3.2. Unsecured claims have been agreed totalling 482,440.

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1 Our Ref NZM/PAM/KLM/EZF/A00278L/7 To the Creditors/Members Recovery and Reorganisation 19 January 2017 Dear Sirs Grant Thornton UK LLP 4 Hardman Square Spinningfields Manchester M3 3EB T +44 (0) F +44 (0) grantthornton.co.uk Alizyme plc (the Company) - In Liquidation Former Trading Address McClintock Building, Granta Park, Great Abington, Cambridge, CB21 6GX Introduction I am now in a position to report on the liquidation to date and enclose an account of my receipts and payments for the year ended 20 December 2016, together with a cumulative account of my receipts and payments to that date. Assets No statement of affairs has been prepared for the liquidation. The only assets transferred from the administration are the surplus funds totalling 517,278 and the amount due from the Company's subsidiary, Alizyme Therapeutics Limited in Liquidation (ATL). Amount due from ATL The Company's main asset is an amount due from ATL of c 123 million, the recovery of which is subject to the outcome of the liquidation of ATL. ATL paid an interim dividend to its creditors in December 2013 and subsequently, c 1.2m has been received as shown in the receipts and payments account at Appendix A. Liabilities Preferential creditors All of the Company's staff were employed through ATL and therefore the Company has no preferential creditors. Unsecured creditors 3.2. Unsecured claims have been agreed totalling 482, A distribution of 100p in the plus statutory interest totalling 156,601 was paid to the unsecured creditors on 7 January Chartered Accountants Grant Thornton UK LLP is a limited liability partnership registered in England and Wales: No.OC Registered office: Grant Thornton House, Melton Street, Euston Square, London NW1 2EP. A list of members is available from our registered office. Grant Thornton UK LLP is authorised and regulated by the Financial Conduct Authority. Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another s acts or omissions. A list of personnel permitted by Grant Thornton to accept appointments as insolvency practitioners and of their respective authorising bodies may be inspected at the above address Please see grantthornton.co.uk for further details.

2 Shareholders It is anticipated that there will be sufficient funds for a distribution to be made to the Company's shareholders. As stated in the annual report of ATL, future milestone payments may be received in the next few years, thus facilitating a further distribution to the Company. Given the uncertainty surrounding potential further dividends to the Company, I am unable to provide any estimates as to the timing or quantum of a distribution to the shareholders. There are approximately 4,500 shareholders in the Company, thus it is not cost effective to pay an interim dividend, but the position will be reassessed in one year's time. Liquidator's remuneration and expenses At a meeting of creditors held on 2 October 2009, a resolution was passed approving the basis of remuneration to be on time costs. Pursuant to rule 4.127(5A) of the Insolvency Rules 1986, this basis applies also in the liquidation In accordance with Statement of Insolvency Practice (SIP 9), I attach as Appendix B, a summary of my time costs to 20 December 2016 by grade of staff and type of work. This shows total time costs of 276,143 representing 1,139 hours at an average of 242 per hour, against which I have drawn fees of 275,424 on account. Details of any matters which have had a significant impact on the time costs are included in the appendix, together with details of any disbursements charged during the period under review The majority of time spent during the period relates to the on-going correspondence and queries in relation to the shares held in the Company and share transfers Further detail regarding time spent in the period can be found at Appendix B Notice of annual meetings of members and creditors Notice is hereby given pursuant to Section 105 of the Insolvency Act 1986 that meetings of members and creditors of the above-named company will be held at Grant Thornton UK LLP, 4 Hardman Square, Spinningfields, Manchester, M3 3EB on 21 February 2017 at 10:00am and 10:30am respectively for the purpose of receiving an account of the liquidator's acts and dealings and of the conduct of the winding up to 20 December A member or creditor entitled to attend and vote at the above meetings may appoint a proxy to attend and vote in his place. It is not necessary for the proxy to be a member or creditor. Proxy forms must be returned to the offices of Grant Thornton UK LLP, 4 Hardman Square, Spinningfields, Manchester, M3 3EB by not later than noon on 20 February At these meetings a report similar to this will be given and as the meetings are purely formal, there is no necessity to attend unless you so wish.

3 Other Expenses incurred by the Liquidator No further expenses have been incurred in the period. Contact Should you have any queries in respect of the above please contact Heather Thomson on Yours faithfully for and on behalf of Alizyme plc Nigel Morrison Liquidator

4 Alizyme plc - in liquidation Summary of receipts and payments from 21 December 2009 to 20 December 2016 From From 21/12/ /12/2015 Statement to to of Affairs 20/12/ /12/2016 Total Receipts Funds from Administration 4,969, , , Tax Refund Insurance Refund Cash at Bank Intercompany Debt 1,200, ,200, Bank/ISA InterestGross 4, , Corporation Tax Intra Group Loan Advance/repayment 105, , Vat Control - Receipts/Payments 97, , , ,928, , ,936, Payments Property Rights/Patents 5, , DTI Cheque Fees ISA Account Fees Administrators Fees 20, , Liquidators Fees 231, , , Liquidators Expenses 1, , VAT irrecoverable Legal Fees (1) 300, , Professional Fees 45, , Loan repayment to Alizyme Therapeutics 346, , Telephone Telex & Fax 42, , Stationery & Postage 3, , Storage Costs 10, , Re-Direction of Mail Statutory Advertising Insurance of Assets Tax on Interest Advertising - Other Unsecured Creditors (All) 482, , Statutory Interest 156, , Vat Receivable 91, , , Vat Receivable (2) 6, , ,748, , ,775, Net Receipts/(Payments) 179, (17,725.80) 161,926.81

5 Alizyme plc - in liquidation Summary of receipts and payments from 21 December 2009 to 20 December 2016 From From 21/12/ /12/2015 Statement to to of Affairs 20/12/ /12/2016 Total Made up as follows ISA - NIB , (17,725.80) 161, , (17,725.80) 161, Page 2 of 2 IPS SQL Ver January :57

6 Appendix B - SIP 9 information Introduction The following information is provided in connection with the liquidators remuneration and disbursements in accordance with SIP 9. Explanation of Grant Thornton UK LLP charging and disbursement recovery policies Time costs All partners and staff are charged out at hourly rates appropriate to their grade, as shown on the attached schedule. Details of the hourly charge-out rates are made available to creditors or committees at the time of fixing the basis of our fees. Support staff (ie secretaries, cashiers and filing clerks) are charged to the case for the time they work on it. From From From From From 01/07/10 01/07/11 01/07/12 01/07/13 01/07/14 to date Partners up to Managers up to Administrators up to Assistants and support staff up to Disbursements Out of pocket expenses are charged at cost and mileage is charged at standard rates. VAT is added to disbursement charges as necessary.

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8 Total fees billed to date (Time) : 275,424

9 Alizyme Plc - In Liquidation Costs incurred in the period 21 December 2015 to 20 December 2016 Incurred to date Av Hrly TASKS Rate Hrs STATUTORY AND ADMINISTRATIVE TASKS ,462 File reviews Bank account administration (treasury) Maintenance of records Reports to creditors Correspondence with shareholders REALISATION OF ASSETS Tax asset recovery CREDITORS Correspondence with creditors TAXATION Tax compliance VAT compliance Total costs ,727

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