Syncona : Fact Sheet - 27 January 2017 Download .pdf

KEY DETAILS INVESTMENT METHODOLOGY

Net Assets £861.2m

Syncona Limited ("Syncona", formerly BACIT Limited) targets attractive medium to long term returns

Inception Date

26 October 2012

by investing in (i) leading long only and alternative investment funds with proven managers and

NAV Total Return Since Inception 40.39%

across multiple asset classes ("Fund Holdings") and (ii) life science investments ("Life Science

NAV Per Share (£)

Share Price (Mid Market) (£)

1.3081

1.3475

Holdings"). Syncona intends to evolve over a number of years to predominantly become a life science investment company.

Ex-Div (15 July 2016) 2.2p

Annual Donation (% of NAV) 0.3% Financial Year End 31 March

SEDOL B8P59C0

ISIN GG00B8P59C08

Bloomberg Ticker SYNC:LN

COMPANY INFORMATION

Structure Closed End Investment Company

Domicile Guernsey

Listing London Stock Exchange

Website www.synconaltd.com

Investment Manager BACIT (UK) Limited Administrator Northern Trust International Custodian Northern Trust (Guernsey) Ltd

Registrar Capita Registrars (Guernsey) Limited Corporate Broker J.P. Morgan Cazenove

Fund Holdings

Syncona intends to be invested in at least 15 distinct investments or managed account strategies, with the composition of the investment portfolio varying over time. Many of these investments are made on a "gross return" basis, meaning Syncona and its subsidiaries do not bear the impact of management or performance fees on its investments.

Life Science Holdings

Syncona creates and invests in standalone life sciences companies. To capture the significant value opportunity in UK life science and medical innovation, Syncona intends to hold and finance its life science investments until they reach commercialisation. In addition, Syncona holds a majority interest in the CRT Pioneer Fund (the "Pioneer Fund"), a venture capital fund with exclusive rights to certain innovations emerging from Cancer Research UK.

Syncona donates 0.3% of its NAV each year* to charity (50% to The Institute of Cancer Research and 50% to The BACIT Foundation).

*Syncona will donate a minimum of £4.75m for each of the two financial years ending 31 March 2018.

FUND: CASH: LIFE SCIENCE SPLIT NAV TOTAL RETURN VERSUS INDICES

£198m (23%)

£133m (15%)

£531m (62%)

1.50

1.45

1.40

1.35

1.30

1.25

1.20

1.15

1.10

1.05

Dec 16

Oct 16

Aug 16

Jun 16

Apr 16

Feb 16

Dec 15

Oct 15

Aug 15

Jun 15

Apr 15

Feb 15

Dec 14

Oct 14

Aug 14

Jun 14

Apr 14

Feb 14

Dec 13

Oct 13

Aug 13

Jun 13

Apr 13

Feb 13

Dec 12

Oct 12

1.00

1.50

1.45

1.40

1.35

1.30

1.25

1.20

1.15

1.10

1.05

1.00

Funds Cash Life Sciences

Syncona Limited Total Return

FT All-Share (TR, £)

HFRIFOFS Index

PERFORMANCE (% TOTAL RETURN)

Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2016	-2.19	-0.41	0.08	0.08	1.30	-1.46	2.01	1.51	1.32	2.79	-1.18	1.78	5.64
2015	2.73	1.01	3.58	-0.16	1.53	-2.56	2.15	-2.07	-2.13	1.60	2.39	1.44	9.69
2014	-0.55	0.58	0.13	-1.64	2.18	-0.20	-0.51	0.26	0.58	0.17	2.36	0.55	3.91
2013	4.12	2.55	2.58	-0.16	2.69	-1.57	1.24	-1.23	-0.78	2.94	-0.42	0.82	13.32
2012	-	-	-	-	-	-	-	-	-	-	0.53	2.34	2.89

* Returns are inclusive of dividend distributions

NAV PERFORMANCE ANALYSIS	TOP 10 FUND HOLDINGS
1 Month Return	1.78%	Fund	Strategy	Asset Class	% of NAV
3 Month Return	3.38%	1	Polar Capital Japan Alpha	Long Bias	Equities	4.1%
YTD Return	5.64%	2	Polygon European Equity Opportunity	Hedge	Equities	3.8%
Last 12 Months Return	5.64%	3	Majedie UK Equity	Long Bias	Equities	3.6%
NAV Total Return Since Inception	40.39%	4	Maga Smaller Companies UCITS	Hedge	Equities	3.3%
Annualised Return Since Inception	8.48%	5	The SFP Value Realization Fund	Long Bias	Equities	3.1%
Annualised Volatility Since Inception	5.70%	6	Sinfonietta	Hedge	Macro	3.1%
Sharpe Ratio	1.4	7	Parity Value	Hedge	Macro	3.0%
Best Month	4.12%	8	Tower Master Fund	Hedge	Equities	2.9%
Worst Month	-2.56%	9	SW Mitchell European	Hedge	Equities	2.9%
% Positive Months	66%	10	Portland Hill	Hedge	Equities	2.4%
Largest Drawdown	-4.59%	TOTAL:	32.2%

CORE LIFE SCIENCE COMPANY HOLDINGS

Company Name	Description	% of NAV
1	Blue Earth Diagnostics Limited	A world-leading medical imaging company at the forefront of the prostate cancer imaging market	9.2%
2	NightstaRx Limited	Developers of gene therapies for inherited forms of blindness	4.0%
3	Autolus Limited	Developers of advanced cell therapies treating a range of blood cancers	3.6%
4	CRT Pioneer Fund	Oncology-related drug and medtech	2.5%
5	Freeline Therapeutics Limited	Developers of gene therapies for blood disorders and other debilitating systematic diseases	2.1%

BACIT (UK) Limited, 2nd Floor, 10 Aldermanbury, London EC2V 7RF Telephone: [phone] Email: [e-mail] BACIT (UK) Limited, registered number 9066820, is authorised and regulated by the Financial Conduct Authority. FUND STRATEGY ALLOCATION (% of NAV) FUND ASSET ALLOCATION (% of NAV)

Cash 15%

Commodity

3%Credit

6%

Cash 15%

Equity Hedge 23%

Hedge 37%

Life Sciences

23%

Life Sciences 23%

Private Equity

3%

Macro

8%

Infrastructure 2%

Equity Long Bias 15%

Fixed Income 2%

Long Bias 23%

Infrastructure 2%

DENOMINATION OF INVESTMENTS* STRATEGY GEOGRAPHICAL FOCUS (% of NAV)

US$ Partially Hedged into GBP, € Hedged into GBP

USD (hedged) 25%

EUR (hedged) 10%

Cash 15%

Asia-Pacific 10%

Emerging 6%

USD 14%

*Pie chart includes Life Science holdings.

GBP 51%

Life Sciences 23%

US

4% UK

5%

Global

8%

Europe 23%

Europe & US 6%

CHARITIES SUPPORTED BY SYNCONA LIFE SCIENCE NEWS The BACIT Foundation: The charitable objects of The BACIT Foundation relate primarily to the prevention, treatment, cure and ultimately eradication of cancer, but also cover diseases allied to cancer, and such other charitable objects and organisations as the Foundation may from time to time consider desirable. The Institute Of Cancer Research: The Institute of Cancer Research, London, is one of the world's most influential cancer research institutes, with an outstanding record of achievement dating back more than 100 years. Today, the ICR is ranked as the UK's leading academic research centre, and leads the world in isolating cancer-related genes and discovering new targeted drugs for personalised cancer treatment. The ICR employs leading scientists from over 50 countries around the world and since 2005 alone, 16 drug development candidates have been discovered based on ICR research, 6 of which have progressed into phase 1 clinical trials. The ICR has charitable status and relies on support from partner organisations, charities and donors to fund its research and innovation. All Charities

Alzheimer's Research UK JDRF (The Juvenile Diabetes Research Foundation)

The Alzheimer's Society The Louis Dundas Centre For Children's Palliative Care

Beating Bowel Cancer Maggie's

Butterfly Thyroid Cancer Trust Marie Curie Cancer Care

Cancer Research UK NSPCC

Child Bereavement UK The Rwanda Hope Foundation

Cure Leukaemia Scope

Downside Up Supporting Wounded Veterans (Skiing With Heroes)

The Egmont Trust SSAFA Forces Help

The Institute Of Cancer Research Women For Women International The James Wentworth-Stanley Memorial Fund

DATA SOURCES

Data has been sourced from Bloomberg, Northern Trust, the Company's administrator, and the underlying funds.

• Life science team strengthened with recruitment of two new members:

  • Dr Sonia Bracegirdle

    Ph.D. Oxford, Boston Consulting Group

  • Dr Alex Hamilton

    Ph.D. Cambridge, Jeffries International

• Team attended 35th J.P. Morgan Healthcare Conference in San Francisco and confirmed competitive positioning of Life Science portfolio

• Pass through pricing initiated in the US market for Blue Earth Diagnostic's agent for diagnosis of recurrent prostate cancer, Axumin

IMPORTANT INFORMATION AND LEGAL DISCLAIMER

This fact sheet contains information regarding Syncona Limited's (the "Company's") performance and outlook. The information contained in the fact sheet is unaudited, and the reported NAVs of the underlying funds may have been subject to deductions in respect of management and performance fees which will not apply to the Company's investment. This fact sheet is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in the Company. The material provided is not intended to provide a sufficient basis on which to make an investment decision. Past performance is no guarantee of future returns and estimated results, performance or achievements may materially differ from actual results. All investments are subject to risk. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

Information and opinions presented in the material contained on these pages relating to the Company and its investments have been obtained or derived from sources believed by the Company to be reliable, but the Company makes no representation as to their accuracy or completeness. Except as required by applicable law, the Company expressly disclaims any obligations to update or revise such estimates to reflect any change in expectations, new information, subsequent events or otherwise.

CORE LIFE SCIENCE COMPANY HOLDINGS

Blue Earth Diagnostics aims to become a world-leading imaging company, capturing a leading share of the

prostate cancer imaging market with its FDA-approved product, "Axumin". Syncona estimates that Blue Earth serves an addressable market of more than £750 million per annum, and that, if successful, Blue Earth could reach a valuation in excess of £500 million.

•

Axumin has been developed and proven clinically to target and image prostate cancer cells.

Axumin was reviewed by the US Food and Drug Administration (FDA) and was granted US regulatory approval in Q2 2016.

Blue Earth Diagnostics Limited

Fully Diluted Ownership

Value of Syncona Holding

% of NAV

90%

£79.5m

9.2%

• Prostate cancer is a leading cause of cancer death in men, second only to lung cancer, and a

growing cost burden to healthcare systems worldwide. There were around 180,000 new cases and 26,000 deaths in the US in 2016.

www.blueearthdiagnostics.com

Value of Syncona Holding

% of NAV

• Nightstar's most advanced program is in clinical trials for the treatment of choroideremia, a

rare disease which causes permanent loss of eyesight and for which there is no other

treatment. The gene therapy is delivered by injection into the retina, providing a working copy of the disease-causing faulty gene locally in the eye. The technology has the potential to provide long-term correction of the disease from a single administration.

NightstaRx Limited

Fully Diluted Ownership

55%

£34.2m

4.0%

Nightstar develops gene therapy for inherited forms of blindness. Syncona believes Nightstar's most advanced

products could serve a total addressable market of more than £8 billion. If successful, Syncona estimates Nightstar could reach a valuation in excess of £1 billion.

• There are multiple inherited forms of blindness that are addressable with Nightstar's gene

therapy technology. Nightstar is building a pipeline of products based on its manufacturing, gene therapy and retinal surgery capability.

www.nightstarx.com

Value of Syncona Holding

% of NAV

• The Autolus approach uses a patient's own immune cells (T-cells) to target and destroy

cancerous cells and provide long-term protection from disease. The T-cells are collected from the patient's blood, re-engineered outside the body, and returned to the patient where they mount an immune response and kill tumour cells.

Autolus Limited

Fully Diluted Ownership

37%

£31.2m

3.6%

Autolus is developing advanced cell therapies to treat a range of blood cancers, which Syncona estimates have a

combined addressable market of more than £5 billion per annum. Syncona believes that, if successful, Autolus could reach a valuation in excess of £1 billion.

• Bloodcancers, including lymphomas, leukaemias and multiple myeloma, represent 10% of all

cancer diagnoses, with around 58,000 deaths in the US in 2016.

www.autolus.com

Value of Syncona Holding

% of NAV

• Gene therapy is based on technology that delivers a working copy of a faulty gene directly to

the target organ. Once delivered, the gene produces a correct form of the missing protein and has the potential to cure the disease. The Company's most advanced program is a treatment for haemophilia B, a rare disorder that causes painful, crippling bleeding in patients' joints.

Freeline Therapeutics Limited

Fully Diluted Ownership

74%

£18.0m

2.1%

Freeline develops gene therapies for blood disorders and other debilitating systemic diseases. Syncona believes

Freeline's most advanced therapies could serve a total addressable market of more than £10 billion. If successful, Syncona estimates Freeline could reach a valuation in excess of £500 million.

• There are several genetic diseases that are treated chronically with enzyme replacement

therapy (ERT). Freeline's technology could replace ERT in a number of these diseases, with a single injection providing the possibility of long-term disease modification.

www.freelinetx.com

Prepared by Mainspring Fund Services Limited E: [e-mail] W: mainspringfs.com