Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached:

BioPharma Credit PLC

2. Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify): Placing of New Shares

x

3. Full name of person(s) subject to thenotification obligation:

Prudential plc group of companies

4. Full name of shareholder(s) (if different from 3.):

Prudential plc

The Prudential Assurance Company Limited

M&G Group Limited

M&G Limited

M&G Investment Management Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached:

27 March 2017

6. Date on which issuer notified:

28 March 2017

7. Threshold(s) that is/are crossed orreached:

20%

8. Notified details:

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

ORD USD0.01

GB00BDGKMY29

Below 5%

Below 5%

109,000,000

0

109,000,000

0

20.69%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/Conversion Period

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date

Exercise/Conversion period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

109,000,000

20.69%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:

Prudential plc (parent Company) - 109,000,000 (20.69%)

The Prudential Assurance Company Limited (wholly owned subsidiary of Prudential plc) - 104,665,724 (19.87%)

M&G Group Limited (wholly owned subsidiary of Prudential plc) - 109,000,000 (20.69%)

M&G Limited (wholly owned subsidiary of M&G Group Limited) - 109,000,000 (20.69%)

M&G Investment Management Limited (wholly owned subsidiary of M&G Limited) - 109,000,000 (20.69%)

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

14. Contact name:

John Baker / Owen Smith / James Todd

M&G Investment Management Limited

15. Contact telephone number:

020 7548 2561 / 020 7004 4517 / 020 7548 2293