For the year ended 31 March 2018

Final results

2

Forward-looking statements

This presentation and information communicated verbally to you may contain certain projections and other

forward-looking statements with respect to the financial condition, results of operations, businesses and prospects

of BTG plc (“BTG”). These statements are based on current expectations and involve risk and uncertainty because

they relate to events and depend upon circumstances that may or may not occur in the future. There are a number

of factors which could cause actual results or developments to differ materially from those expressed or implied by

these forward-looking statements. Any of the assumptions underlying these forward-looking statements could

prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not

actually be achieved. Nothing contained in this presentation or communicated verbally should be construed as a

profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any

forward-looking statements contained herein. BTG undertakes no obligation to update or revise (publicly or

otherwise) any forward-looking statement, whether as a result of new information, future events or other

circumstances. Neither this presentation nor any verbal communication shall constitute an invitation or

inducement to any person to subscribe for or otherwise acquire securities in BTG.© 2018 BTG International Ltd. All rights reserved. “Imagine where we can go.”, BTG and the BTG roundel logo are trademarks and/or registered trademarks of BTG International Ltd. Bead Block, DC Bead,

DC Bead LUMI, LC Bead, LC Bead LUMI, LUMI, βeta and Simplicit90Y are trademarks and/or registered trademarks of Biocompatibles UK Ltd. EKOS is a trademark and/or registered trademark of EKOS Corporation.

GALIL is a trademark and/or registered trademark of Galil Medical Ltd. PneumRx is a trademark and/or registered trademark of PneumRx, Inc. TheraSphere is a trademark and/or registered trademark of Theragenics

Corporation used under license by Biocompatibles UK Ltd. Varithena is a trademark and/or registered trademark of Provensis Ltd. CroFab and DigiFab are trademarks and/or registered trademarks of BTG

International Inc. Vistogard is a trademark and/or registered trademark of Wellstat Therapeutics Corporation. Voraxaze is a trademark and/or registered trademark of Protherics Medicines Development Ltd. Lemtrada is

a trademark and/or registered trademark of Genzyme Corporation. Zytiga is a trademark and/or registered trademark of Johnson & Johnson. Biocompatibles UK Ltd, EKOS Corporation, Galil Medical Ltd, PneumRx,

Inc., Protherics Medicines Development Ltd, and Provensis Ltd are all BTG International group companies

3

A scalable, sustainable high-growth business

Delivered good financial performance and operating progress in 2017/18

Built fast-growing Interventional Medicine business and resilient Pharmaceuticals business

Reinvesting in organic development and acquisitions to drive sustained high growth

Executed 10yr plan to transition from royalties to a product sales business

4 1Source: BTG Annual Reports

We have built a strong product sales business

0

400

800

1200

1600

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Avg.

num

ber

of

em

plo

yees

1

launch

relaunch

5

Our journey to sustained profitable growth

• Built a cash-generative,

resilient Pharmaceuticals

business

• Created fast-growing, high-

quality Interventional Medicine

business with leading Oncology

and Vascular portfolios

• Investments in commercial

expansion, clinical data and

innovation to drive growth

• Delivering product sales growth

around double-digits

• Leveraging infrastructure to

expand product sales operating

margin

• Continuing to invest in organic

development and external

opportunities

• Continued/enhanced organic

product sales growth

• Accelerated growth from

pipeline delivery and ongoing

investment in R&D,

acquisitions

2008-2018

Business transformation

2019-2021

Financial transition

2021+

Sustained profitable

growth

6

Financial resultsDuncan Kennedy

7

Double-digit growth in product sales and adjusted operating profit

1 Constant exchange rate (“CER”) growth is computed by restating 2017/18 results using 2016/17 foreign exchange rates for the relevant period.2 Further detail on the adjustments to IFRS financial measures is included in the preliminary announcement. 7

2017/18

(£m)

2016/17

(£m)

Actual

%

CER1

%

Product Sales 423.8 387.3 +9% +10%

Licensing 196.7 183.2 +7% +9%

Revenues 620.5 570.5 +9% +10%

Adjusted Operating Profit2 152.7 129.6 +18% +20%

Adjusted Operating Profit Margin 25% 23%

Adjusted Basic EPS2 32.9p 23.1p +42%

Free Cash Flow2 109.3 64.7 +69%

8

One-time items impact IFRS results

Adjusted

EPS

32.9p

IFRS

EPS

3.9p(7.4)(24.7) 6.4 (11.2) (0.9) (0.6)

+55%

• IFRS results benefit from a net credit of £36.2m relating to the introduction of US tax reform

9.4

9

Oncology and Vascular businesses drive Interventional Medicine growth

9

2017/18

(£m)

Growth at

CER

Drivers of 2017/18 performance

High Growth

Interventional Oncology 156.2 +14% Strong TheraSphere® performance and expansion of cryotherapy

Interventional Vascular 73.7 +18% Continued EKOS® US penetration and increased treatment of PE

229.9 +15%

Early Stage

PneumRx® Coils 6.8 (29%) Fewer procedures in Germany

Varithena® 6.2 +55% Continued progress before and subsequent to CPT code

Total IM 242.9 +14%

Pharmaceuticals 180.9 +5% Strong CroFab® and Voraxaze®, low DigiFab® batch expiry year

Product Sales 423.8 +10%

10

• Continued contribution from Zytiga® with a very strong performance in 2017/18:

– No generic entrant expected in the US before October 2018

– No generic entrant expected in Europe before September 2021

• Lemtrada™ royalties ceased in H1 17/18 due to licence expiration; final back-royalties of £11m

Licensing: very strong performance from Zytiga®

complemented by Lemtrada™ back-royalties

2017/18

(£m)

2016/17

(£m)

Growth Growth at

CER

Zytiga® 155.4 123.2 +26% +30%

Lemtrada™ 21.8 39.0 (44%) (49%)

Other royalties 19.5 21.0 (7%) (5%)

Licensing 196.7 183.2 +7% +9%

11

Strong free cash flow and funding position

2017/18

(£m)

2016/17

(£m)

Actual

%

Free Cash Flow 109.3 64.7 +69%

Acquisition of Roxwood Medical (43.6) -

Acquisition of Galil Medical - (55.1)

Other investing and financing (2.4) (0.4)

FX impact on cash flows (8.8) 5.9

Net Cash Flow 54.5 15.1

1 RCF of £150m, with the option to extend by a further £150m.

• Cash and cash equivalents of £210m at 31 March 2018

• Provision of £53.9m for Wellstat litigation; not yet paid as appeal ongoing

• Strong and flexible funding position, with new facility of up to £300m1 currently undrawn

12

Clinical trials and studies:

• TheraSphere® (STOP-HCC, EPOCH)

• EKOS (ACCESS PTS & OPTALYSE)

• Cryoablation (MOTION, SOLSTICE)

~25%

~75%

Investing in innovation and development

Disciplined capital allocation to drive sustained long-term growth

• Adjusted R&D £95.3m in 2017/18

• Excluding TheraSphere® late stage Phase III trials1

underlying R&D ~£70m

• Additional R&D would drive incremental returns

Sustained product sales growth and free cash

flow generation

- Commercial expansion

- Innovation

- Clinical data

- Acquisitions

1 Late stage Phase III trials for TheraSphere® (EPOCH & STOP-HCC) with data by 2019

13

Outlook for 2018/19

2018/19 CER outlook1 Comment

Interventional Oncology and

Interventional Vascular13-15% sales growth Continued very good growth

Pharmaceuticals Flat-to-single digit (%) sales declineHigh 2017/18 base (incl. Vistogard®) and potential

CroFab® competition from Oct 2018

Gross margin 70% – 72%Product sales gross margin: 76% – 78%

Royalties gross margin: 50%

Adjusted SG&A and R&D Flat-to-single digit (%) decline

Adjusted effective tax rate2 18% – 21% Lower rate following US tax reform

1 The average USD/GBP rate for the year to 31 March 2018 was $1.332 Adjusted effective tax rate is not prepared in accordance with IFRS. Further detail on the adjustments to IFRS financial measures is included in the preliminary announcement.

• Restructuring charge for PneumRx of up to £10m, will be excluded from adjusted earnings

• Capex expected to increase to ~£20m

• Reporting in USD from H1 2018/19

14

Product sales business is well positioned to deliver future growth and leverage

14

2017/18 Total

(£m)

Licensing

(£m)

Product

Sales

(£m)

Medium-term product sales outlook

Revenues 620.5 196.7 423.8

Growth at CER +10% +9% +10%Product sales around double-digit CER growth, driven by

IO and IV

Gross Profit 435.0 100.3 334.7

Gross Margin 70% 51% 79% Strong sustainable product sales gross margin

Adjusted operating costs1 282.3 - 282.3Disciplined commercial investment

R&D ~£70m excluding STOP-HCC and EPOCH

Adjusted Operating Profit 152.7 100.3 52.4

Adjusted Operating Profit Margin 25% 51% 12% Operating leverage over time

1 Adjusted operating costs represent adjusted SG&A and R&D, and £1.3m other operating expense.

• US tax reform has lowered our medium-term outlook for the group adjusted effective tax rate to 22–26%

15

Financial summary

Delivery of double-digit product sales growth in 2017/18

Commitment to invest in commercial expansion, R&D and acquisitions

Disciplined cost control actions taken in 2017/18

Robust financial position supporting sustained, profitable growth

16

Operational updateLouise Makin

17

Built a resilient Pharmaceuticals businessStrong cash generation, efficient infrastructure

0

30

60

90

120

150

180

2008 2018

An

nu

al sa

les (

£m

)

CroFab® DigiFab® Voraxaze®

• Products sold in

US only through a

distributor

• Direct acute care US sales

force, distributors RoW

• Investments in manufacturing,

sales and marketing, data

• Built CroFab® barriers:

expanded label (copperhead

bites), brand leadership and

trust (algorithm, digital app, c.

60,000 patients treated safely

and effectively)

• Label and geographic

expansion for DigiFab®

• Voraxaze® approved and

growing strongly, Oncology

sales team established

£23.3m

£177.7m1

1 Excluding Vistogard® sales

18

Developing leadership positions in IMMultiple investment opportunities

Commercial and geographic

expansion

Adding clinical data /

indication expansion

Product innovation

19

Invested to expand capability, footprint and capacity at Galil

– now a center of excellence in ablation and device engineering for BTG

BTG has produced the only MRI compatible cryoablation system

– increasing interest in MRI guided procedures

– MRI enables better visualisation of the tumour and ablation zones

– allows for more precise treatment

CT ablation system upgrades enable treatment of more patients

– smaller, lighter system with software upgrades designed around the IR

– longer needle shafts for patients with deep-seated tumours

New ablation modality

– complementary system for tumour ablation in development

Product innovationBTG ablation technology

20

Commercial / geographic expansionIncreasing TheraSphere® procedures worldwide

2014 2018

2014-2018 growth drivers:

• N.Am. and EU sales

forces

• TARGET study

• βETA™ Radiation Safety

Programme

• Simplicit90Y™ dosimetry

software

• <200 hospitals

• 2 distributors

• >600 hospitals

• >2.5x increase in procedures

• 11 distributors

• 9 new territories since 2014

c.30% revenue CAGR

2018+ growth drivers:

• STOP-HCC

• EPOCH

• IIS programme

• IO2

• Further geographic expansion

21

• Using TheraSphere® to develop new procedures in the

fight against liver cancer

• A novel technique that delivers high doses of 90Y

radiation to destroy tumours while sparing the

surrounding healthy tissue

• Showing promise as a curative treatment option for

patients with early-stage liver cancer1

Indication expansion (I)Radiation segmentectomy with TheraSphere®

1 "Radiation Segmentectomy: Potential Curative Therapy for Early Hepatocellular Carcinoma" Radiology, 2018

"We want to minimize the time from clinic visit to treatment, and

fine-tune dosimetry so that we can find the optimal dose that will

kill the tumor. In the right patient setting, radiation

segmentectomy can be considered curative."

Riad Salem, M.D.

Chief of Vascular Interventional Radiology at Northwestern University Feinberg School of

Medicine in Chicago

22

Indication expansion (II)Building our EKOS® business through pulmonary embolism leadership

2014 2018

• <50% US hospital

penetration

• >80% US hospital penetration

• Doubled sales reps - national US

sales force

c.30% revenue CAGR

2014-2018 growth drivers:

• National US sales force

• ULTIMA and SEATTLE II

studies

• US 510(k) PE clearance

2018+ growth drivers:

• OPTALYSE PE one-year trial results

cementing leadership in treating PE

• KNOCOUT PE registry study

measuring adoption and benefits of

new PE standard of care regimen

• Ongoing geographic expansion

• Specialty crossing devices

23

Early-stage productsMilestones to build long-term value

• Initiating ELEVATE study

- Prospective study with 200+ patients to confirm

patient responder profile

- Progressing reimbursement activities in EU

• Progressing US PMA

- FDA Ad Com Meeting in summer 2018

• Renewed physician interest since dedicated

CPT codes implemented in January 2018

• Focusing on evaluations, orders and reorders

by high-volume vein practices

24

Progress and priorities

FY 2017/18 progress FY 2018/19 priorities

Interventional

Oncology

• Recruitment into TheraSphere® STOP HCC complete

• First patients treated with TheraSphere® in Lat. Am.,

Taiwan, Israel; DC Bead LUMI™ launched in EU

• Regulatory clearance for new MRI compatible

cryoablation system

• Completion of MOTION and SOLSTICE studies

• Complete recruitment in TheraSphere® EPOCH trial

• Expand offering in Latin America

• Progress TheraSphere® registration in Asian markets

• Launch of LC Bead LUMI™ M0 in the US; expand

DC Bead LUMI™ into Asia

• Data analysis from MOTION and SOLSTICE

Interventional

Vascular

• OPTALYSE PE and ACCESS PTS studies completed;

positive 12 month data from OPTALYSE PE

• First PE patient in China treated with EKOS®

• Build US PE/DVT business; develop existing RoW business and

expand into new territories

• Launch new EKOS® control unit

• Progress KNOCOUT PE registry

PneumRx® Coils• Focused on building long-term value: initiated ELEVATE

study and reduced cost base

• Progress ELEVATE study recruitment

• Complete US PMA process – Ad Com in summer 2018

Varithena® • New CPT codes established, physicians and insurers

converted from interim codes

• Increase evaluations, orders and reorder rates in high-volume

vein practices; further expand insurance coverage

Pharmaceuticals • Label expansions delivered for CroFab® , Voraxaze®• Maintain CroFab® leadership position

• Further enhance Voraxaze® value proposition

25

Scalable platform for sustained, long-term growth

Diverse revenues and strong cash generation

Potential to accelerate growth through investments and acquisitions

IM & Pharmaceuticals businesses delivering around double-digit product sales growth

Clear strategy to deliver sustained, profitable growth

26

Questions

27

Appendix

28

• These results are the last to be reported in GBP

• Starting with our Interim Results in November, we will report in USD

• In June 2018 we will publish historical financials restated to USD

Reporting in USD from 2018/19 onwards