NON – CONFIDENTIAL

World leading drug discovery
targeting GPCRs
UBS Healthcare Virtual Conference
25 May 2021 | © Sosei Group Corporation

Disclaimer
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unforeseen safety issues resulting from the administration of our products in patients, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, thecompetitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, ourrelationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors. These factors include, without limitation, those discussed in our public reports filedwith the Tokyo Stock Exchange and the Financial Services Agency of Japan. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonably based on
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References to "FY" in this presentation for periods prior to 1 January 2018 are to the 12-month periods commencing in each case on April 1 of the year indicated and ending on March 31 of the following year, and the 9 month
period from April 1 2017 to December 31 2017. From January 1 2018 the Company changed its fiscal year to the 12-month period commencing in each case on January 1. References to "FY" in this presentation should beconstrued accordingly.
© Sosei Group Corporation. Sosei Heptares is the corporate brand and trademark of Sosei Group Corporation. Sosei, Heptares, the logo and StaR® are trademarks of Sosei Group companies.

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World leading drug discovery targeting GPCRs
World leader in
GPCR drug discovery
and early development

EVOLVING WITH A SPECIALISTTHERAPEUTIC FOCUS
Advancing a broad and deep
pipeline of over 40 partneredand in-house programs acrossmultiple therapeutic areas:

Proprietary GPCR-targeted
StaR® technology and SBDD
platform capabilities

NeurologyImmunology
Gastroenterology
Other

Japan-anchored biotech, withstate-of-the-art R&D centre in
Cambridge, UK
Listed on Tokyo Stock Exchange(4565-JP)

14%
34%
25%

200+300+500+15+$700M+EMPLOYEESWORLDWIDESTRUCTURESSOLVEDGLOBALPATENTSWORLD-LEADINGPARTNERSPARTNER REV.
RECEIVED TO DATE1

1 Includes upfront and milestone payments, royalties and R&D funding received from active, inactive and completed partnerships from 2005 to 2020.

327%

We can unlock the potential of GPCRs with our StaR® technology
GPCRs are well-known targets withsignificant untapped opportunity

~400
GPCR
PROTEINS

StaR® enables us to unlock the potential of GPCRs via advanced
understanding of their structure and atomic/molecular interactions

Unstable
native GPCR

StabilizedStaR® protein
Enables mAb discovery

75%

SBDD
Novel drugcandidate
SMEs and Peptides

4Sources: “Unexplored opportunities in the druggable human genome”, Nature Reviews, 2016 ;“Trends in GPCR in Drug Discovery – new agents, targets and indications”, Nature Reviews,
2017; Management analyses

Receptors for which a structure has beenreleased in Protein Data Bank (public domain)

Solved 300+ molecular structuresfrom 30+ different receptors / 60+ StaRs
Receptors for which Sosei Heptares
has developed a StaR®

Core capabilities in drug discovery and early development, with alate-stage development team in Japan focused on in-licensing
DRUG DISCOVERY/EARLY DEVELOPMENT DRIVEN BY STAR® / SBDD ENGINE
PRE-DISCOVERYDISCOVERYPRECLINICAL

PH 1a

PH 1b

StaR® Technology

SBDD

DMPKSAD

Dosing assessment

Structure

Chemistry

Toxicology

MAD

Hit ID

Pharmacology

Translation

Experimental
Medicine

Proof of
Mechanism

PPP

Target Validation

P

Programs advanced through to certain value inflection points
before partnering / seeded into co-owned investment vehicles

5

LATE STAGE DEVELOPMENTPPH 2/3

APPROVAL•Strategic tactical development
team sources novel global
treatments for Japanese patients•

Development plans target
approvals and domestic launch by2025 timeframe

PMDA

PMDA

Clinical Efficacy

PharmacovigilancePPEstablished track record of attracting world-leading partners
Active Partnerships

Active Spin-Out Asset Centric Vehicles

NEW~$700
millionUpfront and milestone payments,
royalties and R&D funding
received from partners to date1~$6billion

Total potential deal value ofactive partnerships2

1 Encompasses payments received from active, inactive and completed partnerships from 2005 to 2020. 2 Includes potential option fees, upfront, development, regulatory and commercial milestone payments

and committed R&D funding. Excludes potential royalty payments.

6

Organic growth plan driving our world-leading GPCR drug discovery
OBJECTIVE

ORGANIC GROWTH PLAN

Continue to expand
expertise in GPCRs
Extend technology /platform leadership

Generate high quality
novel candidates

OBJECTIVE

At least 2 new
Preclinical Candidates
on average,
every year

OBJECTIVEOBJECTIVE

Demonstrateprogress of pipeline

2-3 new high-value
collaborations and/or
co-investments,
every year

Advance discovery anddevelopment pipeline

Execute high valuepartnerships

Building a broad pipeline to fuel the continued execution of high-value partnerships and co-investments

7Organic growth plan driving our world-leading GPCR drug discovery
OBJECTIVES METORGANIC GROWTH PLAN

✓ Jan-20 – Orexin agonist
scientific breakthrough,triggering next tranche ofMedicxi funding (Orexia, Inexia)✓ Dec-20 – Strategic technology
collaboration with Captor
Therapeutics for Targeted
Protein Degradation✓ H1 FY20 – CGRP ant. advanced
to Phase 1 ready✓ H2 FY20 – mGlu5 NAM
advanced through Phase 1✓ Jun/Jul-20 – Enerzair®
approved in Japan and EU✓ Sep-20 – CCR6 ant. starts Ph 1

Extend technology /platform leadership

Advance discovery anddevelopment pipeline

Generate high quality
novel candidates

Execute high value
partnerships

All organic growth objectives successfully achieved

8OBJECTIVES MET✓ H1 FY20 – Nomination of H4
ant. candidate for AtopicDermatitis✓ H1 FY20 – Nomination of EP4
ant. candidate for I/O✓ H1 FY20 – Nomination of GPR35
ag. candidate for IBD (which wasthen out-licensed to GSK)
✓ Jun-20 – AbbVie collaboration
targeting inflammatory diseases✓ Nov-20 – Tempero Biocollaboration for mGlu5 NAM✓ Dec-20 – Biohaven collaboration
for CGRP antagonist✓ Dec-20 – GSK collaboration for
GPR35 agonist

Our StaR® technology and SBDD platform enables productive drug
discovery and generates multiple high quality candidates
LAST 10 YEARS (StaR® / SBDD GENERATED)TODAY

DRUG DISCOVERY

LEAD OPEARLY DEVELOPMENTMEDIUM TERM OUTLOOKTECHNOLOGYDRUG DISCOVERY

Deliver at least

Generate on average

42

new programs to leadoptimization stage
every 2 years

new preclinicalcandidates
every year

5 compounds

Generated

Produced

24

9high quality novel
preclinicalcandidates

IND1 clinicalcandidates that haveentered human trials

PRECLINICAL
12 candidates
CLINICAL
9 candidates

One of the most productive GPCR drug discovery teams in the world over the past 10 years
Note: 1 IND = Investigational New Drug9

We continued to make excellent progress in collaborative drug
discovery, adding three new pharma partnerships in 2020
Partner

Active Partnered Program

Therapeutic Area

UF / Near Term Payments

Potential deal value1

2020 Collaboration and Licensing
Agreement for GPR35 agonist

Gastrointestinal,
immunology$44m$480m+

2020 Collaboration and Licensing
Agreement for CGRP antagonist

Neurology$10m$380m+

2020 Discovery Collaboration andOption to License2

Inflammatory andAutoimmune$32m$400m+

2019 Multi-target Collaboration

Multiple; Initial focus on
Gastrointestinal$26m$1.2bn+2019 Multi-target Collaboration

Multiple$26m$1.0bn+2015 Multi-target Collaboration

MultipleNil$1.8bn+2015 Collaboration and Licensing
Agreement for A2a antagonist

Immuno-oncology$10m$500m+$148m$5.9bn+

TOTAL
1 Potential option fees, development, regulatory and commercial milestone payments, plus royalties on global commercial sales;
2 AbbVie has the option to expand the collaboration by an additional three targets

10We added multiple new partnered and in-house programs to our deep
pipeline, which will drive more collaborations and value creation
Pre-Disc. /Discovery

Outlicensed

Co-dev /Profitshare

Co-owned
companies

In-house /Not yetpartnered11

Preclinical development

20+

Phase 112

Multi-target

GPR35 ag.

CGRP ant.

MultipleIBD

Neurology

Phase 28A2A ant.

Solid tumors

Marketed24A2a ant. combo(s)Ultibro® Breezhaler®

mCRPC

COPD

Multi-target

GLP-1 ag.

Seebri® Breezhaler®

Multiple

T2DM/Obesity

COPD

Multi-target

CCR6 ant.

Enerzair® Breezhaler®

GI and other

IBD

AsthmaSingle target

MCR4 ag.

Oravi®

Inflammatory

Anorexia

Mouth candidiasis

NEW

CXCR4 mAb
TPD

Ion channel

PAR2 peptide

AI-driven

Immuno-oncology

OX1/OX2 ag.

mGlu5 NAM

Narcolepsy

Substance Use

SARS-CoV-2 MPro

GLP-2 ag. peptide

H4 ant.

PAR2 mAb

Coronaviruses

Intestinal failure

Atopic Dermatitis

Atopic Dermatitis

GLP1 ant. peptide2

EP4 ant.

Endocrine

Immuno-oncology

M4 ag. Backup

M4 ag. HTL’878

GPR52 ag.

M1M4 ag.

M1 ag. Backup

M1 ag. HTL’936/’318

10+ programs
Neurology
GI / Inflammation
Immunology

Neurology

Neurology

Neurology

Neurology

SSTR5 ag. peptide
Endocrine

Partnered ProgramM1 ag HTL’3181
DLB

Neurology

Neurology

Note: Seebri®, Ultibro®, Enerzair® and Breezhaler® are registered trademarks of Novartis AG. 1 Phase 2 trial of HTL0018318 for DLB in Japan has been withdrawn. The Group may resubmit a new clinical trial notification for HTL0018318 (oranother novel M1 agonist) to the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) in the future. 2The option to license GLP1 antagonist peptide was not exercised before 31 December 2020 and therefore the program is currently
wholly in-house.

In-house Program
Recently regainedprogramPotential to deliver transformative new treatments for patients
Muscarinic M4 and M1 receptors are validated targets for psychosis and cognition
Muscarinic M4 and M1 receptors represent
validated targets for the treatment of psychosis
and cognition, respectively

Xanomeline, the M4/M1 preferring agonist, achieved
human Proof of Concept in double-blind, placebocontrolled trials in SZ and AD patients

Selective orthosteric agonists have been very
challenging despite over 25 years of effort bymajor global pharma~20M
SCHIZOPHRENIA~50M
GLOBAL SUFFERERS$818BNSOCIETAL COST

DEMENTIA

1.1%
COST OF DEMENTIAGLOBAL GDP

Muscarinic M4 and/or M1 receptor agonists with selectivity over peripheral muscarinic M2 and M3 receptor
subtypes have the potential to be transformative treatments
Source: World Health Organization

12

HTL’878 potential to deliver transformative treatments for patients
Schizophrenia remains a huge unmet medical need
Large market withblockbuster sales profiles…

~20M

SZ patients worldwide

Blockbusters sales profiles despite
limited efficacy and severe side effects$10BN+$13BN+(2020)(2026)…Despite no innovationin 70 years
Current treatments use the same
MOA from the 1950s

1st GenD2 modulating

Atypicals

Dual D2/5HT
modulating

2nd Gen
Atypicals

Dual D2/5HT
modulating

Huge opportunity for HTL’878
P

Selective M4 agonist

Potential First in Class therapy
Pwith a novel MOA
P

Improved tolerability

P

Significant need for newtreatment options in SZ

The severe side effect profile of Atypicals continues to drive high relapse rates, disease progression anddiscontinuation of treatment – there is a significant need for new treatment options
Source: World Health Organization; EvaluatePharma

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HTL’878 is now the focus of increased capital allocation from us toenable acceleration, whilst maintaining investment other programs
ProgramCompoundStageFY2021

M4 agonist

HTL’878

Ph 1Preparation for Phase 2

HTL’318

Ph 1

Toxicity
test

Data analysis /comparisonwith backup

M1 agonist

M1 / M4
dual agonist

Undisclosed(M1 Backup)

Candidate Selection

Preclinical development

Undisclosed

Candidate Selection

Preclinical development

Portfolio Partnering Activity
Note: Progress schedule outlined for key muscarinic programs only.
*Budget allocation within the Muscarine program, not overall R&D budget allocation

14

Active negotiations withmultiple potential partners

FY2022Phase 2start

Phase 2
trial activity

Prioritization of which
selective M1 agonist
program to progress, tobe decided by end of 2021

Muscarinic budget
R&D allocation*50%

25% 25% Targeting partnershipexecution by end of 2021

-Strategic growth plan driving corporate value expansion
OBJECTIVE

Capital raisecompleted to pursue
deals in 2021

STRATEGIC GROWTH PLAN

Seek out revenuegenerating opportunities

Invest / collaborate innovel technologies

OBJECTIVE METTake steps to expand
beyond core GPCR
specialtyP

OBJECTIVE MET

Add new technology
capabilities to ourSBDD platformPP

OBJECTIVE

Expand drug target
classes beyond GPCRs

In-license late-stage
programs for JapanBring international
medicines toJapanese patients inareas of unmet need

Adding new revenues, and accessing new technologies, to expand our future-proof our capabilities

P15

Recent collaborations FY20/FY21

Summary Financial Highlights (FY20 and 1Q 21)
Revenue ($m)

89.2

Cash Earnings ($m)

Cash ($m)

82.8

12m to 31-Dec-19

12m to 31-Dec-20

10.7

11.4

386.5
26.1

27.2

140.3

12m to 31-Dec-19

12m to 31-Dec-20

As of 31-Dec-19

0.1

Stepped-up R&D investment
in HTL’878 to drive value as
we seek global out-license
partner in during 2021

386.5

As of 31-Dec-20

364.8(6.4)
3m to 31-Mar-20

3m to 31-Mar-21

3m to 31-Mar-20

3m to 31-Mar-21

As of 31-Dec-20

As of 31-Mar-21

Our balanced business model supports a biotech with a unique investment/risk profile.
Strong potential upside from novel drug discovery, with the stability of sustainable financials
Note: USD:JPY FX rates used – 108.91 (FY2021), 106.77 (FY2020) and 109.03 (FY2019)16

Priority objectives for FY2021

Progress organic
growth plan

17

Execute strategic
growth plan

•Extend technology / platform
leadership•Transformative revenuegenerating acquisition•

Generate high quality novel
candidates•

In-license late-stage assets
for Japan market•

Advance discovery anddevelopment pipeline•

Invest / collaborate in novel
technologies•

Execute high value
partnerships•

Expand drug target classes
beyond GPCRs

Commitment to sustainable
development goals•

Promote sustainable ESG
practices and policies acrossglobal business•

Advance coronavirus
program and establish
collaborations with industry
partners to further develop
candidates as oral treatments
for human coronaviruses

Thank you for your attention
Chris CargillChief Financial Officer
IR@soseiheptares.com

SOSEI HEPTARESPMO Hanzomon 11F

Steinmetz Building

North West House

2-1 Kojimachi, Chiyoda-ku

Granta Park, Cambridge

119 Marylebone RoadTokyo 102-0083

CB21 6DG

London NW1 5PU

Japan

United Kingdom

United Kingdom

www.soseiheptares.com@soseiheptaresco@soseiheptaresco@soseiheptaresco