erythematosus

14

Combination therapy (+MTX)

24 weeks (across studies) DAS28CRP remission ACR 70

vobarilizumab 49% 43%

tocilizumab 32% 20%

adalimumab 23% 21%

Monotherapy

12 weeks (head-to-head study) DAS28CRP remission ACR 70

vobarilizumab (6 doses) 41% 21%

tocilizumab (~ 12 doses)

open-label 27% 23%

Vobarilizumab (225mg every 2 weeks)

tocilizumab: BREVACTA PhIII (sc) 162mg Q2W + MTX (Kivitz et al., Arthritis Care & Research, Nov 2014); note: remission is based on ESR (no CRP data available)

adalimumab: Weinblatt et al, Arthritis & Rheumatology, Sept 2015 (Phase IIb head-to-head adalimumab 40mg Q2W + MTX vs clazakizumab + MTX)

Excellent Phase IIb study results reported in July/August 2016

15

DAS28CRP is a RA disease activity score based on C-reactive protein (CRP), tender and swollen joint counts of 28 defined joints and patient’s global

assessment of disease activity; DAS28ESR, is a RA disease activity score based on erythrocyte sedimentation rate, tender and swollen joint counts of

28 defined joints and patient’s global assessment of disease activity. Remission: DAS28< 2.6; low disease activitiy: 2.6 ≤ DAS28≤ 3.2

Vobarilizumab (every 2 weeks) as a monotherapy

Up to 60% more patients in clinical remission versus weekly tocilizumab

40

25

vobarilizumab 225mg,administered every 2 weeks

tocilizumab 162mg, weeklyadministration

(94% of patients)

41

27

0

20

40

60

80

100

vobarilizumab 225mg,administered every 2 weeks

open-label tocilizumab 162mg,weekly administration

(94% of patients)

% r

esponders

DAS28CRP remission

ITT population - NRI

DAS28ESR remission

ITT population - NRI

Remission tocilizumab Remission vobarilizumab

ITT = intent-to-treat NRI: non-responder imputation

• Head-to-head Phase IIb study (against open-label tocilizumab, weekly administration)

Responses at week 12

16

Vobarilizumab + MTX

Up to 52% of patients in clinical remission at week 24

12

52

placebo + MTX vobarilizumab 225mg,administered every 2 weeks,

+ MTX

vobarilizumab 225mg, administered every 2weeks, + MTX

16

49

0

20

40

60

80

100

placebo + MTX vobarilizumab 225mg,administered every 2 weeks,

+ MTX

placebo + MTX

% r

esponders

DAS28CRP remission

ITT population - NRI

DAS28ESR remission

ITT population - NRI

*** ***

*** nominal p<0.001 vs placebo

Highly statistically significant difference in remission scores versus placebo

DAS28CRP is a RA disease activity score based on C-reactive protein (CRP), tender and swollen joint counts of 28 defined joints and patient’s global

assessment of disease activity; DAS28ESR, is a RA disease activity score based on erythrocyte sedimentation rate, tender and swollen joint counts of

28 defined joints and patient’s global assessment of disease activity. Remission: DAS28< 2.6; low disease activitiy: 2.6 ≤ DAS28≤ 3.2

ITT = intent-to-treat NRI: non-responder imputation

17

1 Phase IIb + MTX (August 2016); 2 BREVACTA Phase III + MTX (Kivitz et al., Arthritis Care & Research, Nov 2014) 3 Phase IIb (Weinblatt et al., Arthritis & Rheumatology, Sept 2015) (note:

remission based on CRP; no data on ESR available)

Vobarilizumab + MTX (placebo-adjusted scores)

0

10

20

30

40

50

60

% o

f patients

Dramatically better efficacy* than leading commercial biologicals

Placebo-adjusted DAS28ESRremission Placebo-adjusted ACR70 response

tocilizumab

162mg, Q2W

(Roche)2

vobarilizumab1

225mg, Q2W

adalimumab

40mg, Q2W

(AbbVie)3

tocilizumab

162mg, Q2W

(Roche)2

vobarilizumab1

225mg, Q2W

adalimumab

40mg, Q2W

(AbbVie)3

73% better than tocilizumab

116% better than adalimumab

43% better than tocilizumab

233% better than adalimumab

* 24-week data from similar RA combination therapy studies reported in listed publications, not resulting from head-to-head studies

18

1 Phase IIb + MTX at week 12 and 24 (August 2016; LOCF imputation); 2 Phase IIb + MTX at week 12 (EULAR 2016) 3 Phase IIb + MTX (LOCF imputation) at week 12 and 24 (April 2015; July

2015)

Vobarilizumab + MTX (placebo-adjusted scores)

0

10

20

30

40

50

60

% o

f patients

Superior efficacy compared to oral anti-RA drugs in development*

ABT-494

24mg, oral 1x/day

(AbbVie)2

Filgotinib

100mg, oral 1x/day

(GLPG/Gilead)3

Placebo-adjusted DAS28CRP remission

vobarilizumab1

225mg, Q2W

w12

w24

30% better than filgotinib

100% better than ABT-494

w12 w12

w24

* Data from similar studies reported in listed publications, not resulting from head-to-head studies

19

Vobarilizumab + MTX

Favourable safety and immunogenicity profile

• Anti-vobarilizumab antibodies

- develop in up to 31% of patients

- BUT have no effect on PK, efficacy or safety

• Anti-adalimumab antibodies4

- develop in ~30% of patients

- AND are associated with loss of efficacy and an increased risk of adverse events

- 1/3rd of patients become resistant to adalimumab as a result of ADAs (with a strong signal occurring

early in the treatment cycle)

1 Phase IIb RA study + MTX, Ablynx August 2016; 2 Kivitz et al., 2014, Arthr. Care & Res., 66, 1653-61; 3 Weinblatt et al., Arthritis Rheumatol., 67, 2591-600 4 Ogrič M et al., Immunol Res. July 2016; Jani M et al., Lancet Feb 2015; Schaeverbeke T, Rheumatology (Oxford) Feb 2016; Gerrit Jan Wolbink et al., J. of the Amer. Med. Ass., April 2011

% pts with ≥ 1 SAEs % pts with grade 3 toxicity

for neutrophils

vobarilizumab, 225mg Q2W1 1.4% 0.0%

tocilizumab, 162mg Q2W2 4.6% 3.5%

adalimumab, 40mg Q2W3 5.1% 1.9%

A Nanobody class advantage

20

Compliance of prescribed treatment regimen

• Subcutaneous injections every two to four weeks are considered much easier to comply with as compared to taking a pill daily

• Based on non-compliance of oral medication in other chronic indications, one might expect compliance rates for JAKs to range from 30-80% or anything from 73-256 missed doses per year – as well as an important impact on efficacy this might have a very negative impact on sales

• We are not aware of any studies on JAKs showing the effect of non-compliance

Advantage of biologicals versus oral drugs

vobarilizumab Q2W vobarilizumab Q4W oral JAKs

26 sc doses per year 13 sc doses per year 365 oral doses per year

Vangeli et al., Adv. Ther., Nov 2015

21

• Rapid, strong and sustained effect on signs and symptoms of disease

• Much greater efficacy as a monotherapy with up to 60% more patients in clinical

remission as compared to tocilizumab

• Superior effect as a combination therapy on most stringent efficacy parameters

compared to leading commercial biologicals and oral anti-RA drugs in development

• Potential for monthly effective administration

• Class advantage of vobarilizumab vs antibodies demonstrated: anti-Nanobody

antibodies had no effect on PK, efficacy or safety

• Superior safety profile compared to other biological anti-RA drugs

Vobarilizumab

Novel best-in-class drug candidate for the treatment of RA

21

Advancing the development of vobarilizumab in RA is a top priority for Ablynx

22

Vobarilizumab

• Phase III programme in RA

– regulatory consultations expected in H1 2017

– first Phase III study expected to start by end 2017

– partnering discussions

• RA Phase II open-label extension study

– ongoing

– results expected in 2018

• Phase II study in 300 SLE patients

– ongoing

– recruitment ahead of schedule

– results expected in H1 2018 (AbbVie has right to opt-in)

What’s next

Caplacizumab (anti-vWF)

Potential first-in-class treatment of acquired

thrombotic thrombocytopenic purpura (aTTP)

24

Caplacizumab – anti-vWF Nanobody

First-in-class potential for the treatment of aTTP

• Orphan Drug Status and patent protection to

2035

• Phase III ongoing with results expected by end of

2017

• Planned filing for conditional approval in Europe

(Q1 2017) and BLA submission in USA (2018)

• Ablynx to lead commercialisation in Europe and

the US

• Anticipated first launch in 2018 with peak sales

potential of ~€300M1

1 US, EU, Japan and other major markets

aTTP: acquired thrombotic thrombocytopenic purpura

25

Caplacizumab unique mode of action

Rapidly stops formation of micro-clots

ULvWF and anti-vWF Nanobody

ULvWF

Ex vivo assay for platelet string formation

Fluorescence microscopy image of platelets adhering to UL-vWF in plasma of an aTTP patient

Without treatment, fluorescently labelled platelets adhere to

UL-vWF, observed as string-like structures

Caplacizumab inhibits the formation of platelet strings and potentially

the associated microvascular thrombi in many organs

Caplacizumab blocks the platelet – ULvWF interaction

Ultra-Large (UL)

vWF multimers UL-vWF multimers

cause platelet string

formation

ADAMTS13 activity is

impaired

endothelium

Caplacizumab binds to A1

domain of vWF and thereby

inhibits platelet string formation

26

Acquired TTP (aTTP)

• aTTP is caused by impaired activity of ADAMTS13 (<10% of that in normal plasma1)

– extensive microclot formation in small blood vessels throughout the body

– leads to tissue ischemia and damage to vital organs

• Ultra-rare condition with incidence estimated at up to 11 per million2

• High unmet medical need with no approved therapeutic drug currently available

– high mortality in acute phase (10-20%)3 and ~ 36% of patients have a recurrence2

– significant thromboembolic complications, including brain (e.g. stroke), heart and kidney damage

– impacts life expectancy and quality of life

1 Scully et al, BJH 2012; 2 George et al, EJH 2008; 3 Allford et al, BJH 2003, Kremer Hovinga, Blood 2010; Benhamou, Haematologica 2012

Life-threatening ultra-rare acute blood clotting disorder

aTTP patient Emergency Room ICU/haematology unit

episode diagnosis treatment

Sudden onset in otherwise healthy

person (nausea, fever, coma,..)

Initial diagnosis based on

thrombocytopenia & haemolysis

Plasma exchange until normalisation of

platelet count + immune suppressants

27

Daily plasma exchange (PE)

until confirmed platelet

normalisation

Immunosuppression

(corticosteroids and/or

Rituximab)

remove ULvWF

remove auto-antibodies

replenish ADAMTS13

inhibit auto-antibody

formation

Despite the current standard-of-care, the unmet need in aTTP remains high and is

primarily:

• immediate and direct inhibition of pathological micro-clot formation to reduce risk

of mortality and morbidity

• prevention of disease recurrence until the underlying autoimmune response has

been resolved

Acquired TTP

Current standard of care

28

TITAN Phase II study of caplacizumab

Clinical proof-of-concept achieved in aTTP patients

• Primary endpoint met with high statistical significance (p=0.005) - nearly 40% reduction in time to platelet normalisation

= faster reversion of thrombocytopenia and reduced use of plasma exchange

• 71% fewer patients with recurrences during treatment - potential prevention of organ damage

• Post-hoc analysis - caplacizumab treated patients experienced fewer major thromboembolic

events as compared to placebo (11.4% vs 43.2%)

- fewer caplacizumab treated patients refractory to plasma exchange

treatment compared to placebo (5.7% vs 21.6%)

Three aTTP experts

describe the impact of

the TITAN trial for the

aTTP community

29

Caplacizumab Phase II TITAN data

Component Caplacizumab

N=35

Placebo

N=37 Death 0 2

TTP recurrence 3 11

Acute myocardial infarction 0 2

Cardiac failure 0 1

Deep venous thrombosis 0 2

Ischaemic stroke 0 1

Pulmonary embolism 1 1

TOTAL 4* (11%) 16* (43%)

Post-hoc analysis of TTP related clinically relevant adverse events

Had the composite endpoint been prospectively defined, the difference between both groups

would have been statistically significant (post-hoc nominal p-value of 0.006).

* A subject may have experienced more than one event

• Post-hoc analysis of data from the TITAN study

• TTP related clinically relevant adverse events during study drug treatment

30

Caplacizumab Phase II TITAN data

Caplacizumab

N=35

Placebo

N=37 Refractoriness to treatment, n (%)

Failure of platelet response after 7 days despite

daily PEX treatment(1)

2 (5.7) 8 (21.6)*

Absence of platelet count doubling after 4 days

of standard treatment, and LDH>ULN(2)

0 (0) 4 (10.8)

Post-hoc analysis on refractoriness to treatment

* 2 patients in the placebo group who discontinued the study prematurely (before 7 days) without reaching the platelet

count criteria (i.e. platelet count <150x109/l) were counted as refractory to treatment

(1) Sayani, F.A. and C.S. Abrams, How I treat refractory thrombotic thrombocytopenic purpura. Blood, 2015. 125(25): p. 3860-7

(2) Soucemarianadin, M., et al., Twice-daily therapeutical plasma exchange-based salvage therapy in severe autoimmune thrombotic

thrombocytopenic purpura: the French TMA Reference Center experience. European journal of haematology, 2015

• Data published in a “letter to the editor” in the NEJM, issue 23 June 2016

31

Refractoriness to treatment in aTTP

Prognostic indicator for survival in patients with aTTP

Benhamou et al, J. Thrombosis and Haemostasis, 2015

• Registry of the French Reference Centre for Thrombotic Microangiopathies:

50% of patient refractory to treatment died:

32

Refractoriness to treatment in aTTP

Prognostic indicator for survival in patients with aTTP

• Two deaths in TITAN study of caplacizumab (both in placebo group) were

patients who were refractory to treatment (platelet counts never normalised):

33

HERCULES Phase III and follow-up study

Phase III topline results expected in Q4 2017

* iv bolus (10mg) followed by daily sc (10mg) ** including corticosteroids at start of daily PEX until underlying disease activity resolved

Daily

PEX

Daily

PEX

Caplacizumab* N=66

30 days

Placebo* N=66

TREATMENT** PERIOD

Extension based on

ADAMTS13 <10%

EXTENSION

28 days max 28 days

FO

LLO

W-U

P

1st

PEX HERCULES 3-year follow-up study

Endpoints

• time to confirmed platelet count normalization

• recurrences; mortality rate; severe morbidity; organ damage

Goals

• to evaluate long-term safety and

efficacy of caplacizumab

• to evaluate safety and efficacy of

repeated use of caplacizumab

• to characterise the severity and long-

term impact of aTTP

34

Caplacizumab

Key component of new standard-of-care

Caplacizumab is an innovative treatment for aTTP

providing immediate prevention of micro-clot formation,

reducing morbidity and mortality

Immediate blocking of micro-clot formation results in

• faster resolution of the acute episode of aTTP

• reduction in risk of mortality and thromboembolic events

• prevention of recurrence of disease while on treatment

• reduction in risk of refractoriness to treatment

• reduction in dependency on PEX

35

Caplacizumab for the treatment of aTTP

Potentially Ablynx’s first marketed product

35

• Concentrated patient presentation

• Established KOL network and reference centres

• Modest commercial infrastructure requirements

• Contract sales, distributors and/or commercial partners in

other territories

• No direct competition in aTTP

• Potential key component in future standard of care

• Orphan Drug status with patent protection to 2035

• Peak sales potential in aTTP of ~€300M

Planned launch in 2018

Market opportunity

Strategic opportunity to

self-commercialise in

EU5 and USA

Inhaled ALX-0171 (anti-RSV)

Potential first-in-class treatment for RSV

infections

37

ALX-0171 – inhaled anti-RSV Nanobody

First-in-class potential for the treatment of RSV infections

• Biological drug delivered by inhalation – major

platform advantage

• Most advanced product in clinical development to

treat RSV infections in infants

• Critical pre-clinical and clinical milestones achieved

• Phase II dose-ranging efficacy study in infants

planned to start in Q4 2016

• Opportunity in multi-billion dollar market

38

RSV infection in infants

• 90% of children infected by 2 years of age1

• 33.8 million episodes (infants <5 years) globally p.a.1

• 3.4 million hospital admissions (infants <5 years) globally p.a.1

• 66,000-199,000 deaths (infants <5 years) globally p.a.1

• No approved therapeutic

1 Mazur et al, Lancet 2015; 2 Shi et al, J Med Econ, 2011; 3 Sigurs et al, Thorax, 2010; Backman et al, Acta Pediatr, 2014

Leading cause of infant hospitalisation

Evolves to

distressing

symptoms

Up to 20%

hospitalised Symptomatic treatment

• Long-term disease burden

– increased medical cost in the first year following RSV infection2

– prolonged wheezing and increased risk of asthma development3

39

Anti-RSV Nanobody – ALX-0171

Incorporating unique Nanobody platform advantages

Platform advantage Product features

Multivalent formatting

• 3 Nanobodies linked together that bind to the F-protein of RSV

• 7,000 fold increase in potency over monovalent construct

• 10,000 fold reduction in viral titres in vitro

• Neutralises 87% of a broad range of clinical RSV isolates

Delivery via inhalation • Biological activity maintained after nebulisation

• Delivered directly to the site of infection

• Very encouraging efficacy in neonatal lamb model for infant RSV

infection

• Safe and well-tolerated in healthy adults and adults with hyperreactive

airways

• Phase I/IIa study in 53 infants successfuly completed

40

Inhaled ALX-0171

• Recruitment from Q4 2014 to Q1 2016

• Study centres in Europe and Asia-Pacific region

• Adapted infant inhalation device (vibrating mesh)

• Inhaled ALX-0171 administered once/day, for 3 consecutive days

Phase I/IIa study in 53 hospitalised RSV-infected children

Primary endpoint:

Safety and tolerability of ALX-0171

Secondary endpoints:

Assessment of clinical effect (feeding, respiratory rate, O2

saturation, wheezing, coughing, general appearance), PD,

PK and immunogenicity

RA

ND

OM

ISA

TIO

N

2:1

Placebo N=10

ALX-0171 N=20 Open-label lead-in

N=5 Infants aged 3-24

months

Placebo N=6

ALX-0171 N=12

Infants aged 1-5

months Infants aged 5-24

months

DMC*

review

DMC*

review

* Data monitoring committee

41

First-in-infant Phase I/IIa study

Safety and tolerability

Excellent safety and tolerability profile confirmed in the target population

Open-label group

ALX-0171 (N=5)

Randomised group

ALX-0171 (N=30)

Randomised group

Placebo (N=16)

Adverse events (AEs)

- number (%) of subjects with an AE 4 (80.0) 9 (30.0) 4 (25.0)

- number (%) of subjects with a treatment-related AE 1 (20.0) 2 (6.7) 0 (0.0)

Serious adverse events (SAEs)

- number (%) of subjects with an SAE 3* (60.0) 1** (3.3) 0 (0.0)

- number (%) of subjects with treatment-related SAEs 0 (0.0) 0 (0.0) 0 (0.0)

* 1 of whom discontinued ** subject discontinued

• Most common AEs were infections and respiratory disorders

• 3 AEs related to ALX-0171: mild cough, mild rhinorrhoea, mild fever 11 days after last dose

• 5 SAEs reported: hypo-responsiveness, hypotonia, pneumonia (2) and atelectasis

42

First-in-infant Phase I/IIa study

Anti-viral effect – time to undetectable virus in culture

Pro

po

rtio

n o

f p

atie

nts

with

de

tecta

ble

RS

V

All Placebo (N=13)

All ALX-0171 (N=22)

Time (hours)

Treatment with ALX-0171 had an immediate and significant impact on viral replication in RSV-infected infants

Cox model to compare ALX-0171 and placebo with respect to time to first undetectable virus in culture (undetectable at 2

consecutive time points) from time of start of treatment

Time to undetectable virus ALX-0171 Placebo

Median hours 25.3 51.9

Nominal p-value 0.014

43

First-in-infant Phase I/IIa study

Overall disease severity assessment – Global Severity Score*

Encouraging initial indication of therapeutic effect

* Overall disease severity assessment including feeding intolerance, medical intervention, respiratory difficulty, respiratory frequency, apnoea, general

condition and fever

Nominal p-value=0.0092

based on longitudinal analysis comparing ALX-0171

and placebo with respect to the Global Severity

Score, adjusting for baseline score and time

All ALX-0171 (N=26)

All Placebo (N=15)

Glo

ba

l S

eve

rity

Sco

re (

me

an

+ S

E)

44

Inhaled ALX-0171

Potential breakthrough for the treatment of RSV infections

44

µ$

µµ

µ

µ

µµ

• Direct delivery to the site of infection through inhalation

• Good safety profile and no treatment-related SAEs in hospitalised

RSV infected infants

• Demonstrated anti-viral-effect in pre-clinical and clinical studies

• Encouraging indication of therapeutic effect in the clinic

Phase II dose-ranging efficacy study in ~180 hospitalised RSV-infected infants planned to start in Q4 2016

Immuno-oncology

Major collaboration with Merck & Co, Inc. and

wholly-owned programmes

46

Immuno-oncology

*BofA Merrill Lynch July 2015

Changing the cancer treatment paradigm

• Market expected to grow to >$43bn by 2020*

• I/O drugs expected to treat 60% of cancers*

• Proven substantial survival impact

Huge market potential

• Increasing number of targets

• Combination therapies are the future

Multiple targets

Nature Reviews - 2012

• Bind multiple targets (2, 3, 4 or 5) with one Nanobody molecule

• Potential to increase efficacy and avoid escape mechanisms

• Technology allows rapid exploration of combinations

• Manufacturing simplicity and cost-effectiveness

Multi-specific Nanobodies -

the next wave!

47

Immuno-oncology

Multi-specific Nanobodies versus combination mAbs

One tri-specific Nanobody is 4x smaller than a mAb

mAb

Tri-specific

Nanobody

mAb 3

mAb 2

mAb 1

More difficult for mAbs to bind to

different targets simultaneously

Target 1

Target 2 Target 3

Multi-specific Nanobodies may block

multiple targets simultaneously

Target 3

Target 1 Target 2

48

Multi-specific Nanobodies

• Heavily investing in I/O R&D pipeline (~80% of total R&D budget*)

• Keytruda® approved in advanced melanoma (first line) and metastatic

NSCLC

• Sales of Keytruda® estimated to reach $6Bn by 2020**

• >160 clinical studies for Keytruda® in >30 tumor types

*Bryan Garnier Oct 2015 **Leerink August 2015

Major immuno-oncology collaboration with Merck & Co., Inc.

First in vivo pre-clinical milestone (€3.5M) achieved and

first clinical studies planned to start in 2017

Merck & Co., Inc.

leader in the field

Merck & Co., Inc. and

Ablynx in collaboration

• Initially signed in Feb ‘14; significantly expanded in July ‘15

• Targeting multiple immune-checkpoint modulators

• Up to 17 fully-funded Nanobody programmes; focus on multi-specific

combinations

• €33M upfront; up to €5.7Bn in potential future milestones plus royalties

Outlook

50

2016-2017 outlook confirmed

Focus on sustainable value creation

2016 2017

• Q1 2016

- Phase I start with VEGF/Ang2 (BI) - €8M

- publication of data from TITAN study in the NEJM

• Q2 2016

- Phase I start with CX3CR1 (BI) - €8M

- Phase I start with CXCR2 (Novartis)

- Phase I/IIa results with ALX-0171 (53 infants)

- successfully raised €74M in a Private Placement

• Q3 2016

- vobariluzumab PhIIb RA monotherapy study results

- vobariluzumab PhIIb RA combination study results

- start follow-up study with HERCULES patients

• Q4 2016

- opt-in decision by AbbVie for vobarilizumab in RA

- start Phase II dose-ranging efficacy study of ALX-0171

- pre-clinical milestones

• Caplacizumab (aTTP) – wholly-owned

- filing for conditional approval in Europe (H1)

- HERCULES Phase III study results (H2)

- life cycle management activities

• Vobarilizumab (RA) – partnering discussions

and preparations for Phase III study initiation

• ALX-0171 (RSV) – wholly-owned

- life cycle management activities

• Immuno-oncology – with Merck & Co., Inc.

- start of multiple IND enabling studies

- pre-clinical milestones

• Various partnered programmes advancing

in the clinic