DAVY VIEW

FY 2019 will be key for the Malin investment thesis, with important upcoming milestones across its priority assets. As we have noted previously, we think Poseida offers the most material upside potential in the coming year given its progress to date, strategic and investor interest in the CAR-T space and Malin’s 33% stake in the company. FY 2018 results published this morning were in line with our expectations, with total portfolio fair value (FV) +0.5% and priority assets +3% versus H1 2018. Analyst conference call takes place at 12:00 BST.