Investor Presentation

NON – CONFIDENTIAL

September 2019 | Sosei Group Corporation

2

The material that follows is a presentation of general background information about Sosei Group Corporation and i ts subsidiaries (collectively, the “Company”) as of the date of this presentation. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment advice to recipients. It is not targeted to the specific investment objectives, financial situation or particular needs of any recipient. It is not intended to provide the basis for any third party evaluation of any securities or any offering of them and should not be considered as a recommendation that any recipient should subscribe for or purchase any securities.

The information contained herein is in summary form and does not purport to be complete. Certain information has been obtained from public sources. No representation or warranty, either express or implied, by the Company is made as to the accuracy, fairness, or completeness of the information presented herein and no reliance should be placed on the accuracy, fairness, or completeness of such information. The Company takes no responsibility or liability to update the contents of this presentation in the light of new information and/or future events. In addition, the Company may alter, modify or otherwise change in any manner the contents of this presentation, in its own discretion without the obligation to notify any person of such revision or changes.

This presentation contains “forward-looking statements,” as that term is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. The words “believe”, “expect”, “anticipate”, “intend”, “plan”, “seeks”, “estimates”, “will” and “may” and similar expressions identify forward looking statements. All statements other than s tatements of his torical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward looking statements. Such forward looking s tatements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking s tatements. Such forward looking s tatements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. The important factors that could cause our actual results, performance or achievements to differ materially from those in the forward looking statements include, among others, risks associated with product discovery and development, uncertainties related to the outcome of clinical trials, slower than expected rates of patient recruitment, unforeseen safety i ssues 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, the competitive 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, our relationships 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 filed with 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 information currently available to the Company's management, certain forward looking s tatements are based upon assumptions of future events which may not prove to be accurate. The forward looking statements in this document speak only as at the date of this presentation and the company does not assume any obligations to update or revise any of these forward statements, even if new information becomes available in the future.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.

This presentation and its contents are proprietary confidential information and may not be reproduced, published or otherwise disseminated in whole or in part without the Company’s prior written consent. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

This presentation contains non-GAAP financial measures. The non-GAAP financial measures contained in this presentation are not measures of financial performance calculated in accordance with IFRS and should not be considered as replacements or alternatives profit, or operating profit, as an indicator of operating performance or as replacements or alternatives to cash flow provided by operating activities or as a measure of liquidity (in each case, as determined in accordance with IFRS). Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, analysis of the Company's results reported in accordance with IFRS.

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 be construed accordingly.

Disclaimer

3

What we have achieved in 2019…

Multiple programs advancing well

• Next-generation immuno-oncology program (A2a antagonist AZD4635) partnered with AstraZeneca moves towards Phase 2, triggering a $15 million progress-related milestone

• Two candidates nominated by Pfizer to advance into clinical development under the multi-target collaboration, triggering a total $6 million in progress-related milestones

• Valid Marketing Authorisation Application submitted to the EMA for QVM149, a new inhaled therapy for asthma partnered with Novartis, triggering a $2.5 million progress-related milestone

• SSTR selective somatostatin agonist candidate successfully dosed in subject

Creation of two asset-centric companies

• Orexia Ltd and Inexia Ltd created to develop novel therapies based on positive modulators of orexin OX1 and OX2 for neurological diseases

• Medicxi will be investing in both companies with an aggregate amount of up to €40 million

New multi-target collaboration deals

• New multi-target research collaboration and license agreement with Genentech targeting a range of diseases; $26m upfront and near-term payments, $1bn+ potential milestone payments

• New multi-target R&D and commercialization partnership with Takeda targeting high priority GI targets; $26m upfront and near-term payments, $1.2bn+ potential milestone payments

4

Japan-listed biotech with state-of-the-art R&D center in the UK

1 Stabilized receptor technology2 Structure-based drug design

R&D CENTERCAMBRIDGE, UK

Proprietary StaR®1 GPCR technology underpin

Research, Drug Discovery and SBDD2 Platform

Translational and Early-Stage Clinical Development Expertise

Business Development

HEADQUARTERSTOKYO, JAPAN

Late-Stage Japanese Development Expertise

Access to Capital and also Royalty Income from Novartis

Japan-anchored, with a fully integrated global discovery and development business in Cambridge, UK, driving enhanced science, productivity, and collaboration and partnership opportunities

~120 EMPLOYEES ~30 EMPLOYEES

Sosei Group CorporationTSE: 4565

5

We are the world leader in GPCR drug discovery and development

WE ARE RECOGNIZED GLOBALLY FOR WORLD-CLASS, PIONEERING SCIENCE

Solved

260+Molecular structures

From

25+Different GPCRs

Solved

>30%Structures of GPCR targets

OUR TECHNOLOGY HAS ATTRACTED WORLD LEADING PHARMA AND

BIOTECHS AS KEY PARTNERS

COLLABORATIONS WITH LEADING ACADEMIC GROUPS KEEP US AT THE

CUTTING EDGE OF SCIENTIFIC RESEARCHOUR CO-FOUNDER

RICHARD HENDERSON WAS AWARDED THE

NOBEL PRIZE IN CHEMISTRY

FORMED 2 SPIN-OUT COMPANIES

4PRODUCTS ON MARKET

GLOBALLY

29R&D PROGRAMSDISCLOSED WITH

BROAD AND DEEP PIPELINE BEHIND

6

Highly productive GPCR-focused drug discovery engine

1 Phase 2 trial of HTL0018318 for DLB in Japan remains under voluntary suspension. The Group plans to resubmit a new clinical trial notification for HTL0018318 (or another novel M1 agonist) to the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) in the future

Discovery Preclinical development Phase 1 Phase 2 Phase 3

DRUG DISCOVERY DEVELOPMENT PROGRAMS (IN-HOUSE AND PARTNERED)

Marketed

COMMERCIALIZED

15+ 7 5 2 1 4

QVM149M1Ph 1b

M4

A2A

mGlu5

SSTR

M1M4

Undisc.

Undisc.

CXCR4

GLP-1 ant

CGRP

GLP-2

Ultibro®

Seebri®

Oravi®

Norlevo®

Neurology

Immuno-oncology

Gastrointestinal

Rare/specialty

A2A

M1DLB1

7

Significant opportunity to create new or improved GPCR drugs

Drugged 27%

In trials17%

Currentlyundrugged

56%

Of the ~400 GPCR targets active in diseases, 56% have yet to be drugged

EXPANDS CAPACITY TO EXPLORE MORE GPCRs

8

Our platform technology has revolutionized GPCR drug discovery

SaBRE

CHESS

SMARTER DRUG DESIGN

ACCELERATES AND IMPROVES

DRUG DISCOVERY

ALTERNATIVE MODES OF ACTION

NEW TECHNIQUE TO IMAGE BIOMOLECULES

Cryo-EM

DNA EncodedLibraries

STAR® TECHNOLOGY

AI / MACHINE LEARNING

9

Our powerful StaR® technology enables better and smarter drug design

Improved physiochemical properties(more polar, more selective, lower dosage)

Better safety and efficacy

Reduced clinical attrition

Small molecule, peptide or antibody discovery

Our StaR®/SBDD platform capabilities allow us to develop better, differentiated drug candidates against emerging novel GPCR target mechanisms

Clinical Precedence,

33%

Clinical Validation,

45%

Pre-clinical Validation

22%

CURRENTLY IN DEVELOPMENT

10

Our team is recognized for challenging the frontiers of science

From

>25different receptors

Solved

>260X-ray

structures

Solved

>30%Structures of GPCR targets

Over

180+Journal

publications

World leaderin GPCR

drug discovery and

development

CRF1mGlu5 CCR9 GLP1R

GCGR PAR2 C5aR

11

Our core strengths differentiate us from our peers

NEW GPCR TARGET STRUCTURE AND FUNCTION

HIGH QUALITY COMPOUNDS

GLOBAL DEVELOPMENT CAPABILITY

FLEXIBLE PARTNERING STRATEGY

37%

36%

18%

9%

50%

10%

20%

20%

12

Evolving with a specialist therapeutic focus

We are building significant expertise in Immunology/GI in addition to our existing expertise in Neurology

NOW FUTURE

Neurology

Immunology/GI

Oncology

Rare

Currently in Development Currently in Discovery

13

We are developing new therapies for areas of high unmet medical need

Sources: World Health Organization, EvaluatePharma, Management Estimates. Notes: Market sizes represent global sales of products targeted at any aspect of the market. Sosei Heptares may choose to only target a segment of the specific market. 1 Represents market size for Cushing’s syndrome, rather than Cushing’s disease

~300Kaffected globally

$1.1bn20241

Cushing’s

~50Maffected globally

$7.4bn2024

Dementia

~1.6Maffected in US (mod-sevuncontrolled)

$6.6bn2024

Atopic Dermatitis

~50Kaffected globally

$5.7bn2024

PAH

~450K affected globally

$1.2bn2024

ALS

~42Maffected globally

$220bn2024

Cancer

~3.1Maffected globally

$19.1bn2024

IBD

• SSTR agonist• M1 agonist• M4 agonist• M1/M4 agonist

• H4 antagonist• PAR2 mAb • Apelin agonist • mGlu5 NAM • A2a antagonist

• CXCR4 mAb • GPR35 agonist

~1.1Baffected globally

$8.3bn2024

Migraine

• CGRP antagonist

Product/Program Modality1 Indication Partner Discovery Preclinical Phase 1 Phase 2 Phase 3 MarketedJapan Marketed Products (Out-licensed to Marketing / Distribution / Commercialization Partners)

NorLevo® SME Emergency contraception

ORAVI® SME Oropharyngeal candidiasis

Partnered Pipeline - Respiratory Products (Traditional out-licensing)

Seebri®/Ultibro® SME COPD

QVM149 SME Asthma

Partnered GPCR Pipeline (Traditional out-licensing/collaboration projects)

A2a antagonist SME Multiple solid tumors

A2a antagonist SME EGFRm NSCLC

M1 agonist SME Alzheimer’s disease

M4 agonist SME Alzheimer’s disease

M1/M4 dual agonist SME Alzheimer’s disease

Single target SME Pain

Multiple targets SME Multiple indications

Multiple targets mAb Inflammation

Multiple targets SME/LME Multiple indications

Multiple targets SME/LME Multiple indications

Partnered GPCR Pipeline (Co-development/profit share)

CXCR4 mAb mAb Immuno-oncology

Single target mAb Immuno-oncology

Single target Peptide Inflammation

Asset-centric Companies

Orexin agonists SME Narcolepsy

Orexin agonists SME Narcolepsy

14

Our partnered pipeline has multiple programs

1 Note: SME = small molecule; LME = large molecule; mAb = monoclonal antibody

: Next 12–18 months progress: Current stage

NEW

NEW

NEW

NEW

ADV

ADV

ADV

Product/Program Modality1 Indication Originator Discovery Preclinical Phase 1 Phase 2 Phase 3 Marketed

In-house (pre-partnered) GPCR pipeline

M1 agonist1 SME DLB (Japan)

mGlu5 NAM SME Neurology

SSTR agonist Peptide Endocrine disorders

CGRP antagonist SME Migraine

GLP-1 antagonist Peptide Metabolic diseases

GLP-2 agonist Peptide Intestinal failure

Orexin-1 antagonist SME Cocaine-use disorders

Apelin agonist Peptide PAH

GPR35 agonist SME Inflammatory bowel disorders

H4 antagonist SME Atopic dermatitis

PAR2 mAb mAb Atopic dermatitis

Multiple programs targeting a broad range of GPCRs

SME/LME/mAb/Peptide

Multiple indications across Neurology, GI / Inflammation, Immuno-oncology and rare / specialty diseases

15

Our in-house (pre-partnered) pipeline is immensely broad and deep

1 Note: SME = small molecule; LME = large molecule; mAb = monoclonal antibody1 Phase 2 trial of HTL0018318 for DLB in Japan remains under voluntary suspension. The Group plans to resubmit a new clinical trial notification for HTL0018318 (or another novel M1 agonist) to the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) in the future

: Next 12–18 months progress: Current stageMultiple candidates entering clinical development and next wave of targets in advanced discussions

ADV

ADV

16

Our growth strategy is driven by our pursuit of profitability

Platform Technology (StaR® - Structure)

Extend platform technology leadership

Drug Discovery

(SBDD)Development

Accelerating value creation by pursuing profitability

Business Development (New/Existing Partners)

Generate high quality novel candidates

Enhance focus on high value programs

Drive new and progress existing partnerships

17

More sustainable balance of resources and capital going forward

Latest financials (H1 2019) FY19 financial guidance (12m to 31-Dec-19)

(JPY m)1 6m to 30-Jun-182 6m to 30-Jun-19

Revenue 1,512 5,056

Cash R&D (3,273) (1,862)

Cash G&A (1,381) (1,239)

Cash at hand 18,7603 16,915

(USD m) 6m to 30-Jun-182 6m to 30-Jun-19

Revenue 13.9 45.9

Cash R&D (30.2) (16.9)

Cash G&A (12.7) (11.3)

Cash at hand 169.13 157.0

1 Reporting currency in JPY; 2 Unaudited proforma information; 3 As at 31-Dec-18; 4 USD:JPY FX rate 108

Accelerating value creation by prioritizing the pursuit of profitability in 2019

Total R&D expenses Cash G&A expenses

¥4,320 to ¥4,860m

$40 to $45m4

¥1,620 to ¥2,160m

$15 to $20m4

Sustainable and focused R&D

Increase new partner activity

Tight management of cost base

18

VISIONTo become a leading biotechnology company, anchored in Japan, with a global reach

MISSIONMaking a significant contribution to improving the quality of life and health of people around the world

VALUESIntegrity and Accountability, Passion, Courage and Resilience, Openness, Teamwork

SOSEI HEPTARES

PMO Hanzomon 11F

2-1 Kojimachi, Chiyoda-ku

Tokyo 102-0083

Japan

The Steinmetz Building

Granta Park, Cambridge

CB21 6DG

United Kingdom

North West House

119 Marylebone Road

London NW1 5PU

United Kingdom