pursuant to an exemption under the UK Prospectus Regulation from the requirement to produce a prospectus for offers of 
the Securities. In the UK, this document is only addressed to qualified investors within the meaning of the UK 
Prospectus Regulation. In addition, this document is only being distributed to and is only directed at (i) persons who 
are outside the United Kingdom or (ii) to investment professionals falling within article 19(5) of the Financial 
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FSMA Order") or (iii) persons falling within 
Articles 49(2)(a) to (d), "high net worth companies, unincorporated associations, etc." of the FSMA Order, and (iv) 
persons to whom an invitation or inducement to engage in investment activity within the meaning of Section 21 of the 
Financial Services and Markets Act 2000 may otherwise be lawfully communicated or caused to be communicated (all such 
persons together being referred to as "relevant persons"). The Securities are only available to, and any invitation, 
offer or agreement to subscribe, purchase or otherwise acquire such Securities will be engaged in only with, relevant 
persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. 
This document does not constitute an "offer of securities to the public" within the meaning of Regulation (EU) 2017/ 
1129 of the European Union, as amended (the "Prospectus Regulation") in any member state of the European Economic Area 
(the "EEA"). Any offers of the Securities to persons in the EEA will be made pursuant to an exemption under the 
Prospectus Regulation from the requirement to produce a prospectus for offers of the Securities. In any member state of 
the EEA, this document is only addressed to qualified investors in that relevant member state within the meaning of the 
Prospectus Regulation. 
Identification of Target Market 
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets 
in financial instruments, as amended ("MiFID II"); (b) articles 9 and 10 of Commission Delegated Directive (EU) 2017/ 
593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance 
Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any 
"manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect 
thereto, the Securities have been subject to a product approval process by each underwriter established in the EEA, 
which has determined that the Securities are: (i) compatible with an end target market of retail investors and 
investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and 
(ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "MiFID II Target 
Market Assessment"). 
Solely for the purposes of the product governance requirements of Chapter 3 of the FCA Handbook Product Intervention 
and Product Governance Sourcebook (the "UK Product Governance Requirements"), and /or any equivalent requirements 
elsewhere, and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any 
"manufacturer" (for the purposes of the UK Product Governance Requirements and/or any equivalent requirements 
elsewhere) may otherwise have with respect thereto, the Securities have been subject to a product approval process by 
each underwriter established in the UK, which has determined that the Securities are: (i) compatible with an end target 
market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, 
each as defined in Chapter 3 of the FCA Handbook Conduct of Business Sourcebook; and (ii) eligible for distribution 
through all permitted distribution channels (the "UK Target Market Assessment"). 
Notwithstanding the MiFID II Target Market Assessment and the UK Target Market Assessment, distributors should note 
that: the price of the Securities may decline and investors could lose all or part of their investment; the Securities 
offer no guaranteed income and no capital protection; and an investment in the Securities is compatible only with 
investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an 
appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who 
have sufficient resources to be able to bear any losses that may result therefrom. 
The MiFID II Target Market Assessment and the UK Target Market Assessment are without prejudice to any contractual, 
legal or regulatory selling restrictions in relation to the offering of the Securities. 
Furthermore, it is noted that, notwithstanding the MiFID II Target Market Assessment, the underwriters established in 
the EEA will only procure investors who meet the criteria of professional clients and eligible counterparties under 
MiFID II and that, notwithstanding the UK Target Market Assessment, the underwriters established in the UK will only 
procure investors who meet the criteria of professional clients and eligible counterparties under Chapter 3 of the FCA 
Handbook Conduct of Business Sourcebook. For the avoidance of doubt, the MiFID II Target Market Assessment and the UK 
Target Market Assessment do not constitute: (a) in the case of the MiFID II Target Market Assessment, an assessment of 
suitability or appropriateness for the purposes of MiFID II and in the case of the UK Target Market Assessment, an 
assessment of suitability or appropriateness for the purposes of Chapters 9A or 10A respectively of the FCA Handbook 
Conduct of Business Sourcebook; or (b) a recommendation to any investor or group of investors to invest in, or 
purchase, or take any other action whatsoever with respect to the offered Securities. Each distributor is responsible 
for undertaking its own relevant target market assessment in respect of the offered Securities and determining 
appropriate distribution channels. 
This publication may contain specific forward-looking statements, e.g. statements including terms like "believe", 
"assume", "expect", "forecast", "project", "may", "could", "might", "will" or similar expressions. Such forward-looking 
statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial 
divergence between the actual results, financial situation, development or performance of PolyPeptide Group and those 
explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should 
not rely on forward-looking statements. PolyPeptide Group assumes no responsibility to up-date forward-looking 
statements or to adapt them to future events or developments. 
Except as required by applicable law, PolyPeptide Group has no intention or obligation to update, keep updated or 
revise this publication or any parts thereof following the date hereof. 
None of the underwriters or any of their respective subsidiary undertakings, affiliates or any of their respective 
directors, officers, employees, advisers, agents, alliance partners or any other entity or person accepts any 
responsibility or liability whatsoever for, or makes any representation, warranty or undertaking, express or implied, 
as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any 
information has been omitted from the announcement) or any other information relating to the group, its subsidiaries or 
associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made 
available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in 
connection therewith. Accordingly, each of the underwriters and the other foregoing persons disclaim, to the fullest 
extent permitted by applicable law, all and any liability, whether arising in tort or contract or that they might 
otherwise be found to have in respect of this announcement and/or any such statement. 
Each of the underwriters is acting exclusively for PolyPeptide Group and no one else in connection with any transaction 
referred to in this document. Each of the underwriters will not regard any other person as a client and will not be 
responsible to anyone other than PolyPeptide Group for providing the protections afforded to their respective clients 
nor for the giving of advice in relation to any transaction, matter or arrangement referred to herein. 
This publication includes industry and market information based on the PolyPetide Group's analysis of multiple internal 
and third party sources, including information extracted from market research, governmental and other publicly 
available information, independent industry publications and information and reports prepared by consulting firms 
(which has been produced based on publications comprising industry data, forecasts, market and customer surveys, 
analyst reports, other consultant strategy reports and other information made available to it by third party data 
providers, industry associations, competitors, published accounts, interviews with key market participants/primary 
interviews and virtual field visits it conducted with industry experts and participants, secondary market research and 
internal financial and operational information supplied by, or on behalf of, the Group). Readers should be aware that 
market data and statistics are inherently predictive and speculative and are not necessarily reflective of actual or 
future market conditions. Such statistics are based on market research, which itself is based on sampling and 
subjective judgments by both the researchers and the respondents. In addition, the value of comparisons of statistics 
of different markets is limited by many factors, including that (i) the underlying information is gathered by different

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April 12, 2021 01:01 ET (05:01 GMT)