Nanobodies® creating better medicines

September 2017

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 including, without limitation, the timing for completion of certain milestones in our agreements and the amount of any milestone payments we may receive, our expected net cash burn, the progress of our key pre-clinical and clinical development programmes, the timing of the commercialization of, and the estimated market potential and projected peak sales for, our product candidates, the anticipated duration of the patent protection we receive for our product candidates, and our ability to create value from the development and commercialisation of our product candidates. 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

As of 31st August 2017

2001 Foundation

2002

o €5M seed financing

o No products

o No partnerships

o 10 employees

Technology platform

o €70M private equity

o €85M IPO (Euronext)

o 11 R&D projects

o 1 Nanobody in the clinic

o 3 partners

o 144 employees

2007 R&D – early stage

R&D – late stage

o >€360M equity + €100M debt

o >€450M cash from partners

o >45 R&D projects

o >2,000 patients and volunteers

treated

o 7 Nanobodies in the clinic

o 1st Nanobody expected to be

launched in 2018

o 9 partners

o ~400 employees

o €205M in cash* at 30th Jun 2017

Ablynx

Rapid growth since its foundation in 2001

3

Evolving into a commercial stage biotech company * cash, current financial assets, restricted cash and deposits

4

Broad product pipeline

>45 programmes, 7 Nanobodies in clinical development

Indication Product Target

aTTP

RSV

vobarilizumab

Pre-clinical Phase I Phase II Phase III

caplacizumab vWF

ALX-0171

ALX-0141 RANKL

ALX-0761/M1095

RSV

Bone disorders Greater China

IL-17A/IL-17F

ozoralizumab TNFα

Greater China

Filing

Japan

RA

SLE

RA

Psoriasis

Immuno-Oncology

>20 wholly-owned and partnered programmes

Up to 17 programmes

IL-6R

IL-6R

TNFα RA

Various

Oncology VEGF/Ang2 BI 836880

Chronic kidney disease

CX3CR1 BI 655088

Filing in EU based on Phase II TITAN data

Phase III data

late Q3 2017

SLE Phase II

data H1 2018

Catalysts

+

ALX-1141/M6495 Osteoarthritis

Up to 8 programmes

Various Immuno-Inflammation

ADAMTS-5

Phase IIb

data H2 2018

5

Internal clinical development focussed on unmet needs

4 programmes – 4 groups of poorly served patients: ~600 patients in clinical trials

Caplacizumab (anti-vWF) in aTTP

• life-threatening blood clotting

disease

• up to 20% mortality & significant

morbidity

• no therapeutic drug indicated

• potential first launch in 2018

• €800M estimated market opportunity

MAA filed in Europe – Phase III results in Q3 2017

• multi-system inflammatory disease

• many patients not adequately treated

• significant morbidity & mortality

• good rationale for utilising IL-6

pathway

• $2.2Bn market size predicted by 2025

Vobarilizumab (anti-IL-6R) in SLE

Phase II results in H1 2018

ALX-0171 (anti-RSV, inhaled) in infected HSC transplant patients

• RSV infection is a significant cause

of morbidity & mortality

• ~50,000 HSC transplants p.a

• infection rates of ~12%

• 20-30% mortality in a sub-segment of patients

Phase II trial starts in H1 2018

ALX-0171 (anti-RSV, inhaled) in infected hospitalised infants

• most common cause of viral

respiratory infection in infants

• >3 million hospitalisations globally

p.a

• no therapeutic widely in use

• >€1Bn market opportunity

Phase IIb results in H2 2018

6

Ablynx

Diversified shareholder base – as of August 30, 2017

• Ordinary shares listed on Euronext Brussels (ABLX)

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

• 61.2M shares outstanding

• Approximately 2.9M outstanding warrants (in number of shares)

Breakdown of share capital*

*based on public fi l ings

% of Institutional and Private Bank Shareholders by geography (representing 82%

of total S/O) (August 30, 2017)

7

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

• manufactured in microbial cells

CH2

CH3

CH1

CL

VL

VH 12-15kDa

CH2

CH3

VHH

VHH

8

Ablynx’s Nanobody 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

9

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

Mix and match

Multi-specific/multivalent Nanobodies

that address multiple targets in a single drug molecule – flexible GS

linker lengths

Manufacturing

High-yield,

high-concentration,

low-viscosity, microbial

production

Inhalation Oral-to-topical Ocular

Multiple delivery routes

Injection

Caplacizumab (anti-vWF) – wholly-owned

Potential first-in-class treatment of acquired

thrombotic thrombocytopenic purpura (aTTP)

11

Caplacizumab – anti-vWF Nanobody

First-in-class potential for the treatment of aTTP

• Estimated annual market potential ~€800M1

• Feb 2017: MAA filed in Europe for approval

• Jul 2017: received Fast Track designation from the FDA

• Phase III HERCULES topline results expected in late Q3 2017

• Phase I results in Japanese healthy volunteers expected in Q4 2017

• 2018: anticipated first launch in Europe and BLA submission in USA

• 2019: anticipated launch in USA

• Ablynx expected to lead commercialisation in USA, Canada and Europe

• Orphan Drug Status (EU/USA) – Patent protection potentially up to 2035

aTTP: acquired thrombotic thrombocytopenic purpura

1 USA, Canada, Europe and Japan

12

Caplacizumab unique mode of action

Rapidly stops formation of microclots

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

Inhibitory autoantibodies

13

Acquired TTP

• aTTP is an acute disease leading to morbidity and mortality

– causes extensive microclot formation in small blood vessels throughout the body

– leads to tissue ischemia, organ dysfunction, and major thromboembolic events (stroke, myocardial infarction, thrombosis)

– up to 20% mortality rate in the acute phase1 and ~ 36% of patients suffer from further disease recurrences2

• We estimate a total of ~7,500 aTTP episodes p.a. in North America, Europe and Japan

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

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

Acute, life-threatening 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

14

There is a high unmet need for a novel treatment option that would result in:

• faster resolution of the acute episode of aTTP and related resulting organ damage

• reduction in risk of mortality and thromboembolic events

• prevention of recurrences while on treatment

• reduction in risk of refractoriness to treatment

• reduction in dependency on PEX

Acquired TTP

Current standard-of-care – unmet medical need

Daily plasma exchange (PE) until confirmed platelet

normalisation

Immunosuppression (corticosteroids and/or

rituximab)

removes ULvWF

removes auto-antibodies

replenishes ADAMTS13

inhibits auto-antibody formation

15

Caplacizumab

Addressing the unmet need in aTTP

TITAN Phase II study of caplacizumab1

• 39% reduction in time to platelet normalisation

• 71% fewer patients with recurrences during treatment

Post-hoc analysis2

• 74% reduction in the frequency of major thromboembolic events

(11% vs 43%)

• dramatic reduction in refractoriness to treatment

(6% vs 22%)

1 Publication in the NEJM – 11 February 2016

2 Publication in the Journal of Thrombosis and Haemostasis – 26 April 2017

Caplacizumab could become a key component of the new standard-of-care

16

Caplacizumab Phase II TITAN data

Post-hoc analysis of TTP related clinically relevant adverse events

• Post-hoc analysis of data from the TITAN study1

• TTP related clinically relevant adverse events during study drug treatment

1 Publication in the Journal of Thrombosis and Haemostasis – 26 April 2017

17

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 treatment1

2 (5.7) 8 (21.6)*

Absence of platelet count doubling after 4 days

of standard treatment, and LDH>ULN2

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 et al., Blood, 2015; 2 Soucemarianadin et al., European Journal of Haematology, 2015

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

18

HERCULES Phase III and follow-up study

Phase III topline results expected in late Q3 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*

30 days

Placebo*

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

145

patients

Primary endpoint: time to confirmed normalisation of platelet count

Secondary endpoints: composite efficacy endpoint; recurrence of TTP

during the study period; refractory TTP; time to normalization of organ

damage markers

• Successfully completed patient recruitment in HERCULES study

• HERCULES study will be used to support MAA filing and BLA submission in the USA

19

Commercialising caplacizumab for aTTP

Potentially Ablynx’s first marketed product

19

• Concentrated patient presentation

• Established KOL network and reference centres

• Modest commercial infrastructure requirements

• Contract sales, distributors and/or commercial partners in other

territories

• High unmet medical need

• Strong product profile with compelling clinical data

• No direct competition in aTTP

• Orphan Drug status with patent protection potentially up to 2035

• Estimated annual market potential of ~€800M1

Market opportunity

Strategic opportunity to

self-commercialise in

USA, Canada and Europe

1 USA, Canada, Europe and Japan

20

Preparing the market for caplacizumab

Planned launch in 2018

Medical Marketing Commercial Operations Pricing & Access

• Medical Science Liaisons (MSLs)

• Key centres & stakeholders

• Advisory boards

• Diagnostic & Treatment guidelines

• Registries

• Patient advocacy

• Payor landscape

• Value proposition

• Health economic model

• Early access programmes

• First launch in Germany

• Key Account Managers (KAMs)

• Contract Sales Organisation

• USA office

• Stock in reference centres

• Next day delivery (24/7)

21

Launch of new website, sponsored by Ablynx

www.understandingTTP.com

22

Caplacizumab

Key anticipated milestones

2017 2018 2019 2020

Regulatory EMA MAA

submission

MA

HERCULES and

3-year follow-up Top line results

follow-up

Regulatory FDA BLA

submission

BLA

approval

MAA: marketing authorisation application; MA: marketing authorisation; BLA: biologic license application; MSL: medical science liaison; KAM: key account manager

Operations

First sales EU First sales USA

MSL KAM

Inhaled ALX-0171 (anti-RSV) – wholly-owned

Potential first-in-class treatment for RSV infections

24

ALX-0171 – inhaled anti-RSV Nanobody

Potential breakthrough for the treatment of RSV infections

• >€1Bn market opportunity

• No widely used therapeutic available

• ALX-0171 – administered by inhalation

• Infants – Phase IIb RESPIRE study: – started in January 2017

– first 3 safety cohorts complete (36 infants) – positive DMC

recommendation

– parallel dose part initiated (144 infants)

– results anticipated in H2 2018

• Adults – preparations underway to file for regulatory approval to start clinical development in RSV-infected

haematopoietic stem cell transplant patients

• Patent protection up to 2037

RSV: respiratory syncytial virus; DMC: Data Monitoring Committee

25

RSV infections – vulnerable populations

Unmet medical need and no approved therapeutic

INFANTS out-patient and hospitalised settings

• 33.1 million episodes globally in 20151

• 3.2 million hospital admissions globally in 2015

• 48,000-74,500 in-hospital deaths globally in children <5y in 2015

• Up to 118,200 overall RSV-related deaths globally in 2015

• Long-term disease burden 2,3

ELDERLY out-patient and hospitalised settings

1 Shi et al, Lancet, 2017; 2 Shi et al, J Med Econ, 2011; 3 Sigurs et al, Thorax, 2010; Backman et al, Acta Pediatr, 2014; 4 Falsey et al., NEJM, 2005; 5 Niederwieser et al., Bone Marrow Transplant, 2016; 6 D.P. Shah et al.,

J. Antimicrob chemother, 2013

• Serious health risk for elderly

• 5.5% average infection rate p.a. with 16% hospitalised and

4-8% deaths4

• US: approximately 177,000 hospital admissions and 14,000 deaths p.a.

• High disease burden in nursing homes

• 7 major markets: approximately 50,000 haematopoietic stem

cell transplant (HSCT) procedures p.a.5

• about 12% become infected with RSV within 1 year6

• approximately 40% of those infected with RSV progress to pneumonia and lower respiratory tract infection (LRTI) with

an associated mortality rate of 20-30%

IMMUNOCOMPROMISED hospitalised HSCT patients

26

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

• >6,000 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

• Well-tolerated in hospitalised RSV infected infants

27

Inhaled ALX-0171

* RSV Symposium November 2014

** Composite assessment of disease related parameters such as weakness, depression, lethargy, drooping of ears and not eating

Promising results in neonatal lamb model for infant RSV*

0

20

40

60

80

100

0 1 2 3 4 5 6

% o

f la

mb

s w

ith s

co

re ≥

1

Control

ALX-0171

RSV infection

Treatment ALX-0171 or formulation buffer

Malaise score** - Lambs Lung viral lesions - Lambs

(day 6 post infection)

Me

an

% lu

ng

tis

sue

with

vir

al l

esi

ons

0

10

20

30

40

50

60

Control ALX-0171

Strong therapeutic effect and markedly reduced gross lung viral

lesions demonstrated following 3 consecutive daily administrations

28

Inhaled ALX-0171

• Recruitment from Q4 2014 to Q2 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

Succesfully completed Phase I/IIa study in 53 infants with a RSV infection

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 Hospitalised

infants aged 3-24

months

Placebo N=6

ALX-0171 N=12

Hospitalised

infants aged 1-5

months Hospitalised

infants aged 5-24

months

29

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

30

• Treatment with inhaled ALX-0171 had an immediate and significant

impact on viral replication

• Encouraging initial indication of therapeutic effect was demonstrated

First-in-infant Phase I/IIa study

Key secondary objectives

Pro

po

rtio

n o

f p

atie

nts

with

de

tecta

ble

RS

V

Placebo (N=13)

ALX-0171 (N=22)

Time (hours)

“median time to undetectable virus was >24 hours quicker with ALX-0171”

nominal p-value=0.014

ALX-0171 (N=26) Placebo (N=15)

Glo

ba

l Se

ve

rity

Sco

re*

(me

an

+ S

E)

“difference in effect on clinical score is statistically significant”

nominal p-value=0.0092

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

31

Inhaled ALX-0171

Phase IIb RESPIRE clinical efficacy study in 180 hospitalised infants

• Study start: Jan 2017; expected results: H2 2018

• Adapted infant inhalation device (vibrating mesh)

• Infants: 28 days to <2 years of age

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

Primary endpoint: Anti-viral effect

Secondary endpoints: Assessment of clinical effect over time (feeding, respiratory rate, O2

saturation, wheezing, coughing, general appearance), time to clinical

response, effect on composite clinical scores, PD, PK and

immunogenicity; safety

1:1:1:1

Placebo N=36

ALX-0171 (3 mg/kg)

N=36

3:1

ALX-0171

(3 mg/kg)

N=9

Placebo

N=3

ALX-0171 (6 mg/kg)

N=36

ALX-0171 (9 mg/kg)

N=36

ALX-0171

(6 mg/kg)

N=9

Placebo

N=3

ALX-0171

(9 mg/kg)

N=9

Placebo

N=3

DMC safety review DMC safety review DMC safety review

DMC: data monitoring committee

32

ALX-0171 development plan

Key potential near term milestones

2017 2018

Phase IIb – ongoing hospitalised infants with RSV (N=180)

topline results

Phase II in Japan hospitalised infants with RSV

Phase II RSV-infected haematopoietic stem cell transplant patients

CTN

IND / CTA

CTN: Clinical Trial Notification; IND: Investigational New Drug; CTA: Clinical Trial Application

Vobarilizumab (anti-IL-6R) – collaboration

with AbbVie

Potential novel treatment for RA and SLE

34

Vobarilizumab – anti-IL-6R Nanobody

Potential novel treatment for RA and SLE

• Opportunity in multi-billion dollar markets

• RA:

– encouraging results from two Phase IIb RA studies (N=~600)

– open-label extension study ongoing

• SLE

– chronic multi-system inflammatory disease with unmet medical need

– Phase II study ongoing (N=~300); topline data in H1 2018

• We will wait for the SLE data and AbbVie’s opt-in decision

before deciding on our future strategy

RA: rheumatoid arthritis; SLE: systemic lupus erythematosus

35

Rheumatoid Arthritis (RA)

• As a combination therapy with MTX, vobarilizumab had a positive impact on

clinical efficacy endpoints after 24 weeks of treatment

– high ACR50 and ACR70 responses of up to 61% and 45%

– up to 70% of the patients achieved low disease activity* based on DAS28CRP of

which 51% were in remission**

• As a monotherapy, up to 50% more patients achieved DAS28CRP remission

with vobarilizumab compared to tocilizumab (41% vs. 27%) after 12 weeks

of treatment

• Vobarilizumab showed a favorable safety profile and has the potential for

effective monthly administration

*DAS28CRP ≤ 3.2 **DAS28CRP <2.6

Positive Phase IIb study results with vobarilizumab reported

Vobarilizumab has potential for disease modifying activity

supporting treat-to-target management of RA

36

Systemic Lupus Erythematosus (SLE)

Auto-antibodies are the hallmark of the disease

• SLE market estimated to grow to $2.2 billion by 20252

• Chronic multi-system inflammatory disease with serious pathological conditions

– joints and skin are mostly affected

– patients suffer from severe cardiovascular, CNS

and renal complications

– fluctuating disease activity with flares

– diverse and individualised therapeutic approach

– prevalence 20-150 per 100,0001; continues to grow

– predominantly affects women; mostly diagnosed

between 15 and 45 years old

– more common and more severe in African-

Americans, Hispanics and Asian women

1 Lawrence et al ., Arthritis Rheum., 1998; Chakravarty et al ., Arthritis Rheum., 2007; Pons-Estel et al ., Semin Arthritis Rheum., 2010; 2 Decision Resources 2016

37

High unmet medical need in SLE

• Standard-of-care

– corticosteroids, anti-malarials and immunosuppressants commonly used

– addition of biologicals for severe cases

• Benlysta (belimumab) approved by FDA since 2011

restricted access due to reimbursement criteria

• Rituxan/MabThera (rituximab) used off-label

• High unmet need

– reduction of disease activity

– steroid sparing to reduce risk of future organ damage

– prevention of flares

– reduction of cardiovascular mortality

– improved health-related quality-of-life

Current therapies are not always effective and have many side-effects

38

Vobarilizumab in SLE

Rationale for approach

Ball et al., Lupus, 2013; Tackey et al., Lupus, 2004; Mao et al., Clin Rheumatol., 2014; Wallace et al., Ann Rheum Dis, 2017; Il lei et al., Arthritis & Rheumatism; 2010

• IL-6 levels are elevated in patients with SLE

• Inhibition or knock-out of IL-6R in pre-clinical models had a strong impact on the

SLE phenotype

• Clinical studies targeting both IL-6 and IL-6R have shown encouraging

preliminary efficacy data in SLE, though safety appears to have presented

problems

• We have been able to learn from previous studies in designing the STEADY

trial, particularly with regard to enrollment criteria

• Vobarilizumab has shown in the RA studies that it targets IL-6R effectively and

has a favourable safety profile

39

Vobarilizumab in SLE

* complement score omitted due to mechanism of action of vobarilizumab

Phase II STEADY study on track R

AN

DO

MIS

AT

ION

1:1:1:1:1

Placebo

ALX-0061 dose 1, Q4W

312 subjects

ALX-0061 dose 2, Q4W

ALX-0061 dose 2, Q2W

ALX-0061 dose 3, Q2W

Primary endpoint at Week 24: modified (m)BICLA* response

Secondary endpoints: (m)BICLA, (m)SRI, (m)SLEDAI-2K and BILAG over time; patient’s and physician’s global assessment; flare rate; corticosteroid reduction

Other assessments: pharmacokinetics, pharmacodynamics, safety/tolerability, immunogenicity

• Subjects with moderate-to-severe active, seropositive SLE

• Worldwide, randomised, double-blind, placebo-controlled 48 week dose-range finding

study

• Patient recruitment completed in December 2016; topline data expected in H1 2018

Major collaborations with

Merck & Co, Inc. and Sanofi

Exploring novel treatment approaches with multi-specific

Nanobodies

41

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

42

Immuno-oncology (IO)

1 BofA Merril l Lynch, July 2015

Changing the cancer treatment paradigm

• Market expected to grow to >$43bn by 20201

• IO drugs expected to treat 60% of cancers

• Proven substantial survival impact

Large 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!

43

Major collaboration with Merck & Co., Inc.

• ~80% of total R&D budget1 invested in IO

• First IO drug, Keytruda®, approved in 2014

• Sales of Keytruda® estimated to reach $6Bn by 20202

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

1 Bryan Garnier, Oct 2015; 2 Leerink, August 2015

Up to 17 programmes in immuno-oncology

Expected start of first clinical study in H1 2018

leader in the field

major IO collaboration

• Started Feb ‘14; expanded in July ‘15

• Up to 17 fully-funded programmes, targeting multiple

immune-checkpoint modulators

• €33M upfront and €6M pre-clinical milestone payments

received to date

• Up to €5.7Bn in potential future milestones plus royalties

+

44

Strategic collaboration with Sanofi

1 GBI research Dec 2015

Up to 8 programmes initially focused on immuno-inflammatory diseases

• Deal signed in July 2017

• Up to 8 different targets or target combinations

• €23M upfront payment received plus research funding

• Potential additional option exercise fees

• Up to €2.4Bn in potential future milestones plus royalties

+

Initial focus on immune-mediated inflammatory diseases

• Chronic disorders characterized by dysregulation of immune pathways

• Associated with significant morbidity, mortality and reduced quality of life

• Growing need for novel treatments to modify disease state

• Affect 5–7% of western populations1

• Market expected to grow to $74Bn in 2022

IBD

RA

Psoriasis

COPD

Lupus

asthma

2017 outlook

46

Outlook

Focus on sustainable value creation

• HERCULES Phase III data anticipated to be available in late Q3 2017

• Results from Phase I with caplacizumab in Japanese healthy volunteers planned

in Q4 2017

• Preparations for commercialisation of caplacizumab ongoing

• In Q4 2017, we expect to file for regulatory approvals

– to start a trial with ALX-0171 in Japanese infants infected with RSV

– to study the use of ALX-0171 in adults who have undergone a stem cell transplant and

have become infected with RSV

• The STEADY trial with vobarilizumab in SLE is expected to report data in H1 2018

• The RESPIRE trial with ALX-0171 in RSV infected infants should report data in H2 2018

CONTACT DETAILS

Questions

+32 9 262 00 00 Investor Relations

investors@ ablynx.com

www.ablynx.com