Announcement of Share Issuance

LEI: 549300Q7EXQQH6KF7Z84

18 May 2020

RTW Venture Fund Limited

(the "Company")

Announcement of Share Issuance

Further to publication of the Company's 30 April 2020 net asset value, released on 14 May 2020, and taking into consideration interim performance of the Company's portfolio in May 2020, the Company confirms that it may issue new ordinary shares at a price of US$1.19 per new ordinary share, reflecting an 9.2 per cent. premium to the 30 April 2020 net asset value.

The Company intends to issue new ordinary shares on this basis until 19 May 2020. Investors wishing to participate in this issuance should reflect their interest to [email protected] and [email protected] at J.P. Morgan Cazenove.

For Further Enquiries

RTW Investments, LP +1 (646) 343 9280Stephanie Sirota, Chief Business Officer

Alexandra Taracanova, PhD, Director of Investor Relations

Julia Enright, Business Development Associate

J.P. Morgan Cazenove +44 (0)20 7742 4000William Simmonds

Oliver Kenyon

James Bouverat (Sales)

Charlotte Crowe

Ocorian (Company Secretary) +44 (0)1481 742 642Kevin Smith

About RTW Venture Fund Limited:

RTW Venture Fund Limited (LSE: RTW) is an investment fund focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Venture Fund invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives.

RTW Venture Fund Limited is managed by RTW Investments, LP, a leading US healthcare investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the RTW website at www.rtwfunds.com for more information.