Net Asset Value(s)

LEI: 549300Q7EXQQH6KF7Z84

16 December 2019

RTW Venture Fund Limited

Net Asset Value

RTW Venture Fund Limited (the "Company") announces that the unaudited net asset value of the Company at the close of business on 30 November 2019 (the "NAV") was US$187.25 million, or US$1.16 per ordinary share.

As at 30 November 2019, 14 per cent. of the NAV was invested in privately-held companies.

For Further Information

RTW Investments, LP +1 (646) 343 9280Stephanie Sirota, Chief Business OfficerAlexandra Taracanova, PhD, Director of Investor Relations

Julia Enright, Business Development Associate

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

Note:

1. The NAV is determined by the Company's investment manager, RTW Investments, LP, in accordance with the Company's accounting policies. Investments by the Company in privately-held companies ("Private Portfolio Companies") have been valued at fair market value, taking into account the valuation prepared by Alvarez & Marsal Valuation Services LLC as at 30 November 2019 and the nature, facts and circumstances of the Private Portfolio Companies since that date. Investments by the Company in companies listed on a public stock exchange (the "Public Portfolio Companies") have each been valued by reference to their market capitalisation as at close of business on 29 November 2019. The Company applies a valuation discount to its investments in Public Portfolio Companies that are subject to post-IPO lock-up provisions.