1

Nav

Measured by

GPV + cash + other assets

Commentary

NAV increased by 85% to £270m in 2018, reflecting another year of strong portfolio growth and additional capital raised in March 2018

2

Nav per share

Measured by

Net Asset Value divided by shares outstanding at the year-end

Commentary

NAV per share increased by 32%, reflecting upward portfolio revaluations in 2018, notably Autolus, LogicBio and Harpoon. Arix's share price at year-end 2018 was £1.67 (2017: £1.95)

Arix has been listed since 2017

3

GROSS PORTFOLIO VALUE (GPV)

Measured by

The valuation of investments in the Core and Discovery portfolios at year-end, as defined in the Operational and Financial Review

Commentary

Gross portfolio value increased by 225% in 2018, driven by investment of new capital into the portfolio and upward revaluation in the existing portfolio

4

PIPELINE PROGRESSION

Measured by

Number of trials in clinical development

Commentary

At the end of 2018 Arix had 23 clinical programmes in its pipeline, up from 11 at the end of 2017, with a further three added post-year-end

  • 7 new clinical trials were initiated by Harpoon, Autolus, Iterum, AtoxBio and Amplyx
  • Positive data readouts from Aura, Pharmaxis, Autolus and Verona
  • The pipeline was further strengthened following our investment in Phamaxis, adding additional clinical programmes to the pipeline
Pipeline progression

Phase 1Phase 2Phase 3