Title: Microsoft PowerPoint - 2024.03 BPCR - Fact Sheet Draft URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_class_doc_factsheet_private&id=55929134-9832-4adf-91dc-873356af5b19&user=hl_website_documents Published Time: Mon, 11 May 2026 11:57:14 GMT Number of Pages: 3 Markdown Content: 0.0 5.0 10.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ordinary Special Current Target Share Price # 93.20 cents NAV per share # $1.01 # SHARE PRICE / NAV AT # 31 MARCH 2026 Discount to NAV # (7.50%) Market cap # $1,052.4m MARCH 2026 HIGHLIGHTS Overview • BioPharma Credit PLC (the “Company") is a closed-ended investment trust established to invest in debt secured by approved life science products. The Company’s objective is to generate long-term shareholder returns, predominantly in the form of sustainable income distributions from exposure to the life sciences industry. The Company continues to target net total return on NAV of 8 per cent. to 9 per cent. per annum in the medium term. 1 • Pharmakon Advisors, LP (the “Investment Manager”) seeks to build a diversified portfolio with downside protection, high visibility and stability of cash flows. NAV 1 • The % total return for March 2026 was 0.71% (includes a starting NAV per share on 28 February 2026 of $1.00), which takes the % total return to 5.07% over the 6-month period from October 2025 to March 2026, and 10.39% over the 12-month period from April 2025 to March 2026. 2 Portfolio Activity • At 31 March 2026, the Company’s overall invested portfolio is 89 per cent. senior secured loans and 11 per cent. senior unsecured notes, convertible notes and other equity. Of the $762.6 million in senior secured loans, 55 per cent. is invested in floating rate loans and 45 per cent. is invested in fixed rate loans. The weighted average loan life is 3.9 years. The weighted average Secured Overnight Financing Rate (“SOFR”) floor for the loans in the Company’s invested portfolio is 3.1 per cent., see footnote 14 on page 2 for more information. • At 31 March 2026, the Company had $277 million in cash and cash equivalents. • On 16 March 2026, Paratek announced the successful completion of its combination with Radius Health, and the Company and private fund provided debt financing in support of this transaction. The Company and the private fund each funded $50 million and the new investment replaced the previous debt financing in which the Company and private fund each had a $25 million investment with Paratek, which was repaid in its entirety. Since Paratek is a privately held company, further details about the new debt financing are not publicly available, but the terms of the loan are generally comparable with the Company’s other investments. • On 27 March 2026, the Company purchased 25 million face value of 8.63 per cent. senior unsecured notes due 2031 issued by Harrow, Inc., at a price of $1.00 per note, bringing the total investment in Harrow, Inc. to $60 million. • On 27 March 2026, the Company and the private fund each funded $37.5 million of Tranche A of the Zenas BioPharma, Inc. loan and a one-time additional consideration of 2 per cent. was paid at funding. Debt to NAV # 0.00% Dividends paid/declared 5 ## 9.95 cents > 1Past performance is not indicative of future results. > 2Total return percent is calculated by dividing the sum of (i) the Company’s change in NAV during the referenced period and (ii) the dividends payable during the referenced period, by the opening NAV as of such referenced period. > 3The Company is currently paying and continues to target at the least a 7-cent annual dividend per ordinary share. Past performance is not indicative of future results. > 4Dividends declared for the twelve-month period from 1 April 2025 to 31 March 2026. > 5Dividends paid for the twelve-month period from 1 April 2025 to 31 March 2026. Past performance is not indicative of future results. > 6The cumulative NAV performance since launch reflects the Company’s performance against the opening NAV per share of 98 cents on the date of IPO, 27 March 2017, including dividends paid. As set out in the IPO Prospectus, the Initial Expenses to be borne by the Company were capped at 2 per cent. of the Gross Issue Proceeds. Past performance is not indicative of future results ## Cumulative Performance 1 1 month 3 months 6 months 12 months 3 years 5 years Inception to Date 6 Share price (1.69%) 1.75% 3.10% 5.19% (2.51%) (4.31)% (6.80%) Total return 2 0.71% 2.00% 5.07% 10.39% 30.74% 51.41% 81.26% Dividend yield on share price 5 ## 10.68% 1 ## BPCR Dividends per Share 3 42 # NAV BREAKDOWN AT 31 MARCH 2026 # FEES > 7 As at 31 March 2026, consistent with the Company’s previously disclosed fair value methodology. > 8 Discount rate as reflected in the reported fair value of remaining cash flows as of 31 March 2026, consistent with the Company’s previously disclosed fair value methodology. > 9 As at 31 March 2026. > 1 0 Since Paratek is a privately held company, details about the loan are not publicly available, but terms are generally comparable with other investments. > 11 The Company received its share ownership of LumiraDx's Colombian subsidiary in Q4 2024, which the Company will seek to sell. > 12 Remaining years are based on contractual maturities and includes scheduled amortisations as of 31 March 2026. > 13 Loan interest rates are calculated based on coupons for fixed loans and coupons plus the applicable effective 1-month SOFR rates and 3-month SOFR rates as of Q1 2026 for floating loans. Loan interest rates do not include prepayment and make-whole fees. > 14 The performance fee is calculated as up to 10 per cent. of returns, subject to High Watermark and a 6 per cent. return hurdle with 50 per cent. catch up. Full details can be found on page 78 of the 2025 Annual Report and Financial Statements. > 15 Of the 11 senior loans transactions referenced above, 8 include floating coupons with SOFR floors. The SOFR floors range from 1 per cent. to 3.75 per cent., with a weighted average of 3.1 per cent. # UPCOMING DATES # PORTFOLIO HIGHLIGHTS Number of loans 11 Weighted average investment life 3.9 years Investment valuation $860.5m Cash and cash equivalents $277.0m Current net liabilities $0.3m NAV $1,137.8m Management fee 1% of NAV per annum Performance fee Up to 10% subject to conditions 14 Interim Dividend Payment 29 May 2026 Half Yearly results announced September 2026 Valuation Discount ($m) 7 Rate 8 Insmed Senior Secured Loan 217.7 11.0% 25.3% UroGen Senior Secured Loan 98.5 9.2% 11.5% Novocure Senior Secured Loan 98.5 11.1% 11.4% Evolus Senior Secured Loan 62.2 9.6% 7.2% Harrow Senior Unsecured Notes 60.3 - 7.0% Paratek Senior Secured Loan 49.3 - 5.7% Geron Senior Secured Loan 49.0 10.4% 5.7% Precigen Senior Secured Loan 48.9 11.8% 5.7% Tarsus Senior Secured Loan 36.9 11.8% 4.3% Zenas Senior Secured Loan 36.8 10.7% 4.3% Alphatec Senior Secured Loan 35.3 10.9% 4.1% Valneva Senior Secured Loan 29.5 10.3% 3.4% Zenas Senior Unsecured Convertible Notes 20.6 - 2.4% CytoKinetics Senior Unsecured Convertible Notes 8.2 - 1.0% LumiraDx Equity 7.3 - 0.9% Cogent Senior Unsecured Convertible Notes 1.5 - 0.1% Total Investments $ 860.5 100.0% Investments Investment Strategy % of total investments 9 > 10 > 11 82% 18% 0% 20% 40% 60% 80% 100% 8-10% 10-12% ## Loans by interest rates 13 Floating 55% Fixed 45% 0% 20% 40% 60% 80% 100% Coupon ## Floating vs fixed coupons 15 1% 18% 81% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% <1 year 1-2 years >2 years ## Portfolio by remaining years 12 3 # COMPANY OVERVIEW Listing date 27 March 2017 Year end 31 December BDGKMY2 BP2NZ40 SEDOL USD SEDOL GBP BPCR LN BPCP LN Bloomberg USD Bloomberg GBP # SENIOR MANAGEMENT Pedro Gonzalez de Cosio Martin Friedman Pablo Legorreta # DIRECTORS Harry Hyman (Chairman) Colin Bond Duncan Budge Stephanie Léouzon Rolf Soderstrom Sapna Shah Nigel Reynolds # FOR PROFESSIONAL CLIENT USE ONLY THIS FACTSHEET IS NOT INTENDED TO OFFER OR TO PROMOTE THE OFFER OR TRANSFER OF THE SHARES (THE “SHARES”) OF THE COMPANY IN THE UNITED STATES OR TO ANY “U.S. PERSONS” (“US PERSONS”) AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933 (THE “SECURITIES ACT”). THIS FACTSHEET IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION, OR TO ANY OTHER PERSON, WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAW OR REGULATION. No part of this factsheet may be reproduced in any manner without the written permission of the Company. The possession or distribution of this factsheet in certain jurisdictions may be restricted by law and persons into whose possession this factsheet comes should inform themselves about and observe any applicable restrictions. This factsheet does not constitute or form a part of any offer to sell, or any solicitation of any offer to purchase or otherwise acquire, securities in any jurisdiction. The securities described in this factsheet may not be eligible for sale in certain jurisdictions or suitable for all types of investors. The Company has not been and will not be registered under the US Investment Company Act of 1940 (the “Investment Company Act”) and the Shares have not been and will not be registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, transferred or delivered, directly or indirectly, into or within the United States or to, or for the account or benefit of, any US Persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States and in a manner which would not require the Company to register under the Investment Company Act. There has been and will be no public offer of the Shares in the United States. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. This factsheet was prepared using the financial and other information available to the Company and the Investment Manager as at the date of this factsheet. This information is believed to be accurate but has not been audited, reviewed or verified by any third party. This factsheet may describe past performance, which may not be indicative of future results. This factsheet may include statements regarding investment strategies, individual securities and economic and market conditions; however, there can be no guarantee that such statements will prove to be correct. This factsheet may include expressions of opinions that are speculative in nature and should not be relied on as statements of fact. This factsheet may include forward -looking statements which are subject to known and unknown risks and uncertainties that may cause actual results and events to differ materially from those expressed in or implied by such forward -looking statements. In some cases, forward - looking statements can be identified by words like “will seek”, “will target”, “believe”, “expect”, “intend”, or similar expressions. You should not place undue reliance on forward -looking statements. Each of the Company and the Investment Manager disclaim any obligation to update or alter any forward -looking statements, whether as a result of new information, future events or otherwise. Neither the Company nor the Investment Manager accepts any liability for actions taken on the basis of the information provided in this factsheet. The information provided in this factsheet should not be considered a recommendation to buy, sell or hold any security. # CONTACTS The Company BioPharma Credit PLC  ir@bpcruk.com  www.bpcruk.com Burson Buchanan Henry Wilson / Helen Tarbet / Jamie Hooper / Nick Croysdill  +44 (0) 20 7466 5000  biopharmacredit@buchanan.uk.com Investment Manager Pharmakon Advisors, LP Patrick Fisher / Jeff Caprio / Emily Sturgeon-Turso  ir@pharmakonadvisors.com # REGISTERED ADDRESS BioPharma Credit PLC 19 th Floor 51 Lime Street London, United Kingdom EC3M 7DQ