Step 1: The liver is the body's main protein-synthesising organ and produces nearly all plasma proteins, including albumin, acute phase proteins, most clotting factors, and proteins such as protein C, protein S, and antithrombin III.
Step 2: Immunoglobulins (antibodies) are NOT made by hepatocytes. They are synthesised by plasma cells, which are terminally differentiated B-lymphocytes of the immune system.
Step 3: Therefore among the options, albumin and acute phase (phase) proteins are liver products, and many plasma hormones or hormone-binding proteins are also liver derived, but immunoglobulins are the clear exception.
Step 4: Hence the protein not synthesised in the liver is immunoglobulins.