Dr Mahendra Deonarain, Chief Science Officer Antibody Fragment Drug Conjugates (FDCs) Breakthrough ADC therapy BioTrinity April 2016 Stevenage Bioscience Catalyst

Antikor’s Fragment Drug Conjugates (FDCs) Unique World–leading Technology Higher efficacy than ADCs – Penetrate tumours faster and act more rapidly – Higher payload loading, delivering more to the tumour Lower side effects than ADCs – Clear much more rapidly from blood and normal tissues Wider therapeutic window than ADCs – FDA report (2015) on 20 clinical ADCs concluded that toxicity is payload driven and strategies to reduce exposure to normal tissues are needed Huge commercial opportunity – Develop innovative and differentiated cancer drugs – Lead product candidates by 2017 in high-value opportunities – First major partnership expected with top-line biopharma, more to follow Seeking £3.8m over next 2 years to achieve major value inflexion 2

Unique Competitive Position Features and USPs of OptiLinked FDCs Whole MAb IgG (ADC) MAb Features Poor penetration Long half-life Low payload loading Liver metabolism Cross reaction (Fc and sugars) Low therapeutic index OptiLinked FDC Features and USPs Fast penetration Fast clearance/low normal organ exposure High & controllable payload loading Multiple payload types – versatile Combines well/better with immuno-oncology Multiple Ab targets Good CMC (homogenous, high yielding) Broad and robust IP FDC Product discovery engine High therapeutic index 3

Antikor FDCs: More effective, faster and robust than benchmark ADCs* OptiLinked FDC Human breast cancer model Best data for any FDC 100% cures with Antikor FDC (2mg/kg) Better tolerated than ADC * Independent study by CRO Charles River Labs Antikor FDC Fast acting Benchmark (IgG) ADC Antikor FDC Well tolerated Benchmark (IgG) ADC Prolonged/cumulative toxicity 4

Antikor FDCs out-performs ADCs in difficult solid tumours (gastric)* Human gastric cancer model Antikor FDC outperforms Trastuzumab ADC Lower dosing needed FDC is better tolerated than ADC * Independent study by CRO Charles River Labs 5

FDCs penetrate into tumours much faster than ADCs FDC advantages Rapid, deep and even uptake into tumours Early and more potent ‘hit’ to the tumour Kills more cells earlier Tumour penetration and uptake Anti-HER2 FDC Trastuzumab-ADC hours Time (hours) FDC advantages Rapid, deep and even uptake into tumours Early and more potent ‘hit’ to the tumour Kills more cells earlier Fast clearance from blood and normal organs FDCs reduce risk of off-target drug release 6

7 Antikor’s FDC can improve Immuno- Oncology therapies (better than ADCs) Immuno-oncology (IO) therapies established and successful – Anti PD1 (Keytruda TM -pembrolizumab), stimulates immune system Many tumours do not respond (or slowly) as they are not ‘immunogenic’ Emerging strategy is to combine ADCs and IO – ADCs kill tumours, cell debris >> substrate for immune-stimulation FDCs will have advantages over ADCs and other chemotherapy – Kill tumours more quickly >> Faster IO action – Do not damage the bone marrow (where immune cells are formed) – Unlike ADCs, FDCs have no Fc-domain which interacts with immune cells

Antikor - High value / Low risk Investment Proposition Strong evidence for breakthrough FDC claims – Preclinical PoC and substantial CMC data Clearly differentiated, proprietary and competitive platform Multiple product opportunities for unmet needs – In-house clinical candidates for gastric cancer by 2017 – Valuable partnership deals with novel products in co-development ADCs clinically and commercially validated High-value precedents for licensing and M&A High ROI 8