2016

2 3 4 9 11 20 36 47 52 53 54 55 57 113 1

Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie MBA, ACA, CPA (practising) Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 168-200 2818 88 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1 1110 Cayman Islands 183 17 1712-1716 Credit Suisse AG Hong Kong Branch 01061 www.essexbio.com 2

775,663 654,010 18.6% 80.3% 81.0% 136,284 104,895 29.9% 24.33 18.75 29.8% 24.03 18.51 29.8% 933,297 636,579 46.6% 376,433 223,632 68.3% 556,864 412,947 34.9% 156,180 64,613 141.7% 1 2.28 1.73 2 0.40 0.35 1. 2. 800,000 775,663 150,000 136,284 600,000 654,010 120,000 104,895 90,000 400,000 60,000 200,000 30,000 0 0 2016 2015 2016 2015 3

4

1. 15,000,000 6% 3 Henson 9000 5

2. 3,500,000 Abpro Corporation Abpro CAbpro Abpro 3. Elektron Technology UK LimitedElektron Elektron Henson 9000 8 4. 5,000,000 AC Immune SA ACI ACI ACI ACI ACI 150,000,000 150,000,000 39 1,280 730550 6

1. PDGF III 2. Abpro Abpro 775,700,00018.6% 104,900,000136,300,000 29.9% 35.1% 42.7% 22.2% 7

0.032 8

62 Essex Bio-Investment Limited KPMGDHL (Businessman of the Year) Chevalier DE L ORDRE NATIONAL DU MERITE (i)146,479,000 Dynatech Ventures Pte Ltd6,666,667 (ii)500,000 Dynatech Ventures Pte Ltd 51 Essex Bio-Investment Limited 4,738,300 3,500,000 52 22 Essex Bio-Investment Limited 1,251,150 1,060,000 9

62 XV MAUFFREY BENOIT JEAN MARIE 64Mauffrey Mauffrey XV 54The University of Southwestern LouisianaThe University of New England 25 XV 53 10

11

15,000,0006% 10% Abpro CorporationAbpro Abpro Abpro Abpro 616,197 C C 3,500,000 27,300,000 C Abpro Abpro 61,619 Abpro 61,619 Abpro 2.08 Abpro Abpro 12

Elektron Technology UK LimitedElektron ElektronElektron Henson 9000 Elektron 8 Henson 9000 Elektron AC Immune SAACI ACIACI 518,7580.02 E9.63845,000,000 39,000,000ACI 11.0 ACI ACI 150,000,000 1.9% 5.90 5.90 47.1% 25,423,728 2,572,372.8 145,000,000 13

39 1,280 730550 560720 4,500 5501,500 bfgf bfgf PDGF III 14

Abpro Abpro Abpro Abpro bfgf 14 GMP bfgf GMPGMP 15

775,700,000 654,000,000 18.6% 42.7% 3.5% 46.2% 41.0% 0.0% 41.0% 35.1% 12.5% 47.6% 43.0% 8.0% 51.0% 77.8% 16.0% 93.8% 84.0% 8.0% 92.0% 2.2% 2.2% 0.0% 0.0% 4.0% 4.0% 8.0% 8.0% 6.2% 6.2% 8.0% 8.0% 77.8% 22.2% 100.0% 84.0% 16.0% 100.0% 358,400,000268,100,000 369,200,000 333,500,000 33.7% 10.7% 9.8% 137.2% 623,000,000 529,600,000 17.6% 136,300,000104,900,00029.9% 410,500,000352,100,00016.6% 16

48,000,00051,200,000 3,200,000 1,300,000 4,700,000 30,000,00024,300,000 22,400,000 11,600,000 10,800,0005,700,000 156,200,000 64,600,000 38,800,000 51,000,00025% 75% 1.7% 9,700,000 2,100,000 6,000,000 154,900,000 38,800,000 20,000,000 150,000,000 1.9% 145,000,000 (i) 80,000,000(ii) 26,100,000 38,900,000 17

156,200,000 64,600,000 61.3% 30.3%8.4% 32.2% 29.2% 113,200,00020,000,000 13,400,000 27,600,000 18

966896 85,600,000 60,400,000 34 (a) 5% (b) 50,000,000 (c) 1.4 19

37 52112 0.032 183 17 1712-1716 183 17 1712-1716 113 114 20

http://yadiansci.com Elektron Technology UK Limited Elektron http://www.elektron-healthcare.com Elektron Technology Humacyte Inc Humacyte http://www.humacyte.com Humacyte 10,000,000 1,000,000 Carisolv () II Henson 9000 Humacyte Humacyte 21

http://www.tasly.com/gufen/default.aspx http://www.medictop.com/ Abpro Corporation Abpro http://www.abpro-labs.com Abpro AC Immune SA AC Immune http://www.acimmune.com AC Immune AC Immune 15,000,000 3,500,000 5,000,000 ACIU PDGF III Abpro AC Immune 22

18.6%775,700,000 654,000,000136,300,000 29.9% 35.1% 42.7% 43% 41% 39 1,280 730550 560720 0.032 156,200,000 64,600,000 38,800,000 51,000,00025% 75% 1.7 9,700,000 6,000,000 Carisol 23

Abpro Corporation Daishin Securities Co., Ltd. 1 GMP GMPGMP GMPGMP GMPGMP GMPGMP GMP 2 24

3 4 DNA 5 6 25

27 1 2 3 ERP 26

4 3,5002,200 550 1,500 17 2,608,000 2,608,000 32 34 1. (a) (b) (1) (2) 2. (a) (b) (c) 0.10 27

3. (a) 0.10 31,375,000 (b) 5.58% 4. 1% 5. 6. 7. (a) 1.00 (b) 14 (c) 8. (a) (b) (c) 9. 6 28

30.10.2013 2.3 30.04.2014 29.10.2018 100,000 0 0 100,000 30.10.2013 2.3 30.10.2014 29.10.2018 100,000 0 0 100,000 30.10.2013 2.3 30.04.2015 29.10.2018 100,000 0 0 100,000 30.10.2013 2.3 30.10.2015 29.10.2018 100,000 0 0 100,000 30.10.2013 2.3 30.04.2016 29.10.2018 100,000 0 0 100,000 30.10.2013 2.3 30.04.2014 29.10.2018 700,000 0 0 700,000 30.10.2013 2.3 30.10.2014 29.10.2018 700,000 0 0 700,000 30.10.2013 2.3 30.04.2015 29.10.2018 700,000 0 0 700,000 30.10.2013 2.3 30.10.2015 29.10.2018 700,000 0 0 700,000 30.10.2013 2.3 30.04.2016 29.10.2018 700,000 0 0 700,000 30.10.2013 2.3 30.10.2015 29.10.2018 468,000 0 108,000 360,000 30.10.2013 2.3 30.04.2016 29.10.2018 700,000 0 0 700,000 30.10.2013 2.3 30.04.2014 29.10.2018 100,000 0 0 100,000 30.10.2013 2.3 30.10.2014 29.10.2018 100,000 0 0 100,000 30.10.2013 2.3 30.04.2015 29.10.2018 100,000 0 0 100,000 30.10.2013 2.3 30.10.2015 29.10.2018 100,000 0 0 100,000 30.10.2013 2.3 30.04.2016 29.10.2018 100,000 0 0 100,000 5,668,000 0 108,000 5,560,000 30.10.2013 2.3 30.04.2014 29.10.2018 1,940,000 0 0 1,940,000 30.10.2013 2.3 30.10.2014 29.10.2018 2,201,000 0 0 2,201,000 30.10.2013 2.3 30.04.2015 29.10.2018 2,300,000 0 0 2,300,000 30.10.2013 2.3 30.10.2015 29.10.2018 2,300,000 0 0 2,300,000 30.10.2013 2.3 30.04.2016 29.10.2018 2,300,000 0 0 2,300,000 11.11.2016 5.9 11.05.2017 10.11.2021 0 460,000 0 460,000 11.11.2016 5.9 11.11.2017 10.11.2021 0 460,000 0 460,000 11.11.2016 5.9 11.05.2018 10.11.2021 0 460,000 0 460,000 11.11.2016 5.9 11.11.2018 10.11.2021 0 460,000 0 460,000 11.11.2016 5.9 11.05.2019 10.11.2021 0 460,000 0 460,000 11,041,000 2,300,000 0 13,341,000 30.10.2013 2.3 30.04.2014 29.10.2016 1,250,000 0 1,250,000 0 30.10.2013 2.3 30.10.2014 29.10.2016 1,250,000 0 1,250,000 0 2,500,000 0 2,500,000 0 19,209,000 2,300,000 2,608,000 18,901,000 29

34 3354 5,186,820 33 45,186,820 17,988,768 45.1% 23.6% 89.4% 49.6% 5% 30

Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie 36 11 622383 622G 31

11 12 32

XV 352 153,645,667 1 27.33% 8,238,300 2 1.47% 2,376,150 3 0.42% 1. (a) 146,479,000 (b) 6,666,667 Dynatech Ventures Pte LtdDynatech Dynatech Dynatech (c) 500,000 2. (i)4,738,300(ii) 3,500,000 3. (i)1,316,150(ii) 1,060,000 XV352 33

XV 336 152,020,667 1 27.04% 153,645,667 2 27.33% 1. (a) 144,854,000 (b) 6,666,667 DynatechDynatech Dynatech (c) 500,000 2. 153,645,667 500,000 336 34

42 14A 36 46 35

14 14 Mauffrey Benoit Jean Marie 36

3.13 5/5 1/1 5/5 1/1 5/5 1/1 5/5 1/1 Mauffrey Benoit Jean Marie 5/5 1/1 5/5 1/1 37

4 4 4 4 4 4 4 4 Mauffrey Benoit Jean Marie 4 4 4 4 Mauffrey Benoit Jean Marie 38

2/2 2/2 2/2 Mauffrey Benoit Jean Marie 2/2 Mauffrey Benoit Jean Marie 39

2/2 2/2 2/2 Mauffrey Benoit Jean Marie 2/2 Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie 40

4/4 Mauffrey Benoit Jean Marie 4/4 4/4 Mauffrey Benoit Jean Marie 1/1 1/1 1/1 Mauffrey Benoit Jean Marie 1/1 41

3.29 846,000 93,400 22 42

13.51(2) 168-2002818 (852) 2587 7363 essex@essexbio.com 43

44

Committee of Sponsoring Organisations of the Treadway CommissionCOSO 45

(i) (ii) (iii) (iv) 46

52 112 47

(1) 4(h) 5 20 54,670,539 3838 38 (i) (ii) 38 (2) 4(i) 5 21 22 21,942,402 31,183,750 (i) (ii) 48

49

50

P05308 51

6 7 775,662,998 654,010,499 (152,636,311) (124,418,858) 623,026,687 529,591,641 8 7,395,501 6,382,673 (410,539,424) (352,109,409) (47,958,700) (51,157,864) 9 (9,686,016) (2,056,200) 10 162,238,048 130,650,841 14 (25,953,667) (25,755,651) 136,284,381 104,895,190 (32,413,062) (21,827,038) 22 13,440,257 117,311,576 83,068,152 16 24.33 18.75 16 24.03 18.51 52

17 163,901,646 174,335,835 18 6,189,091 6,774,816 19 2,227,853 2,416,690 20 74,700,268 34,367,867 21 27,016,775 11,937,448 22 83,397,434 3,882,008 25 382,385 23,398,660 27 20,000,000 20,000,000 377,815,452 277,113,324 23 106,216,070 38,678,761 24 256,007,080 206,427,250 25 35,327,800 49,746,406 26 21 1,750,887 27 156,180,115 64,613,176 555,481,952 359,465,593 933,297,404 636,578,917 28 195,128,065 154,288,480 29 38,780,000 51,000,000 10,048,758 2,940,843 243,956,823 208,229,323 311,525,129 151,236,270 689,340,581 428,349,594 30 121,434,340 31 11,042,175 15,402,758 132,476,515 15,402,758 376,433,338 223,632,081 556,864,066 412,946,836 32 56,214,900 55,954,100 500,649,166 356,992,736 556,864,066 412,946,836 53

32 33(i) 33(ii) 33(iii) 34 22 30 55,675,000 969,871 362,442 41,516,886 19,801,930 15,666,606 197,053,097 331,045,832 104,895,190 104,895,190 (21,827,038) (21,827,038) (21,827,038) 104,895,190 83,068,152 (12,248,500) (12,248,500) 279,100 6,140,200 6,419,300 2,798,156 (2,798,156) 4,662,052 4,662,052 55,954,100 9,908,227 362,442 41,516,886 (2,025,108) 17,530,502 289,699,787 412,946,836 136,284,381 136,284,381 (32,413,062) (32,413,062) 13,440,257 13,440,257 (32,413,062) 13,440,257 136,284,381 117,311,576 (13,988,525) (13,988,525) 260,800 7,645,877 (1,908,277) 5,998,400 1,272,561 1,272,561 33,323,218 33,323,218 56,214,900 17,554,104 362,442 41,516,886 (34,438,170) 16,894,786 13,440,257 33,323,218 411,995,643 556,864,066 54

162,238,048 130,650,841 8 (3,772,836) 8 (3,230,461) 8 (218,327) (278,491) 8 854,574 9 9,686,016 2,056,200 10 157,274 167,276 10 1,834,615 248,571 10 10,934,795 9,793,104 1,272,561 4,662,052 10 1,233,468 2,028,251 10 36,487 10 2,685,773 3,411,021 10 1,925,910 10 1,281,571 183,711,987 155,946,306 (75,967,202) (9,108,560) (63,960,952) (58,983,560) 12,105,034 (50,913,034) 52,858,441 52,625,764 (8,576,623) 12,349,459 112,520,144 89,566,916 (4,928,458) (2,056,200) (22,313,000) (18,870,251) 85,278,686 68,640,465 55

17 (11,769,279) (11,384,774) 20 (24,289,512) (11,644,249) (17,528,115) (12,428,536) (66,075,169) (3,882,008) 8 218,327 278,491 1,495,121 (20,000,000) 774,220 (117,948,627) (58,286,856) 121,910,356 51,000,000 (134,130,356) (49,714,144) 30 150,000,000 5,998,400 6,419,300 (13,988,525) (12,248,500) 129,789,875 (4,543,344) 97,119,934 5,810,265 64,613,176 61,974,415 (5,552,995) (3,171,504) 156,180,115 64,613,176 22,047,944 56

1. 22 3 1061Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands168-200 2818 2. (a) 1 16 38 10 12 28 11 14 1 1 16 38 16 38 57

2. (a) 10 12 28 12 11 3 3 (b) 7 (1) 12 (1) 2 (2) 9 (2) 15 (2) 15 15 (2) 16 (3) 10 (4) 28 (1) (2) (3) (4) 58

2. (b) 7 12 2 9 9 9 39 939 9 39 59

2. (b) 15 1518 11 15 15 1515 15 16 16 17 16 17 16 17 60

2. (b) 10 28 3. (a) (b) 4 (c) 61

4. (a) (b) (c) 62

4. (d) (e) 63

4. (e) 2% 18% 9% 19% 18% 20% 18% (f) (g) (h) (i) 64

4. (h) (ii) (1) (2) (3) (4) (5) (6) (iii) (i) (i) 65

4. (i) (i) 66

4. (i) (ii) 67

4. (i) (iii) (iv) (v) 68

4. (i) (vi) (vii) 39 (j) (k) (l) 69

4. (l) (m) 70

4. (n) (o) 71

4. (p) (q) (r) 72

4. (s) (i) (1) (2) (3) (ii) (1) (2) (3) (4) (5) (6) (i) (7) (i)(1) (8) 73

4. (s) (i) (ii) (iii) (t) (u) 74

5. (a) 4 75

5. (b) (c) (d) (e) 76

5. (f) (g) (h) 21 22 77

6. (a) 727,817,762 47,845,236 775,662,998 159,474,528 26,296,905 185,771,433 602,836,400 51,174,099 654,010,499 121,940,812 30,446,682 152,387,494 78

6. (a) 185,771,433 152,387,494 (12,574,808) (15,018,401) (1,272,561) (4,662,052) (9,686,016) (2,056,200) 162,238,048 130,650,841 (b) (c) 183,421,572 138,995,561 23.6% 21.3% 79

7. 6 8. 3,772,836 3,230,461 949,519 5,979,990 218,327 278,491 (854,574) 78,932 124,192 7,395,501 6,382,673 9. 3,676,792 2,056,200 6,009,224 9,686,016 2,056,200 80

10. 157,274 167,276 1,834,615 248,571 912,000 765,242 133,634,058 103,691,441 19,002,253 20,727,417 10,934,795 9,793,104 75,926,401 52,509,384 4,327,933 3,114,485 572,047 2,499,725 500,000 600,000 1,233,468 2,028,251 2,685,773 3,411,021 36,487 5,652,020 10,781,763 1,925,910 1,281,571 500,000 600,000572,047 2,499,725 200,514 1,562,32734 81

11. Mauffrey Benoit Jean Marie (a) 185,000 173,750 173,750 532,500 657,303 591,576 788,761 2,037,640 25,010 18,000 43,010 (b) 891,013 801,912 1,069,215 2,762,140 (c) 93,573 93,573 13,368 200,514 1,666,899 1,505,061 1,871,344 185,000 173,750 173,750 5,575,804 180,000 165,000 165,000 510,000 621,404 559,263 745,684 1,926,351 23,907 17,306 41,213 (b) 742,000 668,000 890,000 2,300,000 (c) 729,086 729,086 104,155 1,562,327 2,116,397 1,973,655 1,739,839 180,000 165,000 165,000 6,339,891 (a) (b) (c) 34 82

12. 11 2,545,050 2,040,927 39,782 33,635 114,961 895,735 2,699,793 2,970,297 1,000,000 1 1 1,500,001 2,000,000 1 1 1,000,000 13. 4,370,943 3,155,698 83

14. 25,630,461 20,228,846 31 323,206 5,526,805 25,953,667 25,755,651 15% 25% 162,238,048 130,650,841 16.5% 16.5% 26,769,278 21,557,389 (2,626,594) (2,452,445) 5,768,198 3,399,924 (908,896) (108) (1,586,465) (1,687,356) (3,320,221) 3,972,403 1,858,367 965,844 25,953,667 25,755,651 84

15. 0.032 0.025 17,988,768 13,988,525 0.032 0.025 16. 136,284,381 104,895,190 560,113,557 559,541,000 6,983,566 7,169,680 567,097,123 566,710,680 85

17. 127,405,443 62,581,089 4,373,666 3,853,111 198,213,309 10,286,521 1,098,253 11,384,774 (7,056,957) (3,872,802) (248,990) (213,423) (11,392,172) 120,348,486 68,994,808 5,222,929 3,639,688 198,205,911 1,045,580 8,208,219 2,080,687 434,793 11,769,279 (84,552) (84,552) (7,780,276) (4,792,056) (381,795) (253,071) (13,207,198) 113,613,790 72,326,419 6,921,821 3,821,410 196,683,440 2,492,541 8,196,753 1,977,740 2,611,532 15,278,566 2,498,581 6,288,194 632,135 374,194 9,793,104 (236,788) (702,481) (102,886) (159,439) (1,201,594) 4,754,334 13,782,466 2,506,989 2,826,287 23,870,076 2,361,506 7,337,349 829,060 406,880 10,934,795 (48,065) (48,065) (409,638) (1,207,058) (158,748) (199,568) (1,975,012) 6,706,202 19,864,692 3,177,301 3,033,599 32,781,794 106,907,588 52,461,727 3,744,520 787,811 163,901,646 115,594,152 55,212,342 2,715,940 813,401 174,335,835 29106,907,588 86

18. 8,492,133 (470,377) 8,021,756 (515,518) 7,506,238 979,928 167,276 (60,888) 1,086,316 157,274 (76,744) 1,166,846 6,339,392 (150,301) 6,189,091 6,935,440 (160,624) 6,774,816 29 87

19. 2,588,991 (172,301) 2,416,690 (188,837) 2,227,853 (a) (b) 78% 46% 12.4% 10.9% 3% 3% 88

20. 40,653,194 2,526,051 43,179,245 11,644,249 11,644,249 (2,711,869) (69,999) (2,781,868) 49,585,574 2,456,052 52,041,626 24,289,512 22,047,944 46,337,456 (4,257,353) (1,193,922) (5,451,275) 69,617,733 23,310,074 92,927,807 15,607,296 1,472,932 17,080,228 248,571 248,571 1,281,571 1,281,571 (915,122) (21,489) (936,611) 15,973,745 1,700,014 17,673,759 1,834,615 1,834,615 (1,026,551) (254,284) (1,280,835) 14,947,194 3,280,345 18,227,539 54,670,539 20,029,729 74,700,268 33,611,829 756,038 34,367,867 1,281,571 89

21. 10,000,000 11,937,448 5% 100% 30% 100% 15,000,000 17,528,115 6% 100% 20% (1) 12 10% (2) 12 (3) 10% 90

21. 7,071,906 5,074,373 12,146,279 14,870,496 1,750,887 16,621,383 21,942,402 6,825,260 28,767,662 (1,750,887) (1,750,887) 21,942,402 5,074,373 27,016,775 6,621,379 5,316,069 11,937,448 5,316,069 2,850,947 5,316,069 (854,574) (487,182) 6,825,260 5,316,069 (854,574) 91

21. 4.59 8.8052 4.667 12.062 66% 51% 2.92 2.02 3.064% 2.704% 3 22. (a) 31,183,750 3,882,008 (b) 52,213,684 83,397,434 3,882,008 (a) B C 92

22. (b) AC Immune SAACI 518,758 E5,000,000 39,000,000 ACI ACIACI 0.96% ACI 518,758 EACI ACI 13,440,257 23. 6,405,183 7,361,707 4,899,572 5,270,801 94,911,315 26,046,253 106,216,070 38,678,761 2,685,7733,411,021 93

24. 251,914,385 201,524,191 4,092,695 4,903,059 256,007,080 206,427,250 90 0 60 141,085,757 122,055,778 61 90 38,987,186 26,039,273 90 71,841,442 53,429,140 251,914,385 201,524,191 180,072,943 148,095,051 63,200,025 53,429,140 8,641,417 251,914,385 201,524,191 94

25. 382,385 2,934,463 23,874,896 31,307,263 38,592,872 420,910 430,310 3,599,627 7,312,525 35,710,185 73,145,066 (35,327,800) (49,746,406) 382,385 23,398,660 26. 4,500,220 4,500,220 305,690 1,079,910 4,805,910 5,580,130 (774,220) (4,805,910) (4,805,910) 95

26. 580,000 4,500,220 20% 50% 65% 100,000774,220 1,925,910 27. 95,700,000 54,000,000 0.01% 96

28. 496,139 2,332,915 194,631,926 151,955,565 195,128,065 154,288,480 180,555,883 135,805,205 0 60 496,139 2,232,485 61 90 90 100,430 496,139 2,332,915 29. 9,695,000 31,000,000 29,085,000 20,000,000 38,780,000 51,000,000 38,780,000 51,000,000 (i) 17(ii) 18 ;(iii)(iv)20,000,000 1.7% 3.05% 3.31% 15,931,444 111,937,44838,780,000 51,000,000 97

30. 150,000,000 1.9% 5.90 (a) (b) (c) (i)6% (ii)8% 10 116,676,782 33,323,218 150,000,000 6,009,224 6,009,224 (1,251,666) (1,251,666) 121,434,340 33,323,218 154,757,558 98

31. 3,756,885 7,760,493 11,517,378 (1,371,913) (1,371,913) 1,554,402 3,972,403 5,526,805 (269,512) (269,512) 5,041,775 10,360,983 15,402,758 (4,199,168) (4,199,168) 3,643,427 (3,320,221) 323,206 (484,621) (484,621) 8,200,581 2,841,594 11,042,175 5% 57,000,000 51,000,000 90,700,000 73,000,000 32. 0.1 1,000,000,000 100,000,000 1,000,000,000 100,000,000 559,541,000 55,954,100 556,750,000 55,675,000 108,000 10,800 2,791,000 279,100 2,500,000 250,000 562,149,000 56,214,900 559,541,000 55,954,100 99

33. 969,871 15,666,606 (8,891,387) 7,745,090 11,277,555 11,277,555 4,662,052 4,662,052 6,140,200 6,140,200 2,798,156 (2,798,156) (12,248,500) (12,248,500) 9,908,227 17,530,502 (9,862,332) 17,576,397 29,037,677 29,037,677 1,272,561 1,272,561 7,645,877 (1,908,277) 5,737,600 (13,988,525) (13,988,525) 33,323,218 33,323,218 17,554,104 16,894,786 33,323,218 5,186,820 72,958,928 (i) (ii) 10% 100

33. (iii) 4(m) 34. (a) (i) (ii) (iii) 30% 1 (i) (ii)(iii) (i) (ii) 0.1% 5,000,000 101

34. (a) 19,500,000 (1) 2.30 (2) 520% 20% 20% 20%20% (3) 2,300,000 (1) 5.90 (2) 520% 20% 20% 20%20% (3) 3.55 5.90 53% 5 0.965% 102

34. (a) (3) 2.30 3,500,000 3,500,000 2.30 500,000 500,000 2.30 1,168,000 (108,000) 1,060,000 2.30 11,541,000 11,541,000 5.90 2,300,000 2,300,000 16,709,000 2,300,000 (108,000) 18,901,000 2.30 3,500,000 3,500,000 2.30 500,000 500,000 2.30 3,500,000 (2,332,000) 1,168,000 2.30 12,000,000 (459,000) 11,541,000 19,500,000 (2,791,000) 16,709,000 103

34. (a) 16,709,000 2.30 19,500,000 2.30 (108,000) 2.30 (2,791,000) 2.30 2,300,000 5.90 18,901,000 2.74 16,709,000 2.30 16,601,000 2.30 12,809,000 2.30 3.6 4.3 1.8 2.8 4.9 2,300,000 3,900,000 772,561 4,062,052 (b) 2,500,000 (1) 2.30 104

34. (b) (2) (i) 50% (ii) 50% (3) 1,800,000 3.53 0.8 500,000 600,000 35. 2 951,670 871,020 967,800 951,670 161,300 1,129,100 1,129,100 2,080,770 105

36. 223,258,800 70,695,408 575,000 233,796 235,051 30,152,790 5,983,578 30,386,586 6,793,629 253,645,386 77,489,037 3,037,218 3,958,540 3,037,218 3,958,540 27,349,368 2,835,089 250,608,168 73,530,497 30 121,434,340 124,471,558 3,958,540 129,173,828 73,530,497 32 56,214,900 55,954,100 33 72,958,928 17,576,397 129,173,828 73,530,497 106

37. Essex Bio-Investment Limited 5 100% 8,000,000 100% (1) 50,000,000 100% (1) 3,000,000 100% (1) 25,000,000 100% (1) 38. 378,740 2,569,615 13,015,534 25,068,640 13,394,274 27,638,255 107

39. (a) 28% 24% 48% 37% 24 (b) 108

39. (b) 195,128,065 195,128,065 195,128,065 38,780,000 38,780,000 38,780,000 121,434,340 182,604,046 182,604,046 355,342,405 416,512,111 233,908,065 182,604,046 154,288,480 154,288,480 154,288,480 51,000,000 51,000,000 51,000,000 205,288,480 205,288,480 205,288,480 38,780,000 10,329,940 29,293,626 39,623,566 51,000,000 32,013,985 21,223,315 53,237,300 109

39. (c) 50 163,000 50 213,000 50 (d) 40. 110

40. 38,780,000 51,000,000 121,434,340 (156,180,115) (64,613,176) (20,000,000) (20,000,000) (15,965,775) (33,613,176) 556,864,066 412,946,836 41. 31,183,750 3,882,008 52,213,684 6,825,260 5,316,069 454,129,597 297,661,805 544,352,291 306,859,882 355,342,405 205,288,480 111

42. (a) 263,635 664,380 (b) 1,384,926 1,749,361 (c) 11 34 43. 44. 112

1 2 775,662,998 654,010,499 518,299,695 347,046,987 267,255,167 (152,636,311) (124,418,858) (107,042,880) (36,114,212) (23,563,134) 623,026,687 529,591,641 411,256,815 310,932,775 243,692,033 7,395,501 6,382,673 2,039,556 1,751,491 2,427,379 (410,539,424) (352,109,409) (271,365,907) (212,001,745) (168,012,021) (47,958,700) (51,157,864) (42,368,241) (25,573,935) (26,754,610) (9,686,016) (2,056,200) (3,807,592) (2,046,527) (1,701,743) 162,238,048 130,650,841 95,754,631 73,062,059 49,651,038 (25,953,667) (25,755,651) (20,481,540) (18,165,363) (10,655,902) 136,284,381 104,895,190 75,273,091 54,896,696 38,995,136 (18,972,805) (21,827,038) (790,435) 5,315,972 697,797 117,311,576 83,068,152 74,482,656 60,212,668 39,692,933 117,311,576 83,068,152 74,482,656 60,212,668 39,692,933 113

377,815,452 277,113,324 218,964,914 211,731,637 173,061,753 555,481,952 359,465,593 284,076,953 175,279,968 158,681,386 (243,956,823) (208,229,323) (160,478,657) (128,256,757) (131,348,682) 311,525,129 151,236,270 123,598,296 47,023,211 27,332,704 (132,476,515) (15,402,758) (11,517,378) (4,760,834) (4,121,555) 556,864,066 412,946,836 331,045,832 253,994,014 196,272,902 1. 52 2. 53 114