Sygnia Oxford Sciences Innovation FundInvesting in the future of humankind

Sygnia OSI Fund focuses on impact investing

Our missionWe deploy 100% of our capital to generate socially impactful and sustainable long-term returns, where exceptional performance goes hand-in-hand with changing lives, making the unaffordable and the unachievable possible.

Restriction screening Environmental, Social and Governance (ESG) integration

Thematic exposure Impact investing

Definition Managing exposures by avoiding investments in objectionable activities, sectors or geographies

Proactively considering ESG criteria alongside financial analysis to identify opportunities and risks

Focusing on themes and sectors dedicated to solving sustainability-related domestic and global challenges

Allocating assets to funds focused on private enterprises structured to deliver specific positive social and/or environmental impact

Impact InvestmentCharacteristics

• Restriction criteria and degree of shareholder activism

• Not proactively seeking environmental and social impact

• ESG integration process and degree of shareholder advocacy

• May include some screening

• Macro analysis, sustainability research and sector focus

• Impact approach, regional focus, liquidity and impact reporting and emphasis on issues where public markets solutions may not exist

Investment Examples

Unit trust/ETF that excludes companies from buy universe (e.g. tobacco, firearms, coal mining companies)

Segregated mandate which requires incorporating analysis of ESG performance into stock selection process

ETFs tracking an index of water utilities, existing renewable energy projects, or infrastructure investment.

A PE or VC fund focused on the interaction of technology and healthcare provision, biosciences and renewable energy projects

Public markets (traditional asset classes)

Public markets (traditional asset classes)

Public markets (traditional asset classes)

Private markets (pe or vc funds)

*Source: Morgan Stanley Global Investment Manager Analysis, February 2019

Minimise negative impact Target impact

Morgan Stanley’s Investing with Impact Framework

Global Sustainable Development Goals – United Nations, 2015• Rising global inequality has increased the need for affordable access to healthcare, education, inclusive

finance and housing.• Climate change has been identified as the major threat facing humanity driving the need for renewable and

alternative energy sources, energy efficiency and sustainable agriculture and forestry.• Technological advancements are making the unachievable, achievable, providing solutions at an exponential

pace and low cost.

Investor Demand• Millennials and high net worth individual investors are seeking to create a positive legacy by investing

their assets in a way which marries social and financial objectives.• Regulators are looking to institutional investors and retirement funds to deploy

capital in a socially and environmentally impactful manner.

Responsibility and Opportunity• Asset managers, as custodians of capital, have a responsibility to broaden

their investment objectives beyond financial goals. This includes all asset classes. • Investment opportunities are plentiful and likely to deliver exceptional returns

over the longer term. • Direct impact investments are not accessible via traditional asset classes.

Why impact investing?

Investment Proposition

Sygnia OSI FundSygnia OSI Fund provides access to the shares of Oxford Sciences Innovation Plc, a platform which owns 25% of founders’ shares in all spin-out companies originating from OU with a current portfolio of 75 spin-outs and a pipeline of 10 spin-outs per year (effective ownership of 25% of rights to all past and future patents originating from OU) and more concentrated exposure to a curated set of spin-out companies.

Launched: May 2019 (OSI was launched in June 2015 with £600m in capital)

Fund size: R2 billion invested (R2.1 billion in commitments)

Administrators: Langham Hall (Guernsey)

External auditors: Mazars (UK)

Fund auditors: Grant Thornton (Guernsey)

Management fees: 1.8% pa plus 20% performance fee subject to a 6% per annum hurdle

Investment options – onshore and offshoreSOUTH AFRICA

Sygnia OSI Fund:

Sygnia Life Endowment Policies investing in Braavos Capital I LP and Braavos Capital II LP, Guernsey-based closed-ended collective investment schemes co-managed by BraavosInvestment Advisers, UK and Sygnia Asset Management, UK

GUERNSEY

Braavos Capital LP:

• Feeder fund investing in Braavos Capital I LP and BraavosCapital II LP with Braavos investment team allocating assets between the two funds as and when investment opportunities arise

• Minimum investment size: R2 million• Tax transparent vehicle

Sygnia provides liquidity to investors in both options.

Why focus on the University of Oxford?

Why the University of Oxford?Times Higher Education ranks Oxford as one of the world's "six superbrands" on itsWorld Reputation Rankings, alongside Berkeley, Cambridge, Harvard, MIT and Stanford.

• Number 1 research university in the world, with 29 science faculties and 12 700 researchers and academics*

• Medical Science Division rated number 1 in the world for Clinical,Pre-Clinical and Health subjects for the past 8 years*

• £700m per annum R&D income **

• Luminaries:• 28 prime ministers• 33 Nobel laureates

• Most innovations originate at world’s leading universities but……UK universities lag far behind US peers in turning those into commercial opportunities (US market is overcrowded)

• OU entered into a unique JV with leading asset managers in 2015 to turn IP into commercial spin-outs through Oxford Sciences Innovation Plc

*Times Higher Education World University Rankings 2019 and Forbes’s World University Rankings**Oxford University Annual Financial Statements 2017/18

Oxford Sciences Innovation PlcPlatform company enabling commercialisation of research ideas originating from the University of Oxford – effectively OSI owns 25% of all past and present IP of the university

Launched: June 2015 (£600m in permanent capital raised from external investors)

Commercials: Oxford University and OSI share equally in all qualifying spin-outs from Oxford University – deal term up to 45 years

Practical application:

• OSI’s Investment Principals work with academics to turn a patent into a spin-out company, build up the management team and develop the product through to revenue generation.

• OSI receives founding shares in spin-out companies from the OU(founding shares are split 25% OSI, 25% OU, 50% relevant academic staff).

• OSI supports spin-outs from start-up through to maturity – can opt to retain a significant equity stake (seed £100k to £10m, 20% to 40% stake when leading).

Oxford University spin-out historyMore spin-outs since the formation of OSI than in the previous 700 years since its founding

Attracted top brands in VC investing“OSI shareholders are amongst the largest most successful global companies and individuals.” Peter Davies, Senior Partner, Lansdowne Partners

Investors in OSIOrdinary

shares Holding %Sygnia OSI Fund and co-investments 95 200 000 15.66%Lansdowne Partners (UK) LLP 92 720 750 15.25%

University of Oxford 39 739 973 6.54%Goldman Sachs 24 250 000 4.00%OUEM 24 166 667 3.98%The Wellcome Trust 24 166 667 3.98%Sequoia Heritage 24 166 667 3.98%Temasek 20 833 333 3.43%IP Group Plc 14 250 000 2.34%Investors < 3% (59 investors) 248 422 083 40.86%

Total 607 916 140

Investors in OSI spin-outsGoogle Ventures Goldman SachsSequoia Capital ChinaRedmile (US VC firm)Vertex PharmaceuticalsF-Prime Capital PartnersForesite CapitalSynconaGT Healthcare Capital PartnersSamsara BioCapitalGeneral Catalyst

Board of Directors of OSIName Title Company

Christopher Chambers Chairman Senior Advisor, Lone Star Real Estate Fund

Jim Wilkinson Chief Executive Officer Oxford Sciences Innovation

Peter Davies Non-Executive Director Chairman, Lansdowne Partners

Sir John Bell GBE FRSNon-Executive Director and Member of the Remuneration Committee

Regius Professor of Medicine, University of Oxford

Alan John Aubrey Non-Executive Director and Member of the Audit Committee CEO, IP Group Plc

Andre Crawford-Brunt Non-Executive Director General Partner, BraavosInvestment Advisers

Giles Kerr Non-Executive Director and Chairman of the Audit Committee CFO, Oxford University

Bernard Taylor CBE DL Non-Executive Director Chairman, Evercore Europe

Aneeqa Khan Non-Executive Director Founder and CEO of Eporta

Investment team

Name Title Education Experience and current board positionsMatthew Arnold Investment Principal MEng Information Engineering, University of

CambridgeManaging Director - Principal Strategic Investments, Goldman Sachs. Ned: Latent Logic, Navenio, Mind Foundry, Animal Dynamics

Uciane Scarlett Investment Principal BSc Biotechnology & Zoology, University of the West Indies, PhD Cancer Immunology, Dartmouth Medical School

Postdoctoral Fellow, Wistar Insitute, Associate, Clarion Life Sciences, Director of BD, Compass Therapeutics, Associate & EIR Atlas Venture

Martin Fiennes Investment Principal BA, Geography, Oxford University NED: Oxford Flow, Bodle Technologies, Mixergy, MoATechnology

Will Goodlad Investment Principal BA PPE, Oxford University NED: Oxmet Technologies, Oxford Quantum Circuits, Yasa, First Light Fusion

Lachlan Mackinnon Investment Principal MChemistry, Oxford University NED: Spybiotech, Opsydia, ONI, Nucleome TherapeuticsLiliane Chamas Director of Strategic

PartnershipsBSc Cellular & Molecular Biology, Concordia University, PhD Human Genetics & Clinical Research, Oxford University

Global Health Consultant, World Health Organisation, Global Health Policy Fellow & Head of NHS Consortium, Imperial College London, Executive Director of Policy Engagement, Blavatnik School of Government, Regional Strategic Director, Rhodes Trust

OSI Investment team• As a largest shareholder in OSI we have access to all the research conducted by the OSI investment

team, and their recommendations • We also has unfettered access to the management team of each spin-out company

Name Title Education Experience and current board positionsAlex Hammacher Head of Corporate

FinanceBS BCh, Medicine & Surgery, Oxford University Director, APAC Power, Utilities & Infrastructure, UBS Investment

Bank, Vice President, APAC Corporate Advisory & Director Global Healthcare, Lazard

Aidan Crawley Entrepreneur in Residence

BA, English Literature, Oxford University Investment Analyst, Hazel Capital, Head of BD, Addepar, COO, Masomo, Founder, Utter

Takashi TakenoshitaEntrepreneur in Residence

BA Political Science & Economics, Brown University, MSc Infectious Diseases, London School of Hygiene & Tropical Medicine

Founder, President, & CEO, Shionogi Europe, Founder, LivBioVenture, Guest Professor of Open Innovations, Osaka University, SVP & Head of International, Arena Pharmaceuticals

Vaysh Kewada Entrepreneur in Residence

MSci, Physics, Imperial College London IMB, Consultant, McKinsey & Co

Sam Harman Investment Associate BA PPE, Oxford University Founder, Teamazing, AI Strategy Consultant, Monitor DeloitteSimisola Oyesanya Investment Associate BA, Economics & Management, Oxford University Accelerate Scholar, Deutsche Bank, Consultant, McKinsey & CoTinashe Chandauka Investment Associate Bachelor of Medicine & Surgery, UCT, PhD Surgical

Sciences, Oxford University, Rhodes ScholarWEF, Global Shaper, Co-founder Rhodes Incubator

Rosie Thomas Partnerships Associate BA PPE, MSc Sociology, Oxford University Parliamentary Researcher, House of Commons, Research Assistant in Sociology, Oxford University, Operations Analyst, Mosaic Ventures

Ellie MacDonald Partnerships Associate BA PPE, Oxford University Moritz-Heyman Scholar, Graduate Researcher, YouGov

OSI Investment team• OSI has an “entrepreneur in residence” programme for future founders of spin-outs who research

ideas with the view of spinning out companies

Braavos Capital funds investment committeeAndre Crawford-BruntBraavos Head of InvestmentsBCom (Commercial Law)

Magda WierzyckaSygnia CEOBBusSc (Actuarial), PGDip (Actuarial), FFA, FASSA, CFP, FIFM

2020 to current NED | OXFORD SCIENCES INNOVATION PLC2018 to current NED | SYGNIA LIMITED

– JSE-listed fintech group in SA2016 to current FOUNDING INVESTOR/NED | DEEP SCIENCE VENTURES,

VC fund and lab supporting interdisciplinary scientists and engineers building solutions to real world challenges

2016 to current INVESTOR | 24 HAYMARKET- an investment network for VC investors

2015 to current NED/ INVESTOR | NEXT BIOSCIENCES - largest cord blood and tissue Biobank in SA, recently acquired the Genesis Genetics franchise for SA

2014 to 2016 SEED INVESTOR | JET.COM (start-up bought by Walmart for $3.3bn in 2016) – one of the 10 fastest billion dollar sales in VC history

2014 to 2018 INVESTOR AND ADVISOR | KENSHŌ TECHNOLOGIES (machine learning and analytics start-up bought out by S&P Group for $770m in 2018)

1994 to 2015 DEUTSCHE BANK | GLOBAL HEAD OF EQUITY TRADING (2010-2015); Portfolio manager of internal hedge fund Austin Friars Capital (2004-2008); worked in SA, UK, NY and HK

Braavos Capital funds investment committeeMark HammondInvestment committee memberM(Neuroscience & AI), PhD(Neuropharmacology)

2016 to current Founding Director | Deep Science Ventures

2012 to 2016 Lab Director | Imperial Innovations (Imperial College)- Founded Imperial College’s high-tech accelerator, shaping early strategy on the board of academic spin-outs across engineering and healthcare sectors, including key roles in numerous funding rounds and exits.

Co-founded a new business unit to apply the accelerator model to academic-led ventures.

2010 to 2011 Analyst | Bridge Capital Ltd, VC fund and lab supporting interdisciplinary scientists and engineers building solutions to real world challenges

Dominic FalcãoInvestment committee memberB(PPE)

2016 to current Founding Director | Deep Science Ventures

2012 to 2016 Manager of Imperial Creative Lab| Imperial Innovations (Imperial College)Dom previously led Imperial College London’s science startup programme, working with over 200 student companies, and supported a fraction of these to raise over £25m in funding within 3 years. He grew the community by 375% to 3000 scientists in 1 year.

Braavos Funds Head: Scientific Advisory PanelProfessor Edward B PeileMB BS, EdD, FRCP, FHEA, FRCGP, FRCPCH,FAcadMEd, MRCS, DCH, DRCOGEmeritus Professor of Medical Education,Warwick Medical School, University of Warwick, UK

• Over 100 publications, including being the most recent Editor-in-Chief of Education for Primary Care.

• Member of Karolinska Institutet Prize Committee, which is responsible for the most prestigious international award for Research in Medical Education.

• In 2017, led the development of a new profession in Digital Healthcare Science (approved by Health Education England and the Academy for Healthcare Science in 2019).

Some past positions held:• Member, Steering Group, Royal College of General Practitioners Education Forum• Appraiser, NHS England, Thames Valley Team • Clinical Advisor, RCGP; member of assessment panel• External Peer Member of School of Medical Education Committee at Kings College,

London • Expert assessor at Karolinska Institutet, Sweden; Queen’s University, Belfast; and

University of Oxford.

Braavos Funds Head: Scientific Advisory Panel

1994 Awarded Fellowship of the Royal College of General Practitioners

1999 Awarded Fellowship of the Royal College of Physicians of London

2003 Awarded Fellowship of the Royal College of Paediatrics and Child Health

2004 Invited Lecturer Tom Stewart Memorial Lecture (RCGP): “On Being General”

2005 Warwick Award for Teaching Excellence

2007 Awarded UK National Teaching Fellowship

2007 Awarded Fellowship of the UK Higher Education Academy

2009 Awarded Fellowship of Academy of Medical Educators

2010 President’s Medal Academy of Medical Educators for lifetime contribution to medical education

2010 Invited to join International Advisory Board, Queen’s University, Belfast

2011 Eminent Lecturer, Karolinska Institutet, Sweden “Altruism: What Is it and Can we Teach it?”

2012 Appointed member External Review Team, Portuguese Agency for Assessment and Accreditation of Higher Education

Some markers of professional esteem

2012 Invited to join International Advisory Board, Gulf Medical University

Appointed Visiting Research Professor, School of Medicine, Dentistry and Biomedical Sciences, Queen’s University, BelfastInvited to Committee for the Karolinska Prize for Research in Medical Education

2013 Appointed first Ronald Harden Visiting Professor of Medical Education, International Medical University, Malaysia

2013 Appointed expert external assessor – Conference of Rectors and Principals of Quebec Universities

2013 Appointed Interim Vice-Dean, University of Exeter Medical School

2014 Associate Director of Clinical Studies, Medical School, University of Oxford

2014 Chair Fitness to Practise Committee, Peninsula College of Medicine and Dentistry

2014 Chair Education, Training and Standards Committee, Academy for Healthcare Science

2015 Invited to deliver John Horder Memorial Lecture (CAIPE)

2015 External Peer, School of Medical Education Committee, Kings College London

2017 Awarded HonFAcadMed – highest Academy award, “bestowed on exceptional individuals”

Investment Process

Multi-tier screening processOxford university research and development process• All ideas and patents originate from academic research at OU (12 000

researchers supported by £580m per annum R&D budget)• Tech transfer office (OUI) – assist the academics with licensing and spin-

out formation through OSIOSI plc investment process• Investment team of 23 staff, with 5 investment principals dedicated to

further research and screening each investment opportunity for commercial viability and scientific merit

• Internal investment committee decides which opportunities are commercialized

• All larger investments require the approval of the Board of DirectorsResearch by validating capital• BC II LP invests alongside well-known asset managers and VC investors

(demand for OSI and spin-out shares exceeds supply).• BC II LP does not seed spin-outs – invests in Series B, C and onwards to

de-risk ideas and minimise failure rate - quality of the validating capital is key to each decision.

Braavos investment process• Internal research process

Braavos investment processBRAAVOS INVESTMENT TEAM (Ongoing Process)Each investment opportunity is screened from a commercial viability perspective:

• Financial analysis

• Competitor analysis

• Future funding requirements

• Strength of management team

• Roadmap towards value realization

SCIENTIFIC ADVISORY PANEL (3 months evaluation process) Each investment requires a different skill set (flexible advisory panel model)

Professor Ed Peile selects a panel of academics uniquely suited to each investment opportunity:

• 1st review: workforce adoption tested in the field

• 2nd review: scientific panel assess the merit of the science

• Recommendation and research is presented to Braavos investment team

Valuation projections

Five-Year Benchmark Forecasts for OSI sharesKey metrics 2020 2021 2022 2023 2024Capital invested (£m) 215 146 211 155 155

New OSI equity raised (£m) - 150 400 - -

Closing cash (£m) 154 141 300 210 171

Equity dividends - - - - -

NAV/share (£/share) 1.39 1.56 1.82 2.04 2.62

Notes:Forecast equity dividends based on a target minimum YE £300 m cash balance post receipt of disposal proceeds (forecast to commence materially from 2024)

OSI Valuation Model – conservative assumptionsThe model is very conservative as it does not take into account: • Valuation of companies in which OSI holds founder shares only• No forecast super-normal sale proceeds of portfolio companies (e.g. royalties from Covid -19

vaccine)• No asymmetric returns (e.g. Evox)

Key assumptions in the model are:• Benchmark portfolio inputs across levels of OSI participation at each round, time between rounds,

failure rates, valuation uplifts and capital requirements, as well as the number of spin out companies per year

• Future OSI equity raises are priced at NAV• Also includes an assumed monetisation time horizon of portfolio companies and resulting OSI

proceeds

The model excludes the value of future issuance of founder shares where OSI does not invest capital

The model compares against actual OSI portfolio performance to date• Number of companies receiving OSI investment• Semi-annual portfolio valuations since 2015• Near term (2020-H1 2021) expected capital raisings and valuation uplift expectations

Sygnia OSI FundInvestment in OSI and select OSI spin-outs as identified by the Braavosteam supported by an investment advisory board and scientific advisory panel Investment objectives• Maintain a high stake in OSI (40% plus)

• Make 5 to 10 investments pa, including follow-on investments over 5 years

• Active participation in developing the investee companies through engagement with management, board membership and ongoing strategic input.

• Targeted allocation: Series B, C and Growth.

• Targeted investment size: £5-15m over the next 5 years targeting a multiple on invested capital of 3x net (IRR of 13%). We believe there are 10 companies at different stages that have the potential to become Unicorns.

• Deals will be structured where possible as liquidation prefs with down round protection, recognising that there is a large amount of IP underpinning the spin-out companies valuation (which should reduce but not eliminate the chance of a zero return on investment).

Investment Opportunity Set

Medical and Health PortfolioCompany Description

ONI Desktop super-resolution microscopy

OXTEX Intelligent tissue expansion

ULTROMICS World's most accurate cardiovascular diagnostic tools

REFEYNRevolutionary microscopy to weigh single molecules with light

BIOBEATS Artificial intelligence for human wellbeing

CIRCADIAN THERAPEUTICS Drugs and devices for modulating circadian rhythms ORBIT DISCOVERY Peptide-discovery platform to open novel target spaces

(GPCRs, T-cells)

OSLER DIAGNOSTICS Decentralised, distributed diagnosticsOXFORD ENHANCED MEDICAL MRI at the price of an ultrasoundOXFORD VR Harnessing the power of VR to treat clinical mental

health conditions

GENOMICS PLS Exploring DNA to transform drug discovery

Medical and Health PortfolioCompany Description

DJS ANTIBODIES Discovering antibodies for currently undruggable disease targets

EVOX THERAPEUTICS Engineered exosome therapeutics

OMASS TECHNOLOGIES Using native mass spectrometry to develop drugs against membrane proteins

OXSTEM Small molecule drugs to activate the body’s repair mechanisms

PEPGEN Ground-breaking therapy for Duchenne’s Muscular Dystrophy

IOTA SCIENCES Fluid-shaping for a step-change in cell-based discovery

MOA TECHNOLOGY A plant genetics company

SCENIC BIOTECH A revolutionary approach to discovering new drug targets

SPYBIOTECH “Supergluing” antigens to virus-like particles to make powerful vaccines

THEOLYTICS Treating human cancer with viral drug products informed by Darwinian selection

VACCITECH Creating novel vaccines that elicit strong responses from T-cells

XERION HEALTHCARE Doubling the effectiveness of radiotherapy using nanoparticles

Digital Tech and Computation PortfolioCompany Description

6D.AI Mobile AR Cloud platform with depth, occlusion and physics

BIBLIOTECH Seamlessly accessible eTextbook platform for students and institutions

BODLE TECHNOLOGIES Low-power, reusable, reflective colour displays

COVATIC Privacy-preserving media content personalisation

DIFFBLUE AI for code

LATENT LOGIC AI-powered virtual humans to train and test self-driving cars

MINDFOUNDRY Machine learning superpowers for business analysts

NAVENIO Transforming efficiency through world-class indoor location science

OXFORD QUANTUM CIRCUITS Superconducting circuits for quantum computers

OXFORD SEMANTIC High performance knowledge graph and semantic reasoning engine

PQSHIELD Post-quantum cryptography

QUANTUM MOTION The world’s first scalable and CMOS-compatible silicon-based quantum chip

UTIL AI analytics for quantifying impact on people, planet and pocket

ZEGAMI Visual data exploration for everyone, everywhere

Chemical and Industrial PortfolioCompany Description

OPSYDIA Subsurface security marking of diamonds

OXFORD FLOW Design and manufacture of pressure control equipment

OXMET TECHNOLOGIES Bespoke alloys designed, licensed and manufactured

PROXISENSE Contamination and proximity sensing in extreme environments

METABOARDS Ubiquitous wireless power transfer

ENZBOND In-silico development of enzymes for pharma

Energy, Transportation and Defence PortfolioCompany Description

HEXO 3D-printed helmets with a safer internal structure

ANIMAL DYNAMICS Bio-inspired super-efficient systems

FIRST LIGHT FUSION Clean energy by inertial confinement fusion

MIXERGY Domestic hot water cylinder technology innovations

ODQA Novel methods of moving heat MOA TECHNOLOGIES The next generation of herbicides

Case Study | EVOX Revolutionary drug delivery

Evox modifies exosomesto facilitate targeted drug delivery to organs of interest, not least to the brain and the central nervous system.In 2020 Evox entered into a strategic partnership with Japan’s Takeda Pharmaceutical Co (largest pharmaceutical company in Asia) which will inject US$882m into the company upfront and on achievement of development and commercial milestones.

Spun out July 2016OSI shareholding 45%Fundraise status £30 million Series BDepartment PhysiologyWebsite evoxtherapeutics.com

Evox Therapeutics is harnessing the natural delivery capabilities of

extracellular vesicles (foundational transporters in the human body) to develop an entirely novel class of biotherapeutics to treat serious diseases.

Exosomes are nano-sized vesicles secreted by all cells. They are found in all biological fluids and are the natural way that cells deliver proteins and nucleic acids to other cells. Evoxcombines the delivery capabilities of exosomes with targeting technology, sophisticated biomolecular engineering approaches and large-scale production methodology to enable the development of natural delivery nanoparticles for the treatment of severe diseases.

Evox is also developing its own rare disease pipeline and partnering with pharma, leveraging dominant IP estate and world-leading expertise.

Case Study | OSLER Decentralised diagnostics

Osler has created a portable diagnostic device that enables anyone to test for a majority of biomarkers from a drop of blood.Spun out 2016OSI shareholding 33%Fundraise status £30 million Series ADepartment ChemistryWebsite oslerdiagnostics.com

Osler is creating portable diagnostic devices that enable anyone, anywhere to test for the majority of biomarkers at any time – quickly, cheaply and accurately – from a drop of blood.

Based on a decade of OU research, Osler uses electrochemical impedance spectroscopy.

• Tens of peer-reviewed publications in top-tier journals

• Comprehensive data on multiple biomarkers with external comparisons

• A functioning prototype device

• Nine patent families and counting.

Case Study | ULTROMICS AI of echocardiography

EchoGo’s technology reduces error rate in the diagnosis of coronary heart disease by >50%.

Coronary artery disease is the biggest killer globally, affecting 50% of men over 40. The most widely used diagnostic tool is echocardiography (ultrasound) with qualitative clinical interpretation. Evidence suggests that at least 20% of coronary artery disease scans are misdiagnosed – Ultromics EchoGo’s technology reduces that error rate by >50%.

EchoGo extracts over 80 000 data points from an echocardiogram image and analyses it using machine learning.

Ultromics has attracted a world-class team of clinicians, scientists, engineers and healthcare professionals to develop and deliver the technology to market.

Spun out July 2017OSI shareholding 51%Fundraise status £10 million Series ADepartment MedicineWebsite ultromics.com

Case Study | ONI Oxford nanoimaging

ONI offers world’s most advanced microscopy with a resolution 10x3 better than peer group and selling at a fraction of the price.

Spun out May 2016Fundraise status £22 million Series ADepartment PhysicsWebsite oni.bio

ONI’s goal is to bring the most advanced fluorescence microscopy methods to a whole new community of researchers. With a resolution 10x3 better than anything on the market and selling at a fraction of the price, ONI enables the full potential of single-molecule fluorescence for understanding cells and combating disease at the molecular level.

Case Study | VACCITECH Creates novel vaccines that elicit strong responses from T-cells

Vaccitech is a clinical stage T-cell immunotherapy company developing products to treat and prevent infectious disease and cancer

The company has been formed around two viral vector vaccines, one to prevent influenza and the other to treat prostate cancer. Viral vector vaccines are particularly good at treating some of the most recalcitrant illnesses. The underlying technology is built on years of experience perfecting viral vector vaccine technology across multiple indications. The company’s protected chimpanzee adenovirus technology is the best way to generate T-cell responses and thereby generate lasting cell-mediated immunity. The assets are already in the clinic with very promising initial results. Vaccitech is backed by leading investment institutions, including Google Ventures, Sequoia Capital China, Liontrust (, Korea Investment Partners and OSI. OSI owns 45% of Vaccitech.

In April 2020 Vaccitech received £25m from UK Government to fund clinical trials of Covid-19 vaccine

Professor Adrian Hill is the Director of the Jenner Institute at Oxford University and a Wellcome Trust Senior Investigator, Professor of Human Genetics and a NIHR Senior Investigator. He heads a leading malaria vaccine development programme and also regularly consults nationally on pandemic threats. His group led the first clinical vaccine trial against the Ebola virus outbreak strain in the major West African emergency in 2014.

Professor Sarah Gilbert is Professor of Vaccinology at Oxford University and the programme director for a Wellcome Trust Strategic Award on Human and Veterinary vaccines at the Jenner Institute. She is a member of the Oxford University Clinical Biomanufacturing Facility management committee, and an acknowledged expert in the preclinical and clinical development of viral vectored vaccines.

Case Study | VACCITECH

“I think there’s a high chance that it will work based on other things that we have done with this type of vaccine. It’s not just a hunch, and as every week goes by, we have more data to look at… I would go for 80 per cent, that’s my personal view”, Professor Sarah Gilbert, April 2020

Spun out March 2016OSI shareholding 46%Fundraise status £10 m Seed A (2016)

£26 m Series A (2018)Post money Valuation £70m Grant Funding £25m UK Government 2020Department MedicineWebsite vaccitech.co.uk

Why invest in Sygnia OSI Fund now?UK R&D and IP have not been exploited to the same extend as US’s• UK lags behind US in commercializing its IP – the opportunity set is greater and valuations lower

(esp. given Covid-19)

Timing of investment couldn’t be better• We are near the bottom of investor confidence downcycle - attractive valuation levels• Healthcare and life sciences will become the primary focus of investors and governments going forward

(defensive play)• Access to grant funding is greater than ever before – non-dilutive capital• OSI benefits from £700m per annum R&D spent by Oxford University for free (unique deal and

exclusive access) • OSI has £390m of cash on balance sheet as at 31 Dec 2019 – will benefit from being an

investor of choice • Valuation of OSI has been extremely conservative (does not price in true value created since 2015)

Braavos Capital Funds are the largest investors in OSI• Board seat and our large position in OSI gives us preferential access to all OSI research on

spin-out companies, to spin-outs themselves and to deal flow when spin-outs raise capital –we are thus best placed to research the opportunity set

• Holding in OSI gives us a significant stake in each spin out whether it raises capital going forward or not e.g. Evox

Thank you

DisclaimerTHIS DOCUMENT HAS BEEN PREPARED SOLELY FOR USE BY THE PROSPECTIVE INVESTORS OF BRAAVOS CAPITAL I LP AND BRAAVOS CAPITAL II LP (THE “FUNDS”) AND SHALL BE MAINTAINED IN STRICT CONFIDENCE. EACH RECIPIENT HEREBY ACKNOWLEDGES AND AGREES THAT THE CONTENTS OF THIS DOCUMENT CONSTITUTE PROPRIETARY AND CONFIDENTIAL INFORMATION THAT SYGNIA LIMITED AND BRAAVOS GP (THE “SYGNIA GROUP”) AND ITS AFFILIATES, TOGETHER WITH THE MANAGEMENT COMPANY, DERIVE INDEPENDENT ECONOMIC VALUE FROM NOT BEING GENERALLY KNOWN AND ARE THE SUBJECT OF REASONABLE EFFORTS TO MAINTAIN THEIR SECRECY. THE RECIPIENT FURTHER AGREES THAT THE CONTENTS OF THIS DOCUMENT ARE A TRADE SECRET, THE DISCLOSURE OF WHICH IS LIKELY TO CAUSE SUBSTANTIAL AND IRREPARABLE COMPETITIVE HARM TO THE SYGNIA GROUP. ANY REPRODUCTION OR DISTRIBUTION OF THIS DOCUMENT, IN WHOLE OR IN PART, OR THE DISCLOSURE OF ITS CONTENTS, WITHOUT THE PRIOR WRITTEN CONSENT OF SYGNIA GROUP, IS PROHIBITED. THIS DOCUMENT WILL BE RETURNED TO SYGNIA GROUP UPON REQUEST. THE EXISTENCE AND NATURE OF ALL CONVERSATIONS REGARDING THE FUND AND THIS OFFERING MUST BE KEPT CONFIDENTIAL.

THIS PRESENTATION HAS BEEN PREPARED IN CONNECTION WITH A PRIVATE OFFERING TO PROFESSIONAL INVESTORS OF LIMITED PARTNERSHIP INTERESTS IN THE FUNDS (THE "INTERESTS"). EACH INVESTOR WILL BE REQUIRED TO EXECUTE A LIMITED PARTNERSHIP AGREEMENT (THE "LIMITED PARTNERSHIP AGREEMENT") AND PRIVATE PLACEMENT MEMORANDUM TO THE EFFECT THE INVESTMENT.

THE INTERESTS HAVE NOT BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS OR THE LAWS OF ANY FOREIGN JURISDICTION. THE INTERESTS WILL BE OFFERED AND SOLD UNDER THE EXEMPTION PROVIDED BY SECTION 4 (2) OF THE SECURITY ACT AND/OR REGULATION D PROMULGATED THEREUNDER AND OTHER EXEMPTIONS OF SIMILAR IMPORT IN THE LAWS OF THE STATES AND OTHER JURISDICTIONS WHERE THE OFFERING WILL BE MADE. THE FUND WILL NOT BE REGISTERED AS AN INVESTMENT COMPANY UNDER THE US INVESTMENT COMPANY ACT OF 1940 (THE "INVESTMENT COMPANY ACT"). CONSEQUENTLY, INVESTORS WILL NOT BE AFFORDED THE PROTECTIONS OF THE INVESTMENT COMPANY ACT.

THE LIMITED PARTNERSHIP INTERESTS DESCRIBED IN THIS PRESENTATION ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE FUNDS’ LIMITED PARTNERSHIP AGENTS AND THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

THE FUNDS’ INVESTMENTS WILL BE CHARACTERISED BY A HIGH DEGREE OF RISK, VOLATILITY AND ILLIQUIDITY. A PROSPECTIVE PURCHASER SHOULD THOROUGHLY REVIEW THE INFORMATION CONTAINED HEREIN AND THE TERMS OF THE FUNDS’ LIMITED PARTNERSHIP AGREEMENT AND THE PRIVATE PLACEMENT MEMORANDUM AND CAREFULLY CONSIDER WHETHER AN INVESTMENT IN THE FUNDS IS SUITABLE TO THE INVESTOR'S FINANCIAL SITUATION AND GOALS.

THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS. THE SYGNIA GROUP BELIEVES THAT THE EXPECTATIONS OR PROJECTIONS REFLECTED ARE REASONABLE, BUT IT CAN GIVE NO ASSURANCE THAT SUCH EXPECTATIONS OR PROJECTIONS WILL PROVE CORRECT, AND ANY SUCH EXPECTATIONS OR PROJECTIONS NECESSARILY INVOLVE A HIGH DEGREE OF UNCERTAINTY.

CERTAIN ECONOMIC AND MARKET INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM PUBLISHED SOURCES PREPARED BY OTHER PARTIES. CERTAIN INFORMATION RELATING TO SPECIFIC PORTFOLIO COMPANIES AND PROSPECTIVE PORTFOLIO COMPANIES HAS BEEN OBTAINED FROM SUCH COMPANIES. WHILE SUCH SOURCES ARE BELIEVED TO BE RELIABLE, NEITHER THE FUND, THE SYGNIA GROUP, NOR THEIR RESPECTIVE AFFILIATES ASSUME ANY RESPONSIBILITY FOR THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. NEITHER DELIVERY OF THIS PRESENTATION NOR ANY STATEMENT HEREIN SHOULD BE TAKEN TO IMPLY THAT ANY INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE HEREOF.

NO PERSON HAS BEEN AUTHORISED TO MAKE ANY STATEMENT CONCERNING THE FUNDS OR THE SALES OF LIMITED PARTNERSHIP INTERESTS DISCUSSED HEREIN OTHER THAN AS SET FORTH IN THIS PRESENTATION, AND ANY SUCH STATEMENTS, IF MADE, MUST NOT BE RELIED UPON.

INVESTORS SHOULD MAKE THEIR OWN INVESTIGATIONS AND EVALUATIONS OF THE FUND, INCLUDING THE MERITS AND RISKS INVOLVED IN AN INVESTMENT THEREIN. PRIOR TO ANY INVESTMENT. THE FUNDS’ GP WILL GIVE INVESTORS THE OPPORTUNITY TO ASK QUESTIONS AND RECEIVE ANSWERS AND ADDITIONAL INFORMATION FROM IT CONCERNING THE TERMS AND CONDITIONS OF THIS OFFERING AND OTHER RELEVANT MATTERS. INVESTORS SHOULD INFORM THEMSELVES AS TO THE LEGAL REQUIREMENTS APPLICABLE TO THEM IN RESPECT OF THE ACQUISITION, HOLDING AND DISPOSITION OF LIMITED PARTNERSHIP INTERESTS IN THE FUNDS AND AS TO THE INCOME AND OTHER TAX CONSEQUENCES TO THEM OF SUCH ACQUISITION, HOLDING AND DISPOSITION.

THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY, AND LIMITED PARTNERSHIP INTEREST IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SOLICITATION. NEITHER THE US SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER FEDERAL OR STATE AGENCY HAS APPROVED AN INVESTMENT IN THE FUNDS. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

PROSPECTIVE INVESTORS ARE NOT TO CONSTRUCT THIS PRESENTATION AS INVESTMENT, LEGAL OR TAX ADVICE, AND THIS PRESENTATION IS NOT INTENDED TO PROVIDE THE SOLE BASIS FOR ANY EVALUATION OF AN INVESTMENT IN AN INTEREST. PRIOR TO ACQUIRING AN INTEREST, A PROSPECTIVE INVESTOR SHOULD CONSULT WITH ITS OWN LEGAL, INVESTMENT, TAX, ACCOUNTING AND OTHER ADVISORS TO DETERMINE THE POTENTIAL BENEFITS, BURDENS AND OTHER CONSEQUENCES OF SUCH INVESTMENT.

ANY QUESTIONS CONCERNING THE PROPOSED BUSINESS OF THE FUNDS OR CONCERNING THE BUSINESS TERMS OF THE LIMITED PARTNERSHIP AGREEMENT OR ANY REQUESTS FOR ADDITIONAL COPIES OF THE PRESENTATION, THE LIMITED PARTNERSHIP AGREEMENT OR PRIVATE PLACEMENT MEMORANDUM SHOULD BE FORWARDED TO andre@braavospartners.com.