Title: Documents.aspx URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_unit_doc_priip_kid&docid=f7ee7029-24db-48a1-8d66-ca8e5d920fae&user=WXCsO/DIFVztQepcEFesxcyRQUclJOgL99ypiRuUz98= Published Time: Mon, 11 May 2026 12:52:12 GMT Number of Pages: 3 Markdown Content: 1st Floor, Royal Chambers, St Julian’s Avenue > St Peter Port, Guernsey GY1 3JX > (646) 59 3-7998 biotechopportunities @rtwfunds.com www. rtw bio .co m # KEY INFORMATION DOCUMENT PURPOSE This document provides you with key information about this investment product . It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you c ompare it with other products. PRODUCT Product: RTW Biotech Opportunities Ltd PRIIP Manufacturer: RTW Investments, LP ISIN: GG00BKTRRM22 Listing: London Stock Exchange Website: www.rtw bio .com Telephone number for more information: +1 -646 -593 -7998 Date of production of this document : 10 April 202 6 Competent Authority: the FCA You are about to purchase a product that is not simple and may be difficult to understand. WHAT IS THE PRODUCT? Type : The Company is a non -cellular closed -ended investment company limited by shares with registration number 66847. The Company does not have a fixed life. The Company is an alternative investment fund or "AIF" for the purpose of the AIFM Direct ive and is exte rnally managed by RTW Investments, LP (the " Investment Manager "), its AIFM. On 30 October 2019, the issued Ordinary Shares of the Company were listed , and admitted to trading on the London Stock Exchange. The Company changed its name from RTW Venture Fund Limited to RTW Biotech Opportunities Ltd effective 22 June 2023. Objectives : The Company seeks to achieve positive absolute performance and superior long -term capital appreciation, with a focus on identif ying , build ing , support ing and invest ing in innovative biotech nology and med ical tech nology companies . It intends to create a diversified portfolio of investments across a range of businesses, each pursuing the development of superior bio pharmaceutical or medical technology assets to enhance the quality of life and/or extend patient life. Intended retail investor: Ordinary Shares are suitable for investors who have a long -term (at least five years) investment horizon, the ability to bear capital losses, and at least basic market knowledge and experience. The Company may not be suitable for inves tors who are concerne d about short -term volatility and performance, who are seeking a regular source of income, or who may be investing for less than five years. The Company does not offer capital protection. WHAT ARE THE RISKS AND WHAT COULD I GET IN RETURN? Risk Indic ator Lower Risk Higher Risk The risk indicator assumes you keep the Product for 5 years. The actual risk can vary significantly if you redeem at an early stage, and you may get back less. The summary risk indicator is a guide to the level of risk of the Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the market. We have classified this Product as 5 out of 7, which is a medium -high risk class. This rates the potential losses from future performance at a medium -high level, and poor market conditions will likely impact our capacity. This Product does not include any protection from future market performance so you could lose some or all of your investment. You could lose your entire investment. # 76543211st Floor, Royal Chambers, St Julian’s Avenue > St Peter Port, Guernsey GY1 3JX > (646) 59 3-7998 > biotechopportunities @rtwfunds.com > www. rtw bio .co m Performance Information The main factor that will affect the performance of the Company ’s shares is the ability of the Investment Manager to identify , build, support and invest in innovative biotech nology and med ical tech nology companies , focus ed on the development of superior biopharmaceutica l or medical technology assets. To assess the long -term performance characteristics of the Company , we have backfilled the Company’s total return history with the total returns of the NASDAQ Biotechnology index (NBI) . This equity index reflects the Company’s diversified portfolio of investments and the Company’s geographic exposure to the United States of 73%, as of 31 March 202 6. Th e representative performance proxy has a daily price history dating back to 1 January 1999. The volatility of the Company’s share price will vary. Since trading began in October 2019, the Company’s shares have had an annualised volatility of 29 .3%. Over rolling five -year periods from 1999 , the proxy had an average volatility of 27 .1 %, however , during periods of stress, the volatility temporarily rose to 62.4%. These volatility figures are high er than the broader equity markets and so returns are likely to fluctuate more than wider global equity benchmarks . For reference , over the same period, the S &P 500 had an average rolling five -year volatility of 19. 3% which temporarily rose to 49.8% during periods of stress. What could affect my return positively? Specific factors that affect returns positively would be risk -adjusted superior asset selection of the underlying portfolio with value creating programs that could become transformative therapies . Another factor which would impact returns is liquidity events such as IPOs for private portfolio companies or acquisitions of private or public portfolio companies . A broad factor that would contribute to positive returns would be overall positive trading conditions for the biotechnology and medical technology sectors in the global markets. In addition, broader improvements in the valuation of developed equity markets are likely to improve valuations of the Company , too. We would expect to see stronger correlation between the Company’s valuation and the markets during larger market movements. Since inception, the Company ’s most favourable performance over a one -year period was 112.0%, between March 2020 and March 2021 . Using the longer performance history available from the proxy, the proxy experienced the most favourable five -year rolling shareholder total return of 39 .4% per annum between July 2010 and July 2015 . What could affect my return negatively? Specific factors that affect returns negatively would be poor performance and risk management of underlying investments; poor liquidity management in the private equity holdings ; the underlying investments failing to develop new technologies in the biotechnology and medical technology sector s, and the investments failing to develop into commercially viable business opportunities . Falling valuations of the equity markets, particularly in the biotech nology and medical technology sectors would be expected to correlate to lower valuations of the Company’s investments . The Company’s most unfavourable one -year shareholder return was - 53 .7%, which occurred between July 2021 and to July 2022 . O ver longer periods the proxy had a least favourable five -year rolling return of -15.7% per year , between March 2000 and March 2005 . What could happen in severely adverse market conditions? The Company lost 60.7% of its shareholder value in the period both leading up to and during the global market sell -off due to the Covid - 19 outbreak , from March 2021 to July 2022, when the biotechnology sector peaked and subsequently corrected . In addition, during the dot -com market crash, the proxy experienced a loss of 74.7% between March 2000 and July 2002 . Under severely adverse market conditions in the biotech nology and medical technology sectors , the value of Product may fall proportionately . There is a risk that the capital value of an investment in the Company’s shares could reduce significantly, potentially down to zero. WHAT HAPPENS IF THE COMPANY IS UNABLE TO PAY OUT? As a shareholder of the Company, you will not be entitled to compensation from the Financial Services Compensation Scheme or any other compensation scheme in the event that the Company were unable to pay any dividends or other returns it may elect to pay from time to time, or if it were unable to pay amounts due to you on a winding -up. No guaranteed scheme applies to an investment in the Company. WHAT ARE THE COSTS? The Financial Conduct Authority’s new CCI regime is in a transitionary period and RTW is not required to produce a Product Summary until June 2027. However , to support consumer duties , costs are set out below . The Reduction in Yield (RIY) shows what the impact the total costs you pay may have on your investment return assuming a product return of 6.78% . The total costs take into account one -off, ongoing , portfolio transaction costs and incidental costs , and exclude debt servicing costs . The amounts shown here are the cumulative costs of the product itself, for two different holding periods of 1 year , and the recommended holding period of 5 years . The figures assume you invest $10,000. The figures are estimates an d may change in the future. 1st Floor, Royal Chambers, St Julian’s Avenue > St Peter Port, Guernsey GY1 3JX > (646) 59 3-7998 > biotechopportunities @rtwfunds.com > www. rtw bio .co m When purchasing Ordinary Shares in the Company, as with any shares in listed companies, the only additional costs you may incur are broker commissions, platform fees, advisory fees, and/or stamp duty. As a publicly listed entity, the Company’s operating cos ts are transparently disclosed in its audited Annual Report , Interim Report, and Financial Statements. Additionally, the Association of Investment Companies (AIC) recommends that investment trusts report an Ongoing Charges Figure (OCF) . This figure , calculated annually as a percentage of the average net assets, provides insight into the regular operational expenses o f the Company, excluding transaction costs, borrowing costs, market changes, or performance -related fees. For the year ending 31 December 202 5, the annualised OCF was 1.7 4%, annualised transaction cost was 0. 10 %, and the annualised performance fee was 0. 75 %. For the avoidance of doubt, the ongoing costs and transaction costs are not additional costs paid by shareholders to the Company. The Company’s published net asset value is net of all costs/fees incurred by the Company and/or within the underlying inves tment portfolio. Investment of $10,000 Scenarios if you cash in after 1 year if you cash in after 5 years Total Costs 0 USD 0,000 USD Reduction in Yield (RIY) per year 0.00 % 0.00 % Composition of Costs The table shows the impact of each year of the different types of costs on the investment return that you might get at the en d of a 1 year holding period. This table shows the impact on return per year over 1 year > One -off costs > Entry costs 0.00 %No entry costs are payable to the Company when you purchase shares, > although you may have to pay your broker fees or commissions . > Exit costs 0.00 %No exit costs are payable to the Company when you sell your shares, although > you may have to pay your broker fees or commissions . > Ongoing costs > Portfolio > transaction costs 0. 00 %The impact of the costs of our buying and selling underlying investments for > the Product . > Other ongoing > costs 0.00 %The impact of the costs for managing your investment . > Incidental costs Performance fees 0. 00 % > The impact of the performance fees. We take these from your investment if > the Product outperforms its benchmark. This figure is based on a five -year > average of performance fees paid by the fund . > Carried interests 0.00 %The Company does not pay carried interest . HOW LONG SHOULD I HOLD IT AND CAN I TAKE MONEY OUT EARLY? Recommended holding period: 5 years. This period is specified for the purposes of this document only and reflects that ordinary shares in the Company are a long -term product. This product has no required minimum holding period. Investors can sell their investment on the London Stock Exchang e on any day which is a dealing day on the London Stock Exchange. The Company is not obliged to acquire any of the Company’s share s. No fees or penalties are payable to the Company on sale of your investment, but you may be required to pay fees or commission s to any person arranging the sale on your behalf. HOW CAN I COMPLAIN? If you have any complaints about the product or conduct of the product manufacturer, you may lodge your complaint with the Company’s investment manager, on +1 -646 -343 -9280 . This information is also available on the Company’s website at https://www.rtw bio .com/ . If you have a complaint about a person who is advising on, or selling, the product you should pursue that complaint with the relevant person in the first instance. OTHER RELEVANT INFORMATION Further documentation, including the Company’s annual and semi -annual reports and regulatory disclosures, is available on the Company’s website at https://www.rtw bio .com . This documentation is made available in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom Financial Conduct Authority and the Alternative Investment Fund Managers Directive (2011/61/EU ).