Performance Allocation Share Distribution Deferral

LEI: 549300Q7EXQQH6KF7Z84

22 April 2020

RTW Venture Fund Limited

Performance Allocation Share Distribution Deferral

RTW Venture Fund Limited (RTW:LN, hereinafter referred to as the "Company"), an investment company investing in life sciences, biopharmaceutical, and medical technology companies, today announces that the Company and RTW Venture Performance LLC (hereinafter referred to as the "Performance Allocation Shareholder") have entered into a letter agreement pursuant to which the Performance Allocation Shareholder has agreed to defer distributions of the Company's Ordinary Shares that would otherwise be distributable to the Performance Allocation Shareholder. Under the letter agreement, such Ordinary Shares shall be distributable to the Performance Allocation Shareholder at such time or times as determined by the Board of Directors of the Company.

Until the Company makes a distribution of Ordinary Shares to the Performance Allocation Shareholder, the Company will have an unsecured discretionary obligation to make such distribution at such time or times as the Board of Directors of the Company determines. The Performance Allocation Shareholder has agreed to the deferral of the distributions of the Company's Ordinary Shares in connection with its own tax planning. The Company does not believe that the deferral of such distributions to the Performance Allocation Shareholder will have any negative effects on holders of the Company's Ordinary Shares.

For Further Information

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

Alexandra Taracanova, PhD, Director of Investor Relations

Julia Enright, Business Development Associate

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

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

William Simmonds

Oliver Kenyon

James Bouverat (Sales)

Barclays +44 (0)20 7623 2323

Tom Swerling

Andrew Tusa

Alwyn Clarke

Ryan McCarthy

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.