BPCP — Biopharma Credit News Story

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Revenue
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REG - BioPharma Credit PLC - Half-year Report

Biopharma CreditAnnouncement

22/09/2025 07:00

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RNS Number : 1412A BioPharma Credit PLC 22 September 2025

22 September 2025

BIOPHARMA CREDIT PLC

("BPCR" or "the Company")

HALF YEAR REPORT FOR THE YEAR ENDED 30 JUNE 2025

Net income per share of 6.33 cents in the six months substantially covers
the annual dividend target of 7 cents

Share buybacks continue with $50 million purchased in the half year

1.5 cent special dividend declared post period end with dividends
totalling 6.75 cents per share for the calendar year to date

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor,
is pleased to present its Half Yearly Report for the six-month period ended 30
June 2025.

The Half-Year Report and Financial Statements can be accessed via the
Company's website at www.bpcruk.com (http://www.bpcruk.com) or by contacting
the Company Secretary by telephone on (0) 333 300 1932.

SPECIAL DIVIDEND

· Post period-end, the Company has declared ordinary and special
dividends which now bring the total declared distributions to 6.75 cents per
share as of the date hereof which relate to three equal quarterly ordinary
dividends of 1.75 cents per share and a special dividend of 1.50 cents per
share.

· The Company currently pays four quarterly dividends of 1.75 cents per
share and in recent years has declared a special dividend in Q3 with a further
special dividend in Q4 that satisfy the Company's requirement to distribute
all income generated. In 2024, 2023 and 2022 the Company paid dividends of
10.18 cents, 10.21 cents and 13.08 cents respectively. By way of reference,
the Company's shares traded as of 17 September 2025 at a price of 91 cents.

INVESTMENT HIGHLIGHTS

· Net income per share of 6.33 cents, substantially covers the annual
dividend target in six months.

· Share buybacks have continued to be used at scale and during the
Period, the Company bought back 56,728,879 shares at a cost of $50 million.

· Over the first six months of 2025, BPCR made new commitments
totalling $144.2 million, consisting of:

o refinancing of the Evolus loan of $104.2 million on 5 May 2025

o $25 million new investment in Paratek of on 21 May 2025

o a purchase of $15 million in Alphatec convertible notes on 5 March 2025

· The Company saw one refinanced loan, one repayment and one partial
prepayment during the first half of 2025, consisting of:

o $62.5 million refinanced amount from the loan with Evolus on 5 May 2025

o $71.5 million repayment from the loan with OptiNose

o $30 million prepayment from the loan with BioCryst

· The Company also finalised the Biogen settlement with respect to the
Reata transaction, receiving a total of $7.3 million net of legal expenses as
part of the settlement.

· Post period-end:

o BioCryst reported the intent to repay its outstanding loan balance in the
second half of 2025. After a prepayment on 24 July 2025 and an assumed
repayment date of 2 October 2025, the Company expects to receive a total of
$99.5 million in principal and $5.5 million in accrued interest and prepayment
fees.

o On 30 July 2025, the Company bought $2.5 million in Celcuity convertible
notes.

o On 3 September 2025, the Company announced a new senior secured loan
agreement with Precigen, investing $50 million in an initial tranche with a
further $12.5 million to be drawn by 29 June 2027 subject to certain
conditions.

o On 8 September 2025, the Company bought $35 million in Harrow convertible
notes.

FINANCIAL HIGHLIGHTS

· The Company reported a return on ordinary activities after finance
costs and taxation for the first half of 2025 of $72.8 million, up slightly
from the $71.8 million reported during the first half of 2024.

· With an overall expectation of decreasing interest rates, the Company
benefits from the interest rate floors in its portfolio that set minimum
coupons.

· Net Asset Value ("NAV") per Ordinary Share increased since 30 June
2024 by $0.0112 from $1.0074 to $1.0186.

· The Company made two dividend payments over the period totalling 4.64
cents per share, referencing net income for the quarters ended 31 December
2024 and 31 March 2025.

· Following the end of the second quarter, the Company declared a
further dividend in respect of the second quarter of 2025 of 1.75 cents per
share that was paid on 31 July 2025.

SUMMARY

as at 30 June 2025

Share price Net assets
$0.8840 $1,150.3m
(31 December 2024: $0.8840) (31 December 2024: $1,181.7m)

NAV per share Net income per share
$1.0186 $0.0633
(31 December 2024: $0.9963) (30 June 2024: $0.0576)

Discount to NAV per share Ordinary Shares in Issue with Voting rights
13.2% 1,129.3m
(31 December 2024: 11.3%) (31 December 2024: 1,186.0m)

Shares Outstanding Shares in Treasury
1,373.9m 244.6m
(31 December 2024: 1,373.9m) (31 December 2024: 187.9m)

PORTFOLIO COMPOSITION

As at 30 June 2025 As at 31 December 2024 As at 30 June 2025 % of Company Net Assets As at 31 December 2024

($m) ($m) % of Company Net Assets

Collegium 264.6 278.6 23.0% 23.6%
Insmed 216.6 215.9 18.8% 18.3%
BioCryst 103.6 127.5 9.0% 10.8%
OptiNose - 70.4 - 6.0%
Evolus 61.9 61.7 5.4% 5.2%
UroGen 49.7 49.6 4.3% 4.2%
Geron 48.9 48.8 4.3% 4.1%
Novocure 48.1 47.8 4.2% 4.0%
Tarsus 36.7 36.7 3.2% 3.1%
Alphatec 34.9 34.7 3.0% 2.9%
BMS Purchased Payments 30.0 49.1 2.6% 4.2%
Paratek 24.8 - 2.2% -
Alphatec Convertible Senior Notes 15.2 - 1.3% -
LumiraDx Colombia 7.5 7.5 0.7% 0.6%
Other net liabilities (5.4) (15.2) (0.5%) (1.3%)
Cash and cash equivalents 213.2 168.6 18.5% 14.3%

Total net assets 1,150.3 1,181.7

Pedro Gonzalez de Cosio, CEO and co-founder of Pharmakon Advisors, LP, the
Investment Manager of BioPharma Credit PLC, said:

"The Company has continued to demonstrate resilience and stability through
recent global events in an active period for the portfolio including $144.2m
deployed in new investments and $87.5 million deployed post period end. We
expect our investment pipeline to grow as new products enter the market in the
second half of 2025 and remain focused on our mission of creating the premier
dedicated provider of debt capital to the life sciences industry while
generating attractive returns and sustainable income to investors.

Post period-end, the Company has declared ordinary and special dividends which
now bring the total declared distributions in 2025 to 6.75 cents per share."

Results presentation

As announced previously, a management presentation for sell side analysts will
be held via a webcast facility at 2.00pm BST today. To request details or to
register to attend please RSVP biopharmacredit@buchanan.uk.com

Enquiries

Burson Buchanan

Mark Court / Jamie Hooper / Henry Wilson / Nick Croysdill

+44 (0) 20 7466 5000

biopharmacredit@buchanan.uk.com (mailto:biopharmacredit@buchanan.uk.com)

Notes to Editors

BioPharma Credit PLC is London's only specialist debt investor to the life
sciences industry and joined the LSE in March 2017. The Company seeks to
provide long-term shareholder returns, principally in the form of sustainable
income distributions from exposure to the life sciences industry. The Company
seeks to achieve this objective primarily through investments in debt assets
secured by royalties or other cash flows derived from the sales of approved
life sciences products.

CHAIRMAN'S STATEMENT

DURING THE FIRST HALF OF 2025, THE COMPANY ANNOUNCED $144.2 MILLION IN NEW
INVESTMENTS.

INTRODUCTION

I am pleased to present the half yearly report for BioPharma Credit PLC ("the
Company" or "BPCR"), which covers the period 1 January 2025 to 30 June 2025.
The Company has proved to be remarkably resilient delivering consistent income
from a well-diversified portfolio of loans secured against sales of authorised
drugs and treatments. This has been paid to shareholders in the shape of an
attractive dividend of 4.64 cents per share in the first half of 2025. As a
reminder, the Company's dividend policy includes the payment of special
dividends for any income exceeding the annual target. For reference, total
dividends paid in calendar year 2024 were 10.21 cents per share. The Company
reported net revenue per share of 6.33 cents, closely aligned with the 5.76
cents reported during the first half of 2024.

While performance has been impacted by broader market challenges, the Company
remains well-positioned to offer investors access to an attractive and
diversified portfolio of secured loans. However, consistent with recent market
trends, the Company's shares traded at a discount to NAV throughout the
period. In response, the Company purchased 56,729,000 shares during the first
half of 2025 in accordance with the Discount Control Mechanism ("DCM") at an
average share price of 88 cents. and a total cost of $49.9 million narrowing
the discount to NAV from 16.6 per cent. at 30 June 2024 to 13.2 per cent. at
30 June 2025. Through share repurchases and declared dividends, the Company
returned a total of $89.5 million to shareholders during the period,
representing 7.8% per cent. of the NAV. Please refer to the 2024 Annual Report
for a full description of the current DCM. The Board, in conjunction with the
Investment Manager, continues to manage the DCM in light of market conditions
and the opportunities available for the Company.

INVESTMENTS

Over the first six months of 2025, BPCR made new commitments totaling $144.2
million, consisting of a refinancing of the Evolus loan of $104.2 million, a
new investment in Paratek of $25 million and a purchase of $15 million in
Alphatec convertible notes. BPCR saw two repayments and one partial prepayment
from Evolus, OptiNose and BioCryst during the first half of the year. Further,
the Company finalized the Biogen settlement with respect to the Reata
transaction receiving a total of $7.3 million net of legal expenses as part of
the settlement. Please refer to the diagram in the full Half Year Report to
see the diversity and concentration of the current portfolio.

On 24 July 2025, BioCryst reported the intent to repay its outstanding loan
balance in the second half of 2025. After a prepayment on 24 July 2025 and an
assumed repayment date of 2 October 2025, the Company expects to receive a
total of $99.5 million in principal and $5.5 million in accrued interest and
prepayment fees. The Company and its subsidiaries ended the period with total
net assets of $1,150.3 million, comprising $953.3 million investments, $213.2
million of cash and $16.2 million of other net liabilities. The Company and
its subsidiaries saw $137.9 million increased liquidity in the first six
months of 2025 compared to an increased liquidity of $247.2 million in the
first six months of 2024. The post balance sheet deployment of $52.5 million
has further reduced any negative impact of cash drag.

The current U.S. administration has announced or imposed a series of tariffs
on U.S. trading partners. In response, several countries have threatened or
imposed retaliatory measures. While the borrowers in the Company's portfolio
have not experienced, and do not currently expect to experience, any
significant direct impact from these tariffs and retaliatory measures, the
full extent of the future impact of these and other threatened measures
remains uncertain. We continue to monitor these tariffs and retaliatory
measures and their possible effects on our portfolio.

SHAREHOLDER RETURNS(1)

The Company reported return on ordinary activities after finance costs and
taxation for the first half of 2025 of $72.8 million, up slightly from the
$71.8 million reported during the first half of 2024. On 30 June 2025 and 31
December 2024, the Company's Ordinary Shares closed at 88.4 cents. Net Asset
Value ("NAV") per Ordinary Share increased since 30 June 2024 by 0.12 cents
from $1.0174 cents to $1.0186. The Company made two dividend payments over the
period totaling 4.64 cents per share, referencing net income for the quarters
ending 31 December 2024 and 31 March 2025. Following the end of the second
quarter, the Company declared a further dividend in respect of the second
quarter of 2025 of 1.75 cents per share that was paid on 31 July 2025.

INVESTMENT VALUATIONS

The valuation of the Company's investments is performed by the Investment
Manager. Investments with quoted prices in active markets or external market
data are verified with independent sources. The valuation principles of the
Company's unlisted secured loans are valued based on a discounted cash flow
methodology. A fair value for each loan is calculated by applying a discount
rate to the cash flows expected to arise from each loan. Further details on
the valuation methodology are given in note 7 to the financial statements
included in the full Half Year Report.

THE BOARD

On 31 July 2025, the Company announced the appointment of Nigel Reynolds as a
non-executive Director of the Company, effective as of 1 January 2026. He has
been a partner at PwC for 20 years specialising in audit, transaction services
and capital markets work.

OUTLOOK

The Company started 2025 strongly having announced new transactions that
represent $144.2 million in new investments. Of the entire portfolio, 76 per
cent., which equates to $685.4 million of the Company's investment loan
balance consists of floating interest rates. The Company had $164 million in
cash to make new investments at 30 June 2025.

The Investment Manager continues to develop a pipeline of additional potential
investments and is currently evaluating a number of potential opportunities to
fund future growth and further diversify our portfolio. On behalf of the
Board, I should like to express our thanks to Pharmakon for their continued
achievements on behalf of the Company in 2025 and to our shareholders for
their continued support.

Harry Hyman

Chairman

19 September 2025

(1) Past performance is not an indication of future performance.

INVESTMENT MANAGER'S REPORT

Pharmakon is pleased to present an update on the Company's portfolio and
investment outlook.

Pharmakon's engagement with new and existing counterparties during the first
six months of the year resulted in $144.2 million in new investments for the
Company(1). The Company's portfolio continues to perform well. The return on
ordinary activities after finance costs and taxation was $72.8 million,
compared to $71.8 million in the same time period in 2024.

In the first half of 2025, the Company received a total of $137.9 million in
returned principal, accrued interest and prepayment fees from OptiNose,
BioCryst and the Biogen settlement.

(1)New investments figure represents overall commitments of any unfunded
commitments.

Current Portfolio Diversification

Type Percentage
Cash + Uncalled Commitments 36.9%
Collegium 2024 18.3%
Insmed 2024 14.9%
BioCryst 6.8%
Evolus 2025 4.2%
Geron 3.4%
Novocure 3.4%
UroGen 2024 3.4%
Tarsus 2.5%
Alphatec 2.5%
BMS 2.0%
Paratek 1.7%
Celcuity 0.2%

Below is an update on the portfolio of the Company and its subsidiaries.

Paratek

On 21 May 2025, the Company, along with the Private Fund also managed by the
Investment Manager (the "Private Fund"), entered into a senior secured term
loan agreement with Paratek Pharmaceuticals, Inc. ("Paratek") alongside funds
managed by Oaktree Capital Management, L.P. ("Oaktree") and Q Aspen LLC (a
wholly owned subsidiary of Qatar Investment Authority, "QIA").

The Company, through its subsidiary, and the Private Fund funded $50 million
out of a total $275 million senior secured loan facility. Oaktree and QIA
funded the balance of the $225 million senior secured loan facility. Since
Paratek is a privately held company, further details about the senior secured
loan facility are not publicly available, but the terms of the loan are
generally comparable with the Company's other investments. Paratek is a
privately held pharmaceutical company providing innovative specialty therapies
for community care providers and specialists. Paratek's lead product, Nuzyra
(omadacycline), is a once-daily oral and intravenous antibiotic indicated for
adults with community-acquired bacterial pneumonia (CABP).

Investment type: Secured loan
Initial investment date: 21 May 2025
Total loan amount: $275m
Company commitment: $25m

Evolus 2025

On 5 May 2025, the Company and the Private Fund entered into an amended and
restated senior term loan agreement for up to $250 million with Evolus, Inc.
(Nasdaq: EOLS), a biopharmaceutical company that develops, produces, and
markets clinical neurotoxins for aesthetic treatments ("Evolus").

The new loan consisted of a $62.5 million initial term loan to refinance in
full the existing term loan and two additional tranches of $20.8 million each,
that are available to be drawn by 31 December 2026 subject to customary
conditions precedent set forth in the amended and restated loan agreement. The
Company's share of the new term loan is $104.1 million. The loan bears
interest at 3-month secured overnight financing rate ("SOFR") plus 5 per
cent., (subject to a 3.5 per cent. floor) with a 1 per cent. upfront fee that
was paid at closing, of which the Company received $625,000.

Evolus currently markets Jeuveau© (prabotulinumtoxinA-xvfs), the first and
only neurotoxin dedicated exclusively to aesthetics, and Evolysse™, a
collection of unique injectable hyaluronic acid (HA) gels. On February 13,
2025, Evolysse was approved by the Food and Drug Administration ("FDA") and is
the first HA filler to recognize weight loss in the patient label as a factor
in wrinkle formation. Evolus launched Evolysse in April 2025.

Investment type: Secured loan
Initial investment date: 5 May 2025
Total loan amount: $250m
Company commitment: $104m
Maturity: May 2030

Geron

On 1 November 2024, the Company and the Private Fund entered into a senior
secured term loan agreement for up to $250 million with Geron Corporation
(Nasdaq: GERN), a commercial stage biopharmaceutical company committed to
extending and enhancing the lives of people living with blood cancers
("Geron").

Geron drew down $125 million at closing on 1 November 2024. The Company's
share of the transaction was $50 million, which was funded by the Company,
through its subsidiary. The remaining two tranches, of which the Company's
share is $30 million and $20 million respectively, will be available through
31 December 2025. The loan bears interest at 3-month SOFR, plus 5.75 per cent.
(subject to a 3 per cent. floor) and a 2.50 per cent. upfront fee for Tranche
A that was paid at closing. The upfront fees for the remaining tranches will
be payable on their respective funding dates.

Geron's telomerase inhibitor Rytelo (imetelstat) is approved in the United
States for the treatment of certain adult patients with lower-risk
myelodysplastic syndromes (LR-MDS) with transfusion dependent anemia and was
launched in the United States on June 27, 2024.

Geron is also conducting a pivotal Phase 3 clinical trial of imetelstat in
JAK-inhibitor relapsed/refractory myelofibrosis (R/R MF), as well as studies
in other myeloid hematologic malignancies. Inhibiting telomerase activity,
which is increased in malignant stem and progenitor cells in the bone marrow,
aims to reduce proliferation and induce death of malignant cells. In March
2025, Geron received marketing authorization for Rytelo from the European
Commission as a monotherapy for patients with non-del 5q LR-MDS who had an
unsatisfactory response to or are ineligible for erythropoiesis-stimulating
agents (ESAs). Launch planning is underway and Geron expects to commercialize
Rytelo in select EU countries commencing in 2026.

Investment type: Secured loan
Initial investment date: 1 November 2024
Total loan amount: $250m
Company commitment: $100m
Maturity: November 2029

Insmed 2024

On 31 October 2024, the Company and the Private Fund entered into an amended
and restated senior term loan agreement for up to $547 million with Insmed
Incorporated (Nasdaq: INSM), a biopharmaceutical company focused on treating
patients with serious and rare pulmonary diseases ("Insmed").

The new loan consisted of a $397 million initial term loan to refinance in
full the existing term loan and an additional $150 million tranche. The
Company, through its subsidiary, funded its share of the additional tranche
totaling $60 million at signing on 31 October 2024. The loan bears interest at
a fixed rate of 9.6 per cent. per annum with a 2 per cent. exit fee.

Insmed's commercial product, Arikayce, launched in October 2018 and is
indicated for refractory mycobacterium avium complex (MAC) lung disease. The
product is currently being commercialized in the US, Europe, and Japan. Insmed
is working on developing and commercializing Brensocatib, an oral reversible
inhibitor of DPP1 for bronchiectasis and TPIP, a dry powder inhalation
formulation of a treprostinil prodrug for PAH and PH-ILD.

In June 2025, Insmed announced positive topline data from the Ph.2b study of
TPIP in pulmonary arterial hypertension ("PAH"), expecting to begin Ph.3
studies before the end of 2025 in PH-ILD and early 2026 in PAH. On 12 August
2025, the FDA approved Brinsupri (Brensocatib) as an oral treatment for
non-cystic fibrosis bronchiectasis in adults and children 12 years and older.

Investment Type: Secured loan
Initial investment date: 31 October 2024
Total loan amount: $547m
Company commitment: $219m
Maturity: September 2029

Alphatec

On 29 October 2024, the Company and the Private Fund entered into a new
investment in the form of an assignment of $70 million of a $200 million
senior secured loan to Alphatec Holdings, Inc. (Nasdaq: ATEC). The assignor,
Braidwell Transaction Holdings LLC - Series I, retained the remaining $130
million. Alphatec is a medical device company that designs, develops, and
markets spine fusion products and solutions for the treatment of spinal
disorders ("Alphatec").

Alphatec drew down $50 million at closing on 29 October 2024. The Company and
the Private Fund received $70 million in total via assignment, of which the
Company's portion was $35 million, where $50 million consisted of the new
funds drawn and the remaining $20 million was from the existing funded loan.
The loan bears interest at 3-month SOFR plus 5.75 per cent., with a SOFR
adjustment of 0.11448 per cent. (subject to a 3 per cent. floor) with a 1 per
cent. upfront fee that was paid at closing and an exit fee of 3.25 per cent.

Alphatec offers intra-operative information and neuromonitoring technologies,
access systems, interbody implants, fixation systems, and various biologics
offerings.

Investment Type: Secured loan
Initial investment date: 29 October 2024
Total loan amount: $200m
Company commitment: $35m
Maturity: January 2028

Collegium 2024

On 28 July 2024, the Company and the Private Fund provided Collegium
Pharmaceutical, Inc. (Nasdaq: COLL), a biopharmaceutical company focused on
developing and commercialising new medicines for responsible pain management,
with a commitment to enter into a new senior secured term loan agreement for
$646 million ("Collegium").

The new loan consisted of a $320.8 million initial term loan to refinance in
full the existing term loan, of which the Company's portion was $160.4
million, and an additional $325 million tranche to finance a portion of the
acquisition of the Ironshore Therapeutics.

The Company, through its subsidiary, funded its share of the second tranche
totaling $130 million on 3 September 2024 to assist Collegium in the
successful closing of the acquisition of Ironshore Therapeutics. The loan will
have quarterly amortisation payments starting on 31 December 2024 and the
remaining balance will be due at maturity. The loan bears interest at 3-month
SOFR plus 4.50 per cent. per annum with a SOFR adjustment of 0.130805 per
cent. subject to a 4 per cent. floor. A one-time additional consideration of
1.25 per cent. of the tranche funded amount was paid at signing, a one- time
additional consideration of 2.25 per cent. of the tranche funded amount was
paid at funding.

Collegium currently markets Xtampza ER, an abuse-deterrent, extended-release,
oral formulation of oxycodone; Nucynta (tapentadol), a centrally acting
synthetic analgesic; Belbuca (buprenorphine buccal film) for the management of
severe chronic pain; and Jornay PM, an extended-release formulation of
methylphenidate for ADHD in patients 6 years and older.

Investment Type: Secured loan
Initial investment date: 28 July 2024
Total loan amount: $646m
Company commitment: $290m
Maturity: July 2029

Novocure

On 1 May 2024, the Company and the Private Fund entered into a senior secured
term loan agreement for up to $400 million with a wholly owned subsidiary of
Novocure Limited (Nasdaq: NVCR) ("Novocure"). Novocure owns and commercialises
a proprietary platform technology that uses electric fields that exert
physical forces to kill cancer cells via a variety of mechanisms.

Novocure drew down $100 million of the $400 million loan on 1 May 2024, of
which $50 million was funded by the Company, through its subsidiary.

Of the remaining $300 million, $100 million is required to be drawn by 26
September 2025, subject to customary conditions precedent, and $200 million is
available to be drawn after achieving certain sales-based milestones. The loan
has a coupon of 3-month SOFR plus 6.25 per cent. (subject to a 3.25 per cent.
floor). A one-time additional consideration of 2.50 per cent. of Tranche A and
Tranche B amounts were paid at signing, and a one-time additional
consideration of 2.50 per cent. of each remaining tranche will be paid at
funding.

Novocure is a global oncology company that has a proprietary platform
technology called Tumor Treating Fields ("TTFields"), which are electric
fields that exert physical forces to kill cancer cells via a variety of
mechanisms. Novocure's product, Optune Gio, is approved for the treatment of
adult patients with newly diagnosed glioblastoma.

Novocure also has ongoing or complete trials investigating TTFields in brain
metastases, gastric cancer, GBM, liver cancer, NSCLC, and pancreatic cancer.

Investment type: Secured loan
Initial investment date: 1 May 2024
Total loan amount: $400m
Company commitment: $200m
Maturity: May 2029

Tarsus

On 19 April 2024, the Company and the Private Fund entered into a senior
secured term loan agreement for up to $200 million with Tarsus Pharmaceuticals
(Nasdaq: TARS), a biopharmaceutical company focused on addressing several
diseases with high unmet need across a range of therapeutic categories,
including eye care, dermatology, and infectious disease prevention ("Tarsus").

Tarsus drew down $75 million at closing on 19 April 2024, of which $37.5
million was funded by the Company through its subsidiary. The second and third
tranche of $75 million, of which the Company's commitment was $37.5 million,
expired on 31 December 2024 and 30 June 2025 respectively. The loan has a
coupon of 3-month SOFR plus 6.75 per cent. (subject to a 3.75 per cent.
floor). A one-time additional consideration of 2.5 per cent. of the funded
amount was paid at signing, and a one-time additional consideration of 2.5 per
cent. of each remaining tranche will be paid at funding.

Tarsus currently markets XDEMVY® (lotilaner ophthalmic solution), a treatment
for Demodex blepharitis. XDEMVY® was approved in the US in July 2023. Tarsus
also has 3 additional clinical programs. Its clinical programs are TP-03 for
Meibomian Gland Disease, TP-04 for Rosacea, and TP-05 for the prevention of
Lyme disease, all of which are in Phase 2.

Investment type: Secured loan
Investment date: 19 April 2024
Total loan amount: $200m
Company commitment: $100m
Maturity: April 2029

UroGen 2024

On 13 March 2024, the Company and the Private Fund entered into an amended and
restated loan agreement for up to $200 million with UroGen Inc. (Nasdaq:
URGN), a biopharmaceutical company dedicated to creating novel solutions that
treat urothelial and specialty cancers ("UroGen").

The new loan consisted of a $100 million initial term loan to refinance in
full the existing term loan, of which the Company's portion was $50 million.
The additional tranches of up to $100 million are allocated in full to the
Private Fund. The loan bears interest at 3-month SOFR plus 7.25 per cent. per
annum with a SOFR adjustment of 0.26161 per cent. (subject to a 2.50 per cent.
floor). A one-time additional consideration of 1.75 per cent. of the funded
amount was paid at funding, and a one-time additional consideration of 1.75
per cent. of each remaining tranche will be paid at funding as long as certain
milestones are met.

UroGen markets JELMYTO (mitomycin), a prescription medicine used to treat
adults with a type of cancer of the lining of the upper urinary tract
including the kidney called low-grade Upper Tract Urothelial Cancer (LG-UTUC).
From June through October 2024, UroGen reported positive 12-month duration of
response data from the Phase 3 ENVISION pivotal trial evaluating UGN-102 and
completed a rolling NDA submission to the FDA for UGN-102 for the treatment of
Non Muscle Invasive Bladder Cancer ("NMIBC"). On 15 October 2024, the FDA
accepted UroGen's NDA for UGN-102 for low-grade intermediate risk NMIBC and
granted a PDUFA target action date of 13 June 2025. On 12 June 2025, the FDA
approved ZUSDURI, the first and only FDA-approved medication for adults with
recurrent LG-IR-NMIBC

Investment type: Secured loan
Investment date: 13 March 2024
Total loan amount: $200m
Company commitment: $50m
Maturity: March 2027

BioCryst

On 17 April 2023, the Company and the Private Fund entered into a senior
secured term loan agreement for up to $450 million with BioCryst
Pharmaceuticals Inc. (Nasdaq: BCRX), a biopharmaceutical company that
discovers and commercializes novel, oral, and small molecule medicines
("BioCryst").

BioCryst drew down $300 million at closing on 16 April 2023, of which $120
million was funded by the Company through its subsidiary. The commitment for
the remaining three tranches of up to $50 million each expired on 30 September
2024.

The loan bears interest at 3-month SOFR plus 7 per cent. (subject to a 1.75
per cent. floor) and up to 50 per cent. of the interest during the first 18
months was able to be paid-in-kind (PIK) at a rate of 3-month SOFR plus 7.25
per cent. BioCryst elected the option to accrue 50 per cent. of their interest
due as PIK from closing through 30 June 2023. There was also a 1.75 per cent.
upfront fee on the loan.

BioCryst made partial prepayments of $75 million and $50 million on 17 April
2025 and 24 July, 2025, respectively, of which the Company received a total of
$50 million. In connection with these partial prepayments, the Company
received a total of $1.8 million of accrued interest and prepayment fees.

In the second half of 2025, BioCryst is expected to repay the remaining
balance of its loan with the Company and the Private Fund. Assuming a
repayment date of 2 October 2025, the Company expects to receive $79.5 million
in principal and $4.7 million in accrued interest and prepayment fees.

BioCryst's commercial product, Orladeyo, is indicated for prophylaxis to
prevent attacks of hereditary angioedema (HAE) in adults and pediatric
patients 12 years and older. BioCryst also has one pipeline product for
BCX10013, a factor D inhibitor being studied in atypical hemolytic uremic
syndrome (aHUS), IgA nephropathy (IgAN), and complement 3 glomerulopathy
(C3G).

Investment type: Secured loan
Investment date: 17 April 2023
Total loan amount: $450m
Company commitment: $180m
Maturity: April 2028

Bristol-Myers Squibb Company

On 8 December 2017, the Company's wholly-owned subsidiary entered into a
purchase, sale and assignment agreement with a wholly-owned subsidiary of
Royalty Pharma Investments ("RPI"), an affiliate of the Investment Manager,
for the purchase of a 50 per cent. interest in a stream of payments (the
"Purchased Payments") acquired by RPI's subsidiary from Bristol-Myers Squibb
(NYSE: BMY) through a purchase agreement dated 14 November 2017.

As a result of the arrangements, RPI's subsidiary and the Company's subsidiary
are each entitled to the benefit of 50 per cent. of the Purchased Payments
under identical economic terms. The Purchased Payments are linked to tiered
worldwide sales of Onglyza and Farxiga, diabetes agents marketed by
AstraZeneca, and related products. The Company was expected to fund $140
million to $165 million during 2018 and 2019, determined by product sales over
that period, and will receive payments from 2020 through 2025. The Purchased
Payments are expected to generate attractive risk-adjusted returns in the high
single digits per annum.

The Company funded all of the Purchased Payments based on sales from 1 January
2018 to 31 December 2019 for a total of $162 million.

Investment type: Purchased Payments
Date invested: 8 December 2017
Total loan amount: $324m
Company commitment: $162m
Maturity: March 2026

Realized Investments

Amount Funded Repayment Date Gross IRR(1) Net IRR(2) Prepayment and Make-whole Fees
Akebia (Total) 50.0 11.4% 8.5% 12.9
Akebia 10.0 15/07/2022 11.3% 8.5% 12.8
Akebia 40.0 29/01/2024 11.4% 8.5% 0.1
ImmunoGen 62.5 12/02/2024 60.2% 45.2% 13.2
UroGen 2022 50.0 13/03/2024 14.5% 10.9% -
Coherus (Total) 125.0 16.7% 12.5% 5.4
Coherus 87.5 01/04/2024 16.6% 12.5% 3.1
Coherus 37.5 08/05/2024 16.8% 12.6% 2.3
Collegium 2022 325.0 28/07/2024 14.1% 10.5% -
LumiraDX (Total) 176.0 -0.5% -0.4% -
LumiraDX 120.7 31/07/2024 0.4% 0.3% -
LumiraDX 20.1 31/07/2024 -21.9% -16.4% -
LumiraDX 35.2 31/07/2024 5.4% 4.0% -
Reata 62.5 05/09/2024 158.0% 118.5% 15.5
Insmed 2022 140.0 31/10/2024 14.7% 11.0% -
Immunocore 25.0 08/11/2024 14.6% 10.9% 1.0
Evolus 2021 62.5 05/05/2025 15.1% 11.3% -
OptiNose 71.5 21/05/2025 15.5% 11.6% 11.3

IMMUNOCORE

On 8 November 2022, the Company and the Private Fund entered into a senior
secured loan agreement for up to $100 million with Immunocore Limited
("Immunocore") (Nasdaq: IMCR), a biopharmaceutical company focused on
developing a novel class of TCR bispecific immunotherapies designed to treat a
broad range of diseases, including cancer, infectious diseases and autoimmune
diseases. The Company, through its subsidiary, funded $25 million of the first
tranche of $50 million on 8 November 2022. The remaining $50 million Tranche B
commitment, of which the Company's share was $25 million, expired without
being drawn. On 30 June 2024, Immunocore paid $625,000 to the Company in
additional consideration on the expiration of Tranche B. Tranche A was due to
mature in November 2028 and bore interest at 9.75 per cent. per annum along
with an additional consideration of 2.50 per cent. paid at funding. On 8
November 2024, Immunocore repaid the remaining $25 million and the Company
received $1.1 million in accrued interest and prepayment fees. The Company and
its subsidiaries earned a 14.6 per cent. gross internal rate of return(1) and
10.9 per cent net internal rate of return(2) on its Immunocore investment.

INSMED 2022

On 19 October 2022, the Company and the Private Fund entered into a senior
secured loan agreement for $350 million with Insmed ("Insmed 2022"), a
biopharmaceutical company focused on treating patients with serious and rare
diseases. The Company, through its subsidiary, funded $140 million of the $350
million loan on 19 October 2022. Insmed had elected the option to accrue 50
per cent. of their interest due from closing through 30 September 2024 as a
PIK. The loan would have matured in October 2027 and bore interest at a rate
based upon the 3-month SOFR plus 7.75 per cent. per annum subject to a SOFR
floor of 2.50 per cent. with a one-time additional consideration of 2 per
cent. of the total loan amount paid at funding. On 31 October 2024, the Insmed
loan was refinanced in full. The Company and its subsidiaries earned a 14.7
per cent. gross internal rate of return(1) and 11.0 per cent net internal rate
of return(2) on its Insmed 2022 investment.

UROGEN 2022

On 7 March 2022, the Company and the Private Fund entered into a senior
secured loan agreement for up to $100 million with UroGen ("UroGen 2022"), a
biopharmaceutical company dedicated to creating novel solutions that treat
urothelial and specialty cancers. UroGen drew down $75 million at closing and
the remaining $25 million on 16 December 2022. The Company, through its
subsidiary, funded $50 million across the two tranches. The loan would have
matured in March 2027 and bore interest at 3-month SOFR plus 8.25 per cent.
per annum subject to a 1.25 per cent. floor along with a one-time additional
consideration of 1.75 per cent. of the total loan amount paid at funding of
the first tranche and a one-time additional consideration of 1.75 per cent. of
each remaining tranche will be paid at funding as long as certain milestones
are met. On 29 June 2023, the Company and the Private Fund entered into an
amendment which modified the loan interest rate to 3-month SOFR plus 8.25 per
cent and an additional per annum rate of 0.26161 per cent. On 13 March 2024,
the UroGen loan was refinanced in full. The Company and its subsidiaries
earned a 14.5 per cent. gross internal rate of return(1) and 10.9 per cent net
internal rate of return(2) on its UroGen 2022 investment.

COLLEGIUM 2022

On 14 February 2022, the Company and the Private Fund provided Collegium
("Collegium 2022"), a biopharmaceutical company focused on developing and
commercialising new medicines for responsible pain management, with a
commitment to enter into a new senior secured term loan agreement for $650
million. On 22 March 2022, proceeds from the new loan were used to fund
Collegium's acquisition of BDSI as well as repay the outstanding debt of
Collegium and BDSI. At closing, the Company, through its subsidiary, invested
$325 million in a single drawing. The four-year loan would have had $100
million in amortisation payments during the first year and the remaining $550
million balance would have amortised in equal quarterly installments. The loan
would have matured in March 2026 and bore interest at 3-month LIBOR plus 7.50
per cent. per annum subject to a 1.20 per cent. floor along with a one-time
additional consideration of 2 per cent. of the loan amount paid upon signing
and a one-time additional consideration of 1 per cent. of the loan amount paid
at funding. On 23 June 2023, the Company and the Private Fund entered into an
amendment which modified the loan interest rate to 3-month SOFR plus 7.50 per
cent. with a SOFR adjustment of 0.26161 per cent. On 28 July 2024, the Company
and the Private Fund refinanced the Collegium 2022 loan in full, among other
things, modify the amortisation of the then outstanding balance of $320.8
million, provide a second tranche of up to $325 million to be drawn upon the
closing of an acquisition (40 per cent. of that to be invested by the Company)
and modify the terms reducing the coupon to 3-month SOFR plus 4.50 per cent.
per annum subject to a SOFR floor of 4 per cent. The Company and its
subsidiaries earned a 14.1 per cent. gross internal rate of return(1) and 10.5
per cent net internal rate of return(2) on its Collegium 2022 investment.

AKEBIA

On 11 November 2019, the Company and the Private Fund entered into a senior
secured term loan agreement for up to $100 million with Akebia Therapeutics,
Inc. ("Akebia"), a fully integrated biopharmaceutical company focused on the
development and commercialisation of therapeutics for people living with
kidney disease. Akebia drew down $80 million at closing and an additional $20
million on 10 December 2020. The Company, through its subsidiary, funded $50
million across both tranches. The loan would have matured in November 2024 and
bore interest at LIBOR plus 7.5 per cent. per annum along with a one-time
additional consideration of 2 per cent. of the total loan amount paid at
funding. The Akebia loan began amortising in September 2022. On 29 January
2024, Akebia prepaid the remaining $17.5 million of the balance that was due
to amortise to the Company and the Company received $87,500 in prepayment
fees. The Company and its subsidiaries earned a 11.4 per cent. gross internal
rate of return(1) and 8.5 per cent net internal rate of return(2) on its
Akebia investment.

IMMUNOGEN

On 6 April 2023, the Company and the Private Fund entered into a senior
secured loan agreement with ImmunoGen, Inc. ("ImmunoGen") for up to $125
million. ImmunoGen drew down $75 million at closing on 6 April 2023. The
Company, through its subsidiary, funded $37.5 million. The loan would have
matured in April 2028 and bore interest at SOFR plus 8 per cent. (subject to a
2.75 per cent. floor), with an additional consideration of 2 per cent. of the
total loan amount. On 30 November 2023, AbbVie announced it had entered into a
agreement to acquire ImmunoGen, Inc. The ImmunoGen investment was marked up by
$10.7 million as of 31 December 2023 to account for the discounted value of
the expected prepayment and the make-whole fees. The ImmunoGen repayment was
accompanied by prepayment and make-whole fees totaling $13.1 million. On 12
February 2024, ImmunoGen repaid its remaining $37.5 million balance to the
Company and the Company received $13.2 million of accrued interest, additional
consideration, and prepayment and make whole fees. The Company and its
subsidiaries earned a 60.2 per cent. gross internal rate of return(1) and 45.1
per cent net internal rate of return(2) on its ImmunoGen investment.

COHERUS

On 5 January 2022, the Company and the Private Fund entered into a senior
secured loan agreement for up to $300 million with Coherus BioSciences, Inc.
("Coherus"), a biopharmaceutical company building a leading immunooncology
franchise funded with cash generated by its commercial biosimilars business.
Coherus drew down $100 million at closing, another $100 million on 31 March
2022, and an additional $50 million on 14 September 2022. The remaining $50
million commitment, of which the Company's share was $25 million, lapsed so
there were no additional funding commitments. The Company, through its
subsidiary, funded $125 million across the first three tranches. The loan
would have matured in January 2027 and bore interest at 3-month SOFR plus 8.25
per cent. per annum subject to a 1 per cent. floor along with a one-time
additional consideration of 2 per cent. of the total loan amount paid at
funding of the first tranche. On 1 April 2024, Coherus prepaid $87.5 million
of its balance to the Company and the Company received $3.1 million of accrued
interest, additional consideration, and prepayment and make-whole fees. On 10
May 2024, Coherus repaid its remaining $37.5 million balance to the Company
and the Company received $2.3 million of accrued interest and prepayment and
make-whole fees. The Company and its subsidiaries earned a 16.7 per cent.
gross internal rate of return(1) and 12.5 per cent net internal rate of
return(2) on its Coherus investment.

REATA

On 5 May 2023, the Company and the Private Fund, entered into a senior secured
term loan agreement for up to $275 million with Reata Pharmaceuticals Inc.
("Reata") originally due to mature in May 2028. Tranche A of $75 million was
funded at closing. Tranche B of $50 million and Tranche C of $75 million were
required to be drawn after achieving certain performance-based milestones, and
Tranche D of $75 million was available at the Company's discretion after
achieving certain sales-based milestones. The loan bore interest at of 3-month
SOFR plus 7.5 per cent. (subject to a 2.5 per cent. floor). There was also a 2
per cent. upfront fee upon each draw. The interest only period for the loan
was for 3 years but could have been extended to 4 years if trailing
twelve-month sales were greater than $250 million. The Company's share of the
transaction was $137.5 million, of which $37.5 million was funded at closing.
On 10 July 2023, the Company funded Tranche B of the Reata loan for $25
million. On 28 July 2023, Inc. ("Biogen") Biogen announced an agreement
pursuant to which Biogen was to acquire Reata for an enterprise value of
approximately $7.3 billion. The acquisition closed on 29 September 2023. As of
the acquisition closing date, the Company received prepayments including $15.5
million in prepayment and make-whole fees. In April 2024, the Company and the
Private Fund filed a lawsuit in New York courts against Biogen and Reata with
respect to a dispute about fees payable under the terms of the loan agreement.
In April 2025, the parties entered into a settlement agreement, representing
the final resolution of this dispute. After approximately $1.3 million in
legal and other related expenses payable by the Company, the Company received
an additional net $7.3 million in revenue from this settlement payment. The
Company and its subsidiaries earned a 158.0 per cent. gross internal rate of
return(1) and 118.5 per cent net internal rate of return(2) on its Reata
investment.

LUMIRADX

On 23 March 2021, the Company and the Private Fund entered into a senior
secured loan agreement with LumiraDx for $300 million. The loan would have
matured in March 2024 and bore interest at 3-month SOFR plus 8 per cent. with
the ability to PIK anything above 8 per cent., additional consideration of 2.5
per cent. of the total loan amount and 9 per cent. of the total loan amount
payable upon repayment. The Company's allocation of the transaction was $150
million. From 24 July 2023 to 9 November 2023, the Company, through its
subsidiary, and the Private Fund funded $53 million of additional tranches to
LumiraDx. On 29 December 2023, LumiraDx announced the appointment of joint
administrators for two of its subsidiaries, and Roche Diagnostics Limited
("Roche") announced that it would acquire LumiraDx group's point-of-care
diagnostics platform business and certain related assets for $295 million. On
29 July 2024, FTI Consulting LLP ("FTI"), as the UK administrator for
LumiraDx, made an initial payment to the Company and the Private Fund of
$330.6 million, of which $165.3 million was received by the Company. On 31
October 2024, FTI returned $9.2 million to the Company and $9.2 million to the
Private Fund which included the agreed holdback amount under the Roche Sales
and Purchase Agreement. On 30 June 2025, FTI returned $409,938 to the Company
and $409,938 to the Private Fund. With the addition of cash interest received
from LumiraDx as of the end of Q3 2024, this equated to an approximate 98 per
cent. recovery rate of invested capital by the Company and the Private Fund.
At the end of 2024, the Company and the Private Fund received LumiraDx's share
ownership of LumiraDx's Colombian subsidiary, which it is actively seeking to
sell. If the Company and the Private Fund were to receive the current fair
value of the Colombian subsidiary, this would equate to and approximate 102
per cent. recovery rate.(4)

EVOLUS 2021

On 14 December 2021, the Company and the Private Fund entered into a senior
secured loan agreement for up to $125 million with Evolus. The Company,
through its subsidiary, funded $37.5 million of the first tranche of $75
million on 29 December 2021. The remaining $50 million was drawn down in two
installments of $12.5 million each on 13 May 2023 and on 14 December 2023. The
loan would have matured in December 2027 and bore interest at 3-month SOFR
plus 8.50 per cent. with an additional 0.17 per cent. adjustment per annum,
subject to a 1 per cent. floor along with a one-time additional consideration
of 2.25 per cent. of the total loan amount paid at funding of the first
tranche. On 5 May 2025, the Evolus loan was refinanced in full. The Company
and its subsidiaries earned a 15.1 per cent. gross internal rate of return(1)
and 11.3 per cent net internal rate of return(2) on its Evolus 2021
investment.

OPTINOSE

On 12 September 2019, the Company and the Private Fund entered into a senior
secured note purchase agreement for the issuance and sale of senior secured
notes in an aggregate original principal amount of up to $150 million by
OptiNose US, Inc. a wholly owned subsidiary of OptiNose Inc., a commercial
stage specialty pharmaceutical company ("OptiNose"). OptiNose drew a total of
$130 million out of the $150 million committed, of which the Company, through
its subsidiary, funded $71.5 million. The notes were originally due to mature
in September 2024 and bore interest at 10.75 per cent. per annum along with a
one- time additional consideration of 0.75 per cent. of the aggregate original
principal amount of senior secured notes which the Company was committed to
purchase under the facility and 445,696 warrants exercisable into common stock
of OptiNose. After certain amendments, the loan would have matured in June
2027 and bore interest rate of 3-month SOFR plus 8.50 per cent., subject to a
2.5 per cent. floor. On 21 May 2025, OptiNose entered into an agreement for
Paratek to acquire OptiNose. In connection with the closing of such
acquisition on 21 May 2025, the Company received a payment of $82.8 million,
comprised of $71.5 million in returned principal and $11.3 million of
make-whole and prepayment fees, and accrued interest. The Company also
received proceeds of $1.6 million in connection with the Company's outstanding
OptiNose shares. The Company and its subsidiaries earned a 15.5 per cent.
gross internal rate of return(1) and 11.3 per cent net internal rate of
return(2) on its OptiNose investment.

MARKET ANALYSIS

The life sciences industry is expected to continue to have substantial capital
needs during the coming years as the number of products undergoing clinical
trials continues to grow. All else being equal, companies seeking to raise
capital are generally more receptive to non-dilutive debt financing
alternatives at times when equity markets are soft, increasing the number and
size of fixed-income investment opportunities for the Company, and will be
more inclined to issue equity or convertible bonds at times when equity
markets are strong. A good indicator of the life sciences equity market is the
New York Stock Exchange Biotechnology Index ("BTK Index"). The BTK index was
down 3 per cent. during the first half of 2025, compared to a 2.4 per cent.
decrease during the same period in 2024(3). Global equity issuance by life
sciences companies during the first six months of 2025 was $27 billion, a 31
per cent. decrease from the $39 billion issued during the same period in
2024(3). Similarly, convertible bond issuance by life sciences companies was
$2.2 billion in 2025(3). We anticipate 2026 equity and convertible bond
issuance to remain comparable to 2025 levels which should continue to support
appetite for nondilutive debt during the remainder of 2025.

Acquisition financing is an important driver of capital needs in the life
sciences industry in general and a source of investment opportunities. An
active M&A market helps drive opportunities for investors such as the
Company, as acquiring companies need capital to fund acquisitions. Global life
sciences M&A volume during the first six months of 2025 was $62 billion, a
16 per cent. increase from the $54 billion witnessed during the same period in
2024(3). We are encouraged by the number of M&A opportunities that are
starting to build up which should lead to a more active market in the near
term.

PRICING AND REGULATORY OUTLOOK

A significant portion of the revenues from borrowers in the portfolio come
from sales which are reimbursed by various US government entities that are
highly regulated. While we currently do not expect major changes to how these
entities will continue to reimburse for the cost of these drugs, we cannot
predict whether the US administration will seek to make changes that may
affect the sales of these products.

USD SOFR

The Company has eight loans with coupons that reference 3-month USD SOFR and
one loan that references 1-month USD SOFR. Seven loans have a 2.50 per cent.
SOFR floor or greater and two have a floor ranging from 1 per cent. to 2 per
cent. As of 30 June 2025, the 1-month and 3-month SOFR was 4.33 and 4.30 per
cent. respectively, significantly above the floors defined in the nine loans.

INTERNATIONAL OUTLOOK

The Company has demonstrated remarkable resilience and stability through
recent global events. The invasion of Ukraine by Russia and the war between
Israel and Hamas has led to increased market volatility and widespread
sanctions on Russian and Israeli assets and individuals, contributing to the
high inflation introduced by the pandemic. While the portfolio has no direct
exposure to Russia, Ukraine, Belarus, or Israel, we remain vigilant in
monitoring these major events closely and will inform investors of any
material changes.

The current U.S. administration has announced or imposed a series of tariffs
on U.S. trading partners. In response, several countries have threatened or
imposed retaliatory measures. While our portfolio companies have not
experienced, and do not currently expect to experience, any significant direct
impact from these tariffs and retaliatory measures, the full extent of the
future impact of these and other threatened measures remains uncertain. We
continue to monitor these tariffs and retaliatory measures and their possible
effects on our portfolio companies.

INVESTMENT OUTLOOK

We expect our investment pipeline to grow as new products and companies enter
the market in the second half of 2025 and beyond. Pharmakon's extensive
network and thorough approach will continue to identify strong investment
opportunities. We remain focused on our mission of creating the premier
dedicated provider of debt capital to the life sciences industry while
generating attractive returns and sustainable income to investors.

Although the global economic outlook remains uncertain, Pharmakon remains
confident of its ability to deliver its target dividend yield to its
investors.

Pedro Gonzalez de Cosio

Co-founder and CEO, Pharmakon

19 September 2025

¹ Gross IRR is set forth in the Glossary in the full Half Year Report. Past
performance is not an indication of future performance.

² Net IRR is set forth in the Glossary in the full Half Year Report. Past
performance is not an indication of future performance.

³ Source: FactSet.

(4)The market value of the LumiraDx Colombian subsidiary is subject to change.

DIRECTORS, ADVISERS AND OTHER SERVICE PROVIDERS

DIRECTORS

Harry Hyman (Chairman)

Colin Bond

Duncan Budge

Stephanie Léouzon

Sapna Shah

Rolf Soderstrom

INVESTMENT MANAGER AND AIFM

Pharmakon Advisors, LP

110 East 59th Street #2800

New York, NY 10022

USA

ADMINISTRATOR

Waystone Administration Solutions (UK) Limited

Broadwalk House

Southernhay West

Exeter

EX1 1TS

COMPANY SECRETARY AND REGISTERED OFFICE

MUFG Corporate Governance Limited

19(th) Floor

51 Lime Street

London

EC3M 7DQ

Tel: +44 (0) 333 300 1932

COMPANY WEBSITE

www.bpcruk.com

CUSTODIAN

Bank of New York Mellon

One Canada Square

London

E14 5AL

FINANCIAL AND STRATEGIC COMMUNICATIONS

Burson Buchanan Limited

107 Cheapside

London

EC2V 6DN

INDEPENDENT AUDITOR

Ernst & Young, Chartered Accountants

Harcourt Centre

Harcourt Street

Dublin 2

Ireland

JOINT BROKERS

J.P. Morgan Cazenove

25 Bank Street

London

E14 5JP

Investec Bank plc

30 Gresham Street

London

EC2V 7QP

LEGAL ADVISER

Herbert Smith Freehills LLP

Exchange House

Primrose Street

London

EC2A 2EG

REGISTRAR

MUFG Corporate Markets

Central Square

29 Wellington Street

Leeds

LS1 4DL

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