Nanobodies®

creating better medicines

November 2015

Corporate 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.

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3

Ablynx

Corporate snapshot

• Platform technology and late-stage clinical development company

• 350 employees in Ghent, Belgium

• >30 wholly-owned and partnered programmes

• 1 Phase III and 4 Phase II studies ongoing in-house

• First potential product approval in 2018

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

Merck KGaA, Novartis, Novo Nordisk and Taisho Pharmaceutical

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

• €262M in cash at 30 September 2015

• €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 TECHNOLOGY

4

Abingworth Management Limited and

Abingworth LLP (UK), 6%

Boehringer Ingelheim (DE),

4%

Aviva Investors (UK), 5%

Perceptive Advisors (US), 4%

Polar Capital Funds Plc (UK),

3%

Oppenheimer Funds, Inc. (OFI)

(US); 3% FMR LLC (US),

5%

Taube Hodson Stonex Partners LLP (UK), 4%

Other institutional and retail

investors, 66%

Ablynx

• Ordinary shares listed on Euronext Brussels (ABLX)

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

• 54.5M shares outstanding

• 2.9M outstanding warrants

Diversified shareholder base

Total shares outstanding by investor

US 35%

UK 27%

Benelux 30%

Scandinavia 2%

France 3%

Other 3%

% of institutional shareholders by geography

(representing 68% of total S/O)

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

• challenging and intractable 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 high quality biologics

~12-18 months

Immunise llamas

with antigen

and/or

Use proprietary synthetic

Nanobody phage libraries

Wide range of highly

diverse Nanobodies

with 0.1-10nM affinities

Formatted

Nanobodies

Cloning and

production in

microbial

systems

8

Ablynx’s Nanobodies

Competitive advantages

Mix and match

Cell specificity

Immune cell

recruitment

Tissue-specific

targeting

Cell- /tissue-homing

Albumin-

binding

Nanobody Fc

Weeks/days/hours

Customised

half-life extension

Nanobodies

against ion

channels and

GPCRs

Nanobodies can

reach conserved

cryptic epitopes

Challenging and

intractable targets

Manufacturing

High-yield,

high-

concentration,

low-viscosity,

microbial

production

Inhalation

Oral-to-topical

Needle-free

Ocular

Alternative delivery routes

Nanobody-

drug

conjugates

Cell killing

Ag-1 Ag-1 Ag-2

Targeting different pathways at once

with a single Nanobody construct, e.g.

multiple checkpoint inhibitors

Broad product pipeline

10

Hybrid business model fuels the pipeline

>30 programmes in development

Inflammation/

Immunology

FU

LL

Y O

WN

ED

Therapeutic area Product name Target

Inflammation/

Immunology

Haematology

Oncology/

Immuno-oncology

Respiratory

Discovery

ALX-0061

Pre-clinical Phase I Phase II Phase III

IL-6R

caplacizumab vWF

ALX-0171

Neurology

Various

ALX-0141 RANKL

ALX-0761

Various

Various

Various

RSV

Various

Various

PA

RT

NE

RE

D

Bone disorders Greater China

IL-17F/IL-17A

Ocular

Oncology/

Immuno-oncology

ozoralizumab TNFα Greater China

Filing

CXCR2

Various

Other

Clinically validated targets

First-in-class

Japan

Other Various

VEGF/Ang2

Key value drivers

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Immuno-oncology (I/O)

*BofA Merrill Lynch July 2015

Changing the cancer treatment paradigm

• Proven substantial survival impact

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

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

Huge market potential

• Increasing number of targets

• Combination therapies are the next generation

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

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Immuno-oncology therapies

Best results when used in combination A

nti

-tu

mo

ur

acti

vit

y

Time course (months)

Sustained

response

Source: Prof Dr Omid Hamid (MD), Chief, Translational Research and Immunotherapy – The Angeles Clinic & Research Institute (2014)

14

Multi-specific Nanobodies

• Merck & Co., Inc. is a leader in the field

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

– anti-PD-1 drug, Keytruda®, approved for the treatment of advanced melanoma and metastatic

NSCLC

– sales of Keytruda estimated to reach $6Bn by 2020**

– >160 clinical studies for Keytruda® across more than 30 tumor types as a monotherapy and in

combination

• Collaboration with Merck & Co., Inc. signed Feb ’14 and expanded in July ‘15

– targeting multiple immune-checkpoint modulators

– up to 17 Nanobody programmes with a focus on multi-specific combinations

– €33M up-front with potentially up to €5.7Bn in future milestones plus royalties

– first in vivo pre-clinical milestone (€3.5M) achieved with a bi-specific Nanobody in Oct 2015

*Bryan Garnier Oct 2015 **Leerink August 2015

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

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PARTNERED

Programme (target) Indication Key differentiating features Stage Partner

ALX-0061 (IL-6R)

RA, SLE

Best-in-class opportunity

Monovalent interaction; strong affinity

and preferential binding to soluble IL-6R

3 Phase II studies (RA;

SLE) on-going; RA results

expected in H2 2016

Product pipeline

Leading products in the clinic

15

PROPRIETARY

Programme (target) Indication Key differentiating features Stage

Caplacizumab (vWF)

Thrombotic

thrombocytopenic

purpura

First-in-class orphan drug

Novel mode of action

Inhibition of micro-clot formation

Phase III on-going and MAA

filing in H1 2017 in EU for

conditional approval

ALX-0171 (RSV)

Respiratory

syncytial virus

infection

First-in-class addressing high unmet need

Inhaled Nanobody delivered to infection site

Highly potent trivalent construct

First-in-infant Phase IIa study

on-going: results expected in H1

2016

16

Caplacizumab

Wholly-owned anti-vWF Nanobody

• First-in-class bivalent Nanobody with Orphan Drug

Status and patent protection up to 2035

• Developed for the treatment of acquired thrombotic

thrombocytopenic purpura (aTTP)

• Phase II (75 patients) successfully completed; Phase

III (92 patients) on-going with results expected by

end of 2017

• Planning to file for conditional approval in Europe

(H1 2017) and BLA submission in USA (2018)

• Ablynx to lead commercialisation in Europe and USA

• Peak sales potential of €300M-€400M1

1 US, EU, Japan, other markets (Brazil, Canada, Russia, Mexico, Australia)

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Caplacizumab mode of action

Stops formation of micro-clots

Caplacizumab blocks the platelet –

ULvWF interaction

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 TTP patients

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

Ultra-Large (UL)

vWF multimers Platelet string

formation in patients

with TTP

ADAMTS13 activity is

impaired

endothelium

Caplacizumab binds to A1

domain of vWF and thereby

inhibits platelet string formation

18

Acquired TTP (aTTP)

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

– extensive micro-clot formation in small blood vessels throughout the body

– subsequent tissue ischemia and damage to vital organs

• Ultra-rare indication with an incidence of ~11/million2

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

– mortality high (10-20%)3 and ~ 36% of patients relapse2

– major morbidities, including brain, cardiac and renal damage

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 recovery of

platelet count + immune suppressants

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Caplacizumab proven clinical benefit

Strong clinical proof-of-concept in TITAN Phase II study

Primary endpoint:

time to confirmed normalisation of

platelet count

Secondary endpoints:

exacerbations; relapses; PE parameters;

mortality; major clinical events

RA

ND

OM

ISA

TIO

N

1:1

PE

PE

Caplacizumab N=36

75 subjects

Placebo N=39

30 days

30 days 30 days

30 days

Study design Study results

Time to platelet

normalisation Caplacizumab Placebo

Median days (95% CI)

No prior PE

3.0 (2.7, 3.9)

N = 34

4.9 (3.2, 6.6)

N = 35

Median days (95% CI)

One prior PE

2.4 (1.9, 3.0)

N = 2

4.3 (2.9, 5.7)

N = 4

Number of subjects Caplacizumab Placebo

Subjects with exacerbation

within 30 days after

stopping daily PE

3 (8%) 11 (28%)

Deaths 0 2

• Primary endpoint met (p=0.005)

• 40% reduction in time to platelet normalisation

= faster reversion of thrombocytopenia

• 71% fewer patients with exacerbations

= potential prevention of further organ damage

20

Caplacizumab Phase III study

Double-blind placebo controlled study (Q3 2015 to Q4 2017)

* iv bolus (10mg) followed by daily sc (10mg)

** incl. corticosteroids at start of daily PE until underlying disease activity resolved

Primary endpoint: time to confirmed normalisation of platelet count

Secondary endpoints: exacerbations/relapses; mortality rate; severe morbidity; organ damage biomarkers

(troponin, creatinine, LDH); PE parameters; days in ICU/hospital; AEs; PD; PK; immunogenicity

RA

ND

OM

ISA

TIO

N

1:1

Caplacizumab* N=46

30 days

30 days

FOLLOW-UP PERIOD (4 weeks)

Potential extension of blinded study drug if relapse, restart daily PE and open label caplacizumab

Daily PE

Exacerbation restart daily PE and open label caplacizumab

Placebo* N=46

TREATMENT PERIOD**

Daily PE

92 subjects

21

Caplacizumab positioning

New standard of care in aTTP

21

Tre

ate

men

t du

ratio

n

Daily PE Immuno-

suppression

Remove ULvWF

& auto-antibodies

Replenish

ADAMTS13

Reduce activity

of immune

system to

resolve

underlying

cause of aTTP

Caplacizumab

Immediate inhibition of platelet

aggregation, micro clot formation

and small blood vessel occlusion

Protection during the acute

phase of the disease

Prevention of organ damage

Reduction in exacerbations

Future standard of care based on three pillars

Caplacizumab could become the first approved product for the

treatment of aTTP

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ALX-0171

Wholly-owned anti-RSV Nanobody

• First-in-class trivalent Nanobody, delivered by inhalation

• Developed for the treatment of respiratory syncytial virus (RSV) infection in infants

• 3 Phase I studies in 106 subjects* successfully completed

• First-in-infant Phase IIa on-going with results expected in H1 2016

• Opportunity in multi-billion dollar market

* Of whom 24 adults with hyper-reactive airways

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RSV infection in infants

• Leading cause of infant hospitalisation and primary viral cause of infant death

– ~65% of infants are infected in their first year of life

– ~300,000 children* (< 5 years) hospitalised per year in 7 major markets1,2 ; ~500-4,500 deaths per year in the US

– ~2.1 million outpatient visits annually in the USA among children <5 years of age

– increased medical cost in the first year following RSV infection3

– prolonged wheezing and increased risk of asthma development4

• No current treatment options available

– Synagis® used as prophylaxis in high-risk pre-term infants only ($900M sales in 2014)

* Extrapolation based on estimated US prevalence 1 Hall et al, NEJM, 2009; 2 Lee et al, Human Vaccines, 2005; 3 Shi et al, J Med Econ, 2011; 4 Sigurs et al, Thorax, 2010; Backman et al, Acta Pediatr, 2014

High unmet medical need

Evolves to

distressing

symptoms

8-20%

hospitalised

Symptomatic treatment

including inhaled

corticosteroids & bronchodilator

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• Well tolerated in multiple Phase I clinical studies in adults

• Strong in vitro and in vivo study results

– potent anti-viral effect against recent clinical RSV isolates

– 10,000 fold reduction in viral titres and superiority in vitro compared with palivizumab (Synagis®)1

– daily inhalation of ALX-0171 for 3 consecutive days in neonatal lamb model for infant RSV demonstrated markedly reduced signs and symptoms of illness (“Malaise Score”)2 and viral lesions

ALX-0171

1 Vaccines of the World (Oct 2013) 2 RSV Symposium (Nov 2014) – presentations on http://www.ablynx.com/rd-portfolio/clinical-programmes/alx-0171/

Key milestones achieved

Lung viral lesions

(day 6 post infection)

0

20

40

60

80

100

0 1 2 3 4 5 6

% o

f la

mb

s w

ith

sco

re ≥

1

Control

ALX-0171

RSV

infection

Treatment ALX-0171 or

formulation buffer

Malaise score

Mean

% l

un

g t

issu

e w

ith

vir

al le

sio

ns

0

10

20

30

40

50

60

Control ALX-0171

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ALX-0171

• Infants aged 3 to <24 months who are hospitalised for RSV infection

• Study centres in Europe and Asia-Pacific region

• Custom-developed infant inhalation device (vibrating mesh)

* Data Monitoring Committee

First-in-infant inhalation study on-going

RA

ND

OM

ISA

TIO

N

2:1

Placebo N=10 Inhaled ALX-0171 once/day

3 consecutive days

ALX-0171 N=20

Open-label lead-in

N=5 Review

by DMC*

Inhaled ALX-0171 once/day or

placebo

3 consecutive days

Primary endpoint:

Safety and tolerability of ALX-0171

Secondary endpoints:

Clinical effect (feeding, respiratory rate,

wheezing, coughing, general appearance)

PD (viral load), PK (ALX-0171 systemic

concentration) and immunogenicity

Results expected H1 2016

26

ALX-0061

Anti-IL-6R Nanobody partnered with AbbVie

• Half-life extended Nanobody

• Best-in-class potential for the treatment of

auto-immune disorders

• Global licensing agreement with AbbVie

• 2 Phase IIb studies in RA with results

expected H2 2016; Phase II study in SLE

with results expected in 2018

• Opportunity in multi-billion dollar markets

RA: rheumatoid arthritis

SLE: systemic lupus erythematosus

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ALX-0061

Compelling Phase IIa results in RA patients

83

71

58 63

29

0

20

40

60

80

100

% o

f p

ati

en

ts

All unmodified ALX-0061 at week 24 (N=24)

ACR20 ACR50 ACR70 DAS28 remission Boolean remission

ACR50 score as potential

differentiating factor

Data published 13 February 2013: press release available on Ablynx ‘s website

28

ALX-0061

• $175M upfront at signing in September 2013

• $665M total potential milestones plus double-digit royalties

Global licensing deal with AbbVie

28

Economics

Ablynx • Perform and fund Phase I study with subcutaneous formulation

(successfully completed in 2014)

• Perform and fund Phase II studies in RA and SLE (on-going)

AbbVie

Commercialisation

• Pay a fee for each indication if they exercise the right to

license ALX-0061 after completion of the Phase II studies

• Responsible for Phase III development and registration

• AbbVie is responsible for global commercialisation

• Ablynx retains option to co-promote ALX-0061 in the Benelux

29

ALX-0061

Key data points in clinical development

Phase I

sc study

Phase IIb

combination and

monotherapy

studies in RA

Phase II study

in SLE

2014 2015 2016 2017 2018 2019

Top line results

Top line results

potentially continues development in RA

potentially continues

development in SLE

Results announced 23 Oct 2014

ALX-0061 showed >80% bioavailability after sc injection

Phase II RA OLE

study

Outlook

31

Long term value creation

Potential clinical and regulatory key events

2

2016

2017

2018

ALX-0171 Infant Phase IIa (RSV)

Wholly-owned

ALX-0061 Phase IIb combination therapy (RA)

AbbVie have option to license worldwide

ALX-0061 Phase IIb monotherapy (RA)

AbbVie have option to license worldwide

Caplacizumab MAA filing EU + Phase III results (TTP)

Wholly-owned

ALX-0171 Infant Phase IIb (RSV)

Wholly-owned

ALX-0141 and ozoralizumab Phase I/II in China

Licensed to Eddingpharm (China)

ALX-0761 Phase IIa (psoriasis)

Licensed to Merck KGaA (worldwide)

Caplacizumab conditional approval EU and BLA filing in US

Wholly-owned

ALX-0061 Phase II (SLE)

AbbVie have option to license worldwide

Results from various patient studies with partners

Clinical study results

Key regulatory events

ALX-0761 Phase Ib POC (psoriasis)

Licensed to Merck KGaA (worldwide)

CONTACT DETAILS

Questions

+32 9 262 00 00 Investor

Relations

investors@

ablynx.com www.ablynx.com