Quotient Limited. 36 th Annual JP Morgan Healthcare Conference. San Francisco, January 2018 THE FUTURE, MADE POSSIBLE

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1 Quotient Limited 36 th Annual JP Morgan Healthcare Conference San Francisco, January 2018

2 Safe Harbor Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of These forward-looking statements include statements regarding our expectations of continued growth, the development, regulatory approval, commercialization, and impact of MosaiQ and other new products (including our current expectations regarding the timing of MosaiQ project milestones) and forecasts of the demand for MosaiQ Microarrays and our expected sources of funding. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include delays or denials of regulatory approvals or clearances for products or applications; market acceptance of our products; the impact of competition; the impact of facility expansions and expanded product development, clinical, sales and marketing activities on operating expenses; delays or other unforeseen problems with respect to manufacturing, product development or field trial studies; adverse results in connection with any ongoing or future legal proceeding; continued or worsening adverse conditions in the general domestic and global economic markets; as well as the other risks set forth in the company's filings with the Securities and Exchange Commission ( SEC ). Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Quotient disclaims any obligation to update these forward-looking statements. The Quotient logo and MosaiQ are registered trademarks or trademarks of Quotient Limited and its subsidiaries in various jurisdictions. Any images, schematics or other graphic or pictorial representations contained herein, including those representing the MosaiQ Instrument or Microarrays, are for illustrative purposes only. Those representations may change and may not accurately represent final Quotient products or services. This presentation contains statistics and other data that in some cases have been obtained or compiled from information made available by third parties. Quotient makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness or completeness of such information. Page 2

3 Company Mission To transform Transfusion Diagnostics through the provision of a comprehensive automated testing solution Improving patient outcomes delivering major efficiencies. Page 3

4 MosaiQ Overview Substantial market opportunity offering compelling financial returns MosaiQ is a transformative and highly disruptive diagnostics platform Compelling value proposition - delivering major work flow efficiencies; advancing patient care Initial target market $3.4 BN global transfusion diagnostics market Two-thirds donor testing; one-third patient testing. No third-party reimbursement challenge Key project elements in place Microrarray manufacture validated, assays working, commercial instruments available Near-term commercial launch Commercial launch - Europe and Rest of World 2018; USA 2019/20 Compelling financial opportunity Highly scalable and profitable platform (GP 80-90%; Operating Margins >60%) Page 4

5 Commercial Opportunity Transformative solution addressing a major market opportunity Transfusion diagnostics Characterization of donor and patient blood; screening of donor blood for unwanted pathogens Annual reagent spend $3.4 BN Donor collection agencies, reference laboratories, hospitals Transfusion diagnostics has lacked major innovation over the past 20 years Existing testing is complex, continued heavy requirement for manual testing, strong cost pressure Donor testing accounts for $2.3 BN QTNT s commercial focus Highly concentrated customers base; need to reduce costs Opportunity to expand MosaiQ beyond transfusion diagnostics Broad application low cost/quick solution to detect antigens, antibodies and DNA/RNA Page 5

6 Transfusion Diagnostics Market Major market with Top-10 customers representing >$1.0BN opportunity Transfusion Diagnostics ($3.4BN Global Annual Expenditure) Annual Donations (Volume) Potential Microarray Demand (Volume) Donor SDS $875M Donor Blood Grouping $325M Donor MDS $1,100M Patient Blood Grouping $1,100M * Red Blood Cells: Customer #1 8,100,000 24,300,000 Customer #2 4,100,000 12,300,000 Customer #3 5,000,000 15,000,000 Customer #4 3,400,000 10,200,000 Customer #5 3,100,000 9,300,000 Customer #6 2,100,000 6,300,000 Customer #7 1,700,000 5,100,000 Total Red Blood Cells 27,500,000 82,500,000 Source Plasma: Customer #8 Customer #9 35,000,000 35,000,000 SDS Serological Disease Screening; MDS Molecular Disease Screening * Licensed to Ortho Clinical Diagnostics Customer #10 Total Source Plasma 35,000,000 70,000,000 Total Top-10 Customers 62,500, ,500,000 ASP Per Microarray - $7.50 Page 6

7 MosaiQ Overview of Applications Comprehensive solution for blood grouping and disease screening Extended antigen typing and antibody detection for donor and patient blood plus serological and molecular disease screening for donor blood and plasma Patients Donor Red Cells Donor Plasma Blood Grouping (Extended Antigen Typing + Antibody Detection) Serological Disease Screening Molecular Disease Screening MosaiQ IH Microarray MosaiQ SDS Microarray MosaiQ MDS Microarray Over 180 million patient and donor samples tested annually Page 7

8 MosaiQ Automation Solution Substantial market opportunity, commercial launch scheduled for 2018 High throughput, flexible Daily processing 3,000 microarrays MosaiQ Instrument True walk-away solution Just load samples Two variants planned Continuous load; track capable Known time to result Turnaround time - <35 minutes Commercial instruments Commercial ready instruments received Multiplex testing capability Up to 132 tests simultaneously Highly innovative solution Full automation/characterization Leveraging existing assays Accelerating adoption; reducing risk Advancing patient care Better matching Delivering major cost savings Eliminating manual testing; consolidating multiple platforms; reducing waste MosaiQ Microarray Page 8

9 MosaiQ Single Unified Instrument Platform Blood grouping provides a compelling point of entry for transfusion diagnostics Serologic Disease Screen Abbo (Prism) Ortho (Summit) ($875MM) Blood Grouping ($325MM) ABO & Rhesus Beckman Coulter (PK7300) Molecular Disease Screen (NAT) Grifols (Tigris/Panther) Roche (Cobas) ($1.1BN) An body Screen Immucor (Galileo/Neo) Ortho (Vision) Bio-Rad (IH-1000) Grifols (Erytra) Manual Tes ng Ortho, Immucor, Bio-Rad, Grifols, Quo ent, Diagast, Sanquin Blood Grouping the key differentiator. Unique automation solution delivering the greatest cost saving opportunity. Provides capability to quickly leverage future MosaiQ disease screening solutions Page 9

10 Current Technology Matrix Multiple instrument platforms required and ongoing need for manual testing ABO, Rh & Kell Extended Antigen Typing Antibody Screen Antibody Detection Serological Disease Screening Molecular Disease Screening (1) USA: Customer #1 PK7300 (Danaher) Manual/PK7300 (Various/Danaher) Galileo/Neo (Immucor) Manual Prism (Abbott) Tigris/Panther/Cobas (Grifols/Roche) Customer #2 PK7300 (Danaher) Manual/PK7300 (Various/Danaher) Galileo/Neo (Immucor) Manual Prism (Abbott) Tigris/Panther/Cobas (Grifols/Roche) Europe: Customer #3 PK7300 (Danaher) PK7300 (Danaher) IH1000/Vision (Biorad/Ortho) Manual/Vision (Various/Ortho) BEP (Siemens) Cobas (Roche) Customer #4 PK7300 (Danaher) PK7300 (Danaher) Neo (Immucor) Manual/Neo (Various/Immucor) Prism/Architect (Abbott) Cobas (Roche) Customer #5 PK7300 (Danaher) PK7300 (Danaher) Neo (Immucor) Manual/Neo (Various/Immucor) Prism/Architect (Abbott) Cobas (Roche) Customer #6 IH1000 (Biorad) IH1000 (Biorad) Erytra (Grifols) Manual/Erytra (Various/Grifols) Architect (Abbott) Panther (Grifols) U.S. Plasma: Customer #7 NA NA NA NA Prism (Abbott) Customer #8 NA NA NA NA Prism (Abbott) Customer #9 NA NA NA NA Prism (Abbott) Tigris/Panther (Grifols) Tigris/Panther (Grifols) Cobas (Roche) MosaiQ Target Capability Yes Yes Yes Yes Yes Yes (1) Excluding Zika screening in the U.S.A. (2) Typical technology profile Page 10

11 MosaiQ Planned Testing Solution Representing the most comprehensive testing platform Individual assays are well characterized and used world-wide today reducing regulatory and commercial risk MosaiQ IH Microarray MosaiQ SDS Microarray MosaiQ MDS Microarray Ab Detection Antigen Typing Serological Disease Screening Nucleic Acid Testing Specificity Specificity Pathogen Pathogen ABO A, B, A1 ABO A (A 1, A 2, A x ), B Syphilis HIV 1/2 Rh Kell Duffy Kidd Lewis MNS P Lu Xg Diego Other D, C, c, E, e, C w K, k, Kp a, Kp b, Js b Fy a, Fy b Jk a, Jk b Le a, Le b M, N, S, s P1 Lu a, Lu b Xg a Di a U, Wr a Direct Antiglobulin Test D Rh Kell Duffy Kidd Lewis MNS P D, Weak D, DVI Variant C, c, E, e, C w K, k, Js a, Js b Fy a, Fy b Jk a, Jk b Le a, Le b M, N, S, s P1 Lu Lu b, Phase I IH Product (italicized = antibody status reported for information on Phase I product) CMV HBsAg + Anti-HBc HCV Anti-HIV 1/2 + HIV Ag HTLV I/II Chagas HBV HCV West Nile Virus Zika Other (HAV, HEV, Parvo) Anti-IgG, Anti-IgG1, Anti-IgG3, Anti-C3d Page 11

12 Blood Grouping and Serological Disease Screening Latest verification and validation (V&V )/performance evaluation data Blood Group Antigen A B D C c E e Cw K k Concordance 100.0% 99.9% 99.5% 100.0% 99.0% 100.0% 99.7% 100.0% 100.0% 100.0% Samples tested Antibody Detection Antibody Detection Concordance 99.0% Samples tested Initial Serological Disease Screening Assays Sensitivity Specificity CMV 100.0% 99.5% Syphilis 100.0% 99.4% Page 12

13 Commercial Opportunity/Strategy Market structure is well suited to Quotient Transfusion diagnostics - $3.4 BN market opportunity Donor/patient testing; donor testing laboratories/reference laboratories/hospitals Donor testing North America, EU and key Asia-Pacific Commercial rights retained by Quotient Donor testing market Concentrated; processes well suited to MosaiQ; need to reduce costs; record of rapid adoption Patient testing Leveraging commercial infrastructure of Ortho Clinical Diagnostics (Global #1 in blood grouping) Razor/Razor Blade business model Place instruments; enter into long-term contracts to supply Microarrays Page 13

14 MosaiQ - Key Value Proposition Increases plasma and red cell yield; less tubes; reduced logistics and waste; testing of challenging patients automated. Low sample volume requirements Single instrument platform Consolidates multiple instrument platforms onto a single multiplex testing platform. Reducing waste, simplifying reagent/ consumable management. Extended shelf life Reducing Costs Automated, streamlined and simplified processes Eliminates need for routine manual testing. Known time to result (<35 minutes). Same sample for serological and molecular disease screening. No need to pool samples. Quicker turnaround times. Comprehensive and versatile disease screening Comprehensive characterizatio n of donor and patient blood Facilitates enhanced matching, reduces risk of developing antibodies. Lower adverse events. Improves patient outcomes. MosaiQ is designed to address the key challenges faced by donor collection agencies worldwide (i.e. reducing costs and complexity) Page 14

15 Ortho Clinical Diagnostics Partnership Validates MosaiQ technically and commercially Accelerates entry into patient testing market for MosaiQ Ortho has acquired rights to sell and distribute MosaiQ Global patient testing market: $1.1 Billion addressable market Donor testing market in regions not covered by Quotient (e.g., Japan) $25M of upfront funding provided by Ortho $10M investment in ordinary shares; $22.50 per share $15M investment in non-dilutive preference shares $59M of development and commercialization milestones Quotient to manufacture MosaiQ Microarrays Transfer price equates to a % of net selling price Transfer price is subject to a floor Quotient retains MosaiQ commercial rights for all other diagnostic applications (including Molecular Disease Screening) Page 15

16 MosaiQ Status/2018 Deliverables MosaiQ Microarray Manufacturing Facility Commissioned and validated MosaiQ Instrument Commercial ready instruments available Commercial Launch 2018 Complete EU field trials and regulatory approval MosaiQ IH Microarray, initial MosaiQ SDS Microarray and MosaiQ IH II Microarray Complete US field trials/regulatory filing MosaiQ IH II Microarray and initial MosaiQ SDS Microarray Finalise remaining transfusion development MosaiQ IH III Microarray, MosaiQ SDS II Microarray (for red cell and plasma screening) European commercial launch Complete commercial launch of MosaiQ in EU Page 16

17 MosaiQ - Compelling Business Opportunity Initial market opportunity Transfusion Diagnostics Significant market opportunity: $3.4BN global annual spend Top-10 donor-testing customers - >$1.0BN revenue opportunity Long-term contracts High barriers to entry, particularly for blood grouping Opportunity to secure donor testing market, given cost savings opportunity in blood grouping Transformative and disruptive solution: Full automation solution Unique blood grouping capability Single instrument platform for blood grouping and donor disease screening (serological and molecular) Customers will adopt for 100% of needs Opportunity to leverage into the broader immunoassay and molecular testing markets Commercial launch in 2018: Manufacturing - validated Instrument development completed Final product validation - underway EU field trials (I/II) complete in CY18 US field trials (Phase II) complete CY18 Patient testing leveraging Ortho s commercial infrastructure Compelling financial profile: Instrument placement with significant disposable pull through revenues ( razor:razor blade ) Highly scalable, low-cost product design Concentrated customer base for donor testing no need for significant investment in sales and marketing Provides significant operating leverage: o Gross margins 80-90% o Operating margins - >60% Page 17

18 Quotient Limited (NASDAQ: QTNT)