Syncona : Corporate Presentation - August 2023

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The information and opinions contained in the presentation do not purport to be comprehensive. This presentation has not been independently verified. No representation, warranty or other assurance, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by Syncona Ltd or its representatives as to the accuracy, correctness, fairness or completeness of, the information or opinions contained in this presentation. Syncona Ltd and its representatives accept no liability whatsoever for any loss or damage howsoever arising from any use of this presentation or its content or otherwise arising in connection with it.

The presentation may contain "forward-looking statements" regarding the belief or current expectations of Syncona Ltd and its representatives about the financial condition, results of operations and business of Syncona Ltd and its portfolio of investments. Such forward-looking statements are not guarantees of future performance. Rather, they speak only as of the date of this presentation, are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Syncona Ltd and are difficult to predict, that may cause the actual results, performance, achievements or developments of Syncona Ltd, its current or future investments or the industry in which it operates to differ materially from any future results, performance, achievements or developments expressed or implied from the forward-looking statements. In particular, many companies in the Syncona Ltd portfolio are conducting scientific research and clinical trials where the outcome is inherently uncertain and there is significant risk of negative results or adverse events arising. In addition, many companies in the Syncona Ltd portfolio have yet to commercialise a product and their ability to do so may be affected by operational, commercial and other risks.

Any target return of Syncona Ltd referred to in this presentation is based on performance projections produced by Syncona Ltd and its representatives to the best of their knowledge and belief. It is a target only and therefore subject to change. There is no guarantee that any target return of Syncona Ltd can be achieved and past or targeted performance is no indication of current or future performance or results. There can be no assurance that the strategy described in this presentation will meet its objectives generally, or avoid losses.

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of this presentation.

1. unique approach, capital structure and model

delivered by an ambitious team

Long-term approach to value creation

Focus on product and patients

Creating a portfolio to deliver strong risk-adjusted returns

Syncona was founded in 2012 by the Wellcome Trust to take a long- term approach to building life science companies

Thesis that the best risk-adjusted returns in life science come in late- stage development and product approval

Evergreen balance sheet enables our investment model

Focus on creating companies around technology that has potential to have a transformational impact for patients in areas of high unmet need

Aim to create and build companies that are capable of autonomously translating exceptional science to commercial products

Building a portfolio of 20-25 companies with a product and patient-focused strategy to manage risk and optimise returns

Disciplined capital allocation, rigorously balancing the risk and reward potential of each new investment

Aim to deliver 3-5 companies to late-stage development where Syncona has a significant ownership position and can access significant value creation

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Building global leaders

Syncona portfolio

Number of

13 companies in the portfolio today

Number of

1,200+ employees across Syncona portfolio

Our track record

of cost2

Patient impact

Patients benefitting

165k from Blue Earth's Axumin™

Products to pivotal trial, with 22

3 programmes progressed into the clinic3

New cases of adult ALL

diagnosed p.a. across

8,400 the US and EU - as Autolus approaches its BLA filing for obe-cel4

Current financials

£613m Capital pool

1- Includes sales of Nightstar, Blue Earth, Gyroscope and Neogene and closure of 14MG and Azeria. 28% of the portfolio held at cost. Reflects original Syncona Partners capital invested where applicable. All IRR and multiple on cost figures are calculated on a gross basis 2 - Includes sales of Nightstar, Blue Earth, upfront proceeds from sale of Gyroscope and upfront proceeds from Neogene, reflects original Syncona Partners capital invested where applicable. All IRR and multiple on cost figures are calculated on a gross basis

3 - Includes lead Beacon programme in XLRP. 4 - SEER and EUCAN estimates (respectively) for US and EU All financials as at 30 June 2023

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