Syncona : Sustainability Report for the year ended 31 March 2023

Introduction

1. About this report
2. At a glance
3. Chief Executive Officer's message
4. Introduction
5. Our materiality matrix
6. Our approach
7. Our 2023 progress

1

Our social impact

We seek to make a positive social impact through extending and enhancing human life.

11 Making a difference

12 Delivering patient impact

13 Supporting UK life science

14 Championing the UK

15 The Syncona Foundation

2

Responsible investor and partner

We create, build and scale sustainable life science companies, supporting them through their lifecycle.

18 Responsible investing

19 How we work with our portfolio companies

27 Portfolio overview

3

Inspiring and empowering our people

We are differentiated by our people, who are highly motivated by Syncona's purpose and values.

30 Chief Human Resources Officer's message

32 Evolving our approach to D&I

33 Interview with our HR lead

34 Employee welfare and wellbeing

4

Responsible and ethical business

Our business operates responsibly and ethically, in line with our values and with clear accountability.

36 Our policies and practices

1. Minimising our environmental impact
2. TCFD reporting

Additional information

42 GRI content index

44 Glossary

INTRODUCTION

OUR SOCIAL IMPACT

RESPONSIBLE INVESTOR AND PARTNER

INSPIRING AND EMPOWERING OUR PEOPLE

RESPONSIBLE AND ETHICAL BUSINESS

ADDITIONAL INFORMATION

How to use this report

The following symbols indicate that additional information can be found either in this report, on our website or in this year's Annual Report:

Our Sustainability Report 2023 outlines our Sustainability Policy, our approach to responsible investing and how we manage sustainability within the portfolio, and covers our activities for the 2022/3 financial year.

This report considers sustainability issues that are priorities for our stakeholders and the way in which we address these. This report has been prepared in accordance with the Global Reporting Initiative (GRI) Universal Standards. Our intention is to continue to report on sustainability topics on an annual basis. This report should be read alongside our Annual Report and Accounts 2023.

INTRODUCTION

OUR SOCIAL IMPACT

RESPONSIBLE INVESTOR AND PARTNER

INSPIRING AND EMPOWERING OUR PEOPLE

RESPONSIBLE AND ETHICAL BUSINESS

ADDITIONAL INFORMATION

AT A GLANCE

Delivering a positive sustainable impact

What we do

Our strategy is to create, build and scale companies around exceptional science to create a diversified portfolio of 20-25 globally leading life science businesses for the benefit of all our stakeholders.

Where we operate

We have a portfolio of 13 companies, with operations across the United Kingdom, Switzerland, and the United States.

2023 sustainability highlights

We are committed to managing our business in a sustainable way, investing responsibly and supporting our portfolio companies in making positive contributions to society by developing treatments that will make a difference to the lives of patients and their families.

We aim to have effective governance, a strong business culture, clear values, and positive engagement with our wider stakeholders and society through our work in life sciences and our support for charity.

We are actively engaged with our portfolio companies as they seek to build sustainable businesses.

1. Net Zero Asset Managers initiative.

INTRODUCTION

CHIEF EXECUTIVE OFFICER'S MESSAGE

Continuing to make strong progress

OUR SOCIAL IMPACT

We believe our sustainability agenda is important in ensuring our business and our portfolio companies are able to deliver on our shared mission - to get products to patients who really need them."

SYNCONA LIMITED SUSTAINABILITY REPORT 2023

Over the last two years at Syncona, we have created and developed a Sustainability and Responsible Investment Approach from the ground up. I am really proud of the progress we have made embedding and formalising the core principles across the business and in our management of the portfolio companies. We have seen evidence that our framework is both impactful and pragmatic and whilst I expect our approach to continue to evolve, I believe our policies work well.

In terms of our social impact, our unwavering focus on transforming the lives of patients has meant that we have seen Autolus Therapeutics (Autolus) meet the primary endpoint in its pivotal study for obe-cel, a product being developed to treat patients with adult acute lymphoblastic leukaemia (ALL). This product is demonstrating significant potential and we are working closely with Autolus as it navigates this late stage of development.

92%

Response to Employee

Engagement Survey

Without detracting from the focus of developing transformational medicines, I am also proud that the team continue to make such a significant contribution to the life science industry more broadly. This comes in many forms, but particularly through broad knowledge sharing at industry events.

In our work with the portfolio companies, we have continued to see strong engagement from their leadership teams and improvement in year on year reporting from responding companies. We have provided increased data and reported on our progress later in the report.

On our people, our Chief Human Resources Officer, Fiona Langton-Smith, has had another impactful year, most critically helping further evolve our organisational structure to scale for growth and also driving an employee engagement survey which really enabled us to engage with the culture at Syncona to understand what we can do to improve it.

16

Clinical data read-outs across the portfolio

Finally, on the environment, whilst our direct impact is limited, we recognise the importance of the issue and have conducted an in-depth review on action we can take. This comprises a key part of how we support our portfolio companies in managing and reducing their emissions, and for the second year running we have led a project alongside our portfolio companies to collect data on their emissions, increasing the number of companies engaging with us from nine to eleven this year. We have also further underlined our commitment to limiting our portfolio's environmental footprint by signing up to the Net Zero Asset Managers (NZAM) initiative, which will support our overall aspiration to be net zero across our full value chain by 2050.

I would like to take the opportunity to thank all of our stakeholders for their support, input and collaboration as we continue to make progress in this area. We believe our sustainability agenda is important in ensuring our business and our portfolio companies are able to deliver on our shared mission - to deliver treatments to patients who really need them. Syncona aims to have a positive impact on the life science ecosystem, and I hope you enjoy reading about some of that work within this report.

CHRIS HOLLOWOOD

Chief Executive Officer

Syncona Investment Management

Limited (SIML)

4