Nanobodies® creating better medicines

1-4 June 2015, New York

Dr Edwin Moses – CEO Ablynx

Jefferies Healthcare Conference 2015

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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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Ablynx Corporate snapshot

• Drug discovery and development company in Ghent, Belgium • >300 employees

• Pioneer in next generation biological drugs – Nanobodies® • >500 granted and pending patents

• >30 programmes – six at the clinical development stage • Three clinical proof-of-concepts (POC) • 2 wholly-owned products in later stage clinical development (Phase III & Phase II) • >10 new clinical programmes anticipated over the next 3 years

• AbbVie, Boehringer Ingelheim, Eddingpharm, Genzyme, Merck & Co, Merck Serono and Novartis

• €193M in cash at 31 March 2015 • €100M raised through issuance of 5 year Convertible Bond in May 2015 (3.25%

coupon, 26.5% premium)

CORPORATE

TECHNOLOGY

PARTNERS

PRODUCTS

FINANCIALS

What are Nanobodies?

Unique technology

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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 • robust • sequence homology comparable

to humanised/human mAbs • easily linked together • nano- to picomolar affinities • intractable targets • multiple administration routes • manufacturing in microbial cells

CH2

CH3

CH1

CL

VL

VH 12-15kDa

CH2

CH3

VHH

VHH

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Ablynx’s platform

*Glycine-serine linkers from C-terminus to N-terminus

Rapid generation of high quality biologics

~12-18 months

Immunise llamas with antigen or

use synthetic library

Wide range of highly diverse Nanobodies

with 0.1-10nM affinities

Formatted* Nanobodies ready for in vivo testing

Cloning and production in microbial systems

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Nanobody platform 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

Product pipeline

>30 programmes in development Two wholly-owned in later stage clinical development

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Proprietary and partnered programmes Multiple shots on goal

Inflammation/ Immunology

FULL

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

PAR

TNER

ED

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

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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) in 2015 RA results expected in 2016

ALX-0761 (IL-17A/F)

Psoriasis Potent neutralisation of both IL-17A and IL-17F POC achieved in primate CIA* model

Psoriasis Phase Ib on-going: potential clinical POC results expected in 2015

Leading programmes in the clinic

* Collagen induced arthritis model

Pipeline value drivers

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PROPRIETARY Programme (target) Indication Key differentiating features Stage

Caplacizumab (vWF)

Thrombotic thrombocytopenic purpura

First-in-class orphan drug Novel mode of action Inhibition of microthrombi formation

Start Phase III H2 2015 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

Started first-in-infant study Q4 2014: results expected in H1 2016

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Caplacizumab Wholly-owned anti-vWF Nanobody

• First-in-class bivalent Nanobody with Orphan Drug Status

• Developed for the treatment of acquired thrombotic thrombocytopenic purpura (TTP)

• Phase III study to start in H2 2015

• Filing expected in H1 2017 for conditional approval in Europe based on Phase II results

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

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

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Caplacizumab What is the biological basis of TTP?

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

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Acquired TTP

• Potentially life threatening rare disorder of the blood coagulation system – incidence of 11.3 per million1

– ~10,000 acute events annually in US and Europe

• Extensive microscopic thrombi formed in small blood vessels throughout the body

• High unmet medical need – no approved medicinal product for treatment available – mortality remains high (10-30%)2 and ~ 36% of patients have relapses1

– major morbidities after TTP episode such as neurocognitive impairment – standard of care is plasma exchange (PE) plus immune suppressants

1 George et al, 2008; 2 Allford et al, 2003, Kremer Hovinga, 2010; Benhamou 2012

Significant unmet medical need

HEALTHY PERSON

Daily PE in hospital until recovery of platelet

count

Severe fatigue, headache, coma, abdominal pain,

weakness, nausea, bizarre behaviour, vertigo, seizures

SUDDEN ONSET EMERGENCY

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Caplacizumab Phase II TITAN design and schedule

RAN

DO

MIS

ATIO

N

Primary endpoint: time to confirmed normalisation of platelet count

Secondary endpoints: plasma exchange frequency and volume; relapse; exacerbations; mortality; major clinical events (stroke, MI, organ dysfunction); recovery from signs/symptoms; ADA

1:1

Safety & efficacy endpoints

PE

PE Caplacizumab N=36

1 year follow-up

1 year follow-up

Long-term endpoints: ADA; relapse; non focal neurological symptoms

Target 110 subjects

Actual 75 subjects

Placebo N=39

30 days

30 days 30 days

30 days

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TITAN trial summary

• Patients treated with caplacizumab achieved confirmed platelet normalisation at more than twice the rate of the group treated with placebo

• This effect was statistically significant (p = 0.013)

Strong clinical proof-of-concept

• 71% fewer patients with an exacerbation • No deaths in the caplacizumab arm compared to 2 deaths in the

placebo arm

• Increased bleeding tendency (but believed to be manageable) • Overall, caplacizumab has an acceptable safety profile

PRIMARY ENDPOINT

SECONDARY ENDPOINT

SAFETY

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Caplacizumab Current status and next steps

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Caplacizumab could be approved for sale in Europe in 2018

• Confirmed clinical activity and good safety profile in the clinic

• Intention to file for conditional approval in EU in H1 2017 based on Phase II

• Preparations progressing to start Phase III study in H2 2015

• Intention to submit BLA in USA following Phase III study completion

• Commercialisation/partnering strategy currently under evaluation

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ALX-0171 Wholly-owned anti-RSV Nanobody

• First-in-class trivalent Nanobody for the treatment of respiratory syncytial virus (RSV) infection in infants

• Delivered by inhalation

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

• Opportunity in multi-billion dollar market

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RSV infection in infants

• Leading cause of infant hospitalisation and primary viral cause of infant death – ~300,000 children* (< 5 years) hospitalised per year in 7 major markets1,2

– increased medical cost in the first year following RSV infection3

– prolonged wheezing and increased risk for asthma development4

• No widely accepted drug available to treat RSV infections – Synagis® used as prophylaxis in high-risk pre-term infants only ($1.1Bn sales in 2013)

* 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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ALX-0171

• Well tolerated in multiple Phase I clinical studies in adults

• In vitro and in vivo studies demonstrated – potent anti-viral effect against recent clinical RSV isolates – 10,000 fold reduction in viral titres and superiority over palivizumab (Synagis®)1

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

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

020406080

100

0 1 2 3 4 5 6% o

f lam

bs w

ith s

core

≥ 1

RSV vehicle

RSV ALX-0171

Vehicle

RSV infection

Treatment ALX-0171 or formulation buffer

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ALX-0171

• Infants aged 3 to <24 months who are hospitalised for RSV infection • 24 EU centres and additional centres Southern Hemisphere (risk mitigation) • Custom-developed infant inhalation device (vibrating mesh)

* Data monitoring committee

First-in-infant inhalation study

RAN

DO

MIS

ATIO

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

Started Q4 2014 Results expected H1 2016

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ALX-0171

• Strong therapeutic effect demonstrated in a neonatal animal model for infant RSV infection

• Well tolerated in multiple Phase I studies in adults

• First-in-infant Phase IIa study initiated in Northern Hemisphere; lead-in phase successfully completed and placebo-controlled phase of the study on-going

• Recruitment of Phase IIa study to continue in parts of Asia-Pacific region with the goal to complete recruitment of the placebo-controlled phase by end 2015 with results anticipated in H1 2016

Current status and next steps

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Potential POC for an inhaled Nanobody

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ALX-0061 Anti-IL-6R Nanobody partnered with AbbVie

• Monovalent half-life extended Nanobody • Best-in-class potential for the treatment of

auto-immune disorders • Global licensing agreement with AbbVie • Phase IIb studies in RA started and Phase

II study in SLE to start in mid-2015 • 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 pat

ient

s

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

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ALX-0061

• $175M upfront at signing in September 2013 • $665M total potential milestones plus double-digit royalties

Global licensing deal with AbbVie

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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 (ongoing)

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

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ALX-0061

• First patient dosed in March 2015

• Adult subjects with moderate to severe RA despite MTX therapy

• Worldwide, randomised, double-blind, placebo-controlled 24 week dose finding study

• Eligible subjects will be invited to roll-over into open-label extension (OLE) study

* methotrexate

Phase IIb RA combination study with MTX* R

AND

OM

ISAT

ION

1:1:1:1:1

Placebo

ALX-0061 dose 1, Q4W

330 subjects

ALX-0061 dose 2, Q4W

ALX-0061 dose 2, Q2W

ALX-0061 dose 3, Q2W

Primary endpoint at week 12: ACR20 response

Secondary endpoints: ACR responses over time, disease activity scores, EULAR DAS28 response, remission, effects on quality of life

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

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ALX-0061

• First patient dosed in April 2015

• Adult subjects with moderate to severe RA who are intolerant to MTX or for whom continued MTX is inappropriate

• Worldwide, randomised, double-blind 12 week study

• (Ro)Actemra® arm to obtain parallel descriptive information on efficacy and safety

• Eligible ALX-0061 treated subjects will be invited to roll-over into an OLE study

Phase IIb RA monotherapy study

1:1:1:1

ALX-0061 dose 1, Q4W Primary endpoint at week 12: ACR20 response

Secondary endpoints: ACR responses over time, disease activity scores, EULAR DAS28 response, remission, effects on quality of life

228 subjects

ALX-0061 dose 1, Q2W

ALX-0061 dose 2, Q2W

(Ro)Actemra® 162mg Q1W (EU) or Q2W (US)

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

RAN

DO

MIS

ATIO

N

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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

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Additional clinical assets Licensed to partners

• ALX-0761 – anti-IL-17A/F Merck Serono (global)

• ALX-0141 – anti-RANKL Eddingpharm (Greater China)

• Ozoralizumab – anti-TNFα Eddingpharm (Greater China)

Partnerships

Broad platform exploitation and cash generation

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Current partnerships Broad platform exploitation and value creation

>20 active programmes; >€340M in non-dilutive cash received ~€3Bn in potential future milestones plus royalties

Global licensing deal for ALX-0061 (anti-IL-6R) in RA and SLE

2 discovery deals: ion channel deal; immune-onco deal with focus on multi-specifics

Strategic discovery alliance (focus on bi-specifics) – multiple programmes on-going

4 agreements: multiple programmes on-going (lead project in Phase Ib)

2 licensing deals in Greater China for ALX-0141 and ozoralizumab

Target-based discovery deal

Research collaboration in multiple sclerosis

Outlook

Potential value enhancing events

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2015 Potential value drivers

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Developing the pipeline Programme read outs Commercial

An important year ahead!

• Caplacizumab (vWF): i) confirm regulatory pathway ii) start Ph III in acquired TTP

• ALX-0061 (IL-6R): dose first patient in: i) Ph IIb RA combination therapy ii) Ph IIb RA monotherapy iii) Ph II in SLE

• ALX-0171 (RSV): complete recruitment of Phase IIa

• Partnered programmes: potential start of 3 Phase I’s

• ALX-0761 (IL-17A/F) (Merck Serono): expect POC Phase Ib results in psoriasis patients in H2 2015

• Potential in vivo pre-clinical POC results from initial programmes as part of IO collaboration with Merck & Co

• Caplacizumab (vWF): determine partnering and commercialisation strategy

• Potential milestone payments from on-going partnerships

• Continuing partnering discussions

• Extend existing collaborations/ enter into new collaborations

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Long term value creation Some potential clinical and regulatory key events

2015

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

ALX-0761 Phase Ib POC (psoriasis) Licensed to Merck Serono (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 Serono (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

CONTACT DETAILS

Questions +32 9 262 00 00 Investor

Relations

investors@ ablynx.com www.ablynx.com