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Portfolio Update

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The Board notes the announcement made yesterday by Arecor Therapeutics plc ("Arecor"), one of the Company's investee companies, to seek to have its shares admitted to trading on AIM, RNS No: 6941Y.

Assuming the placing and admission takes place at a share price in the range indicated, the Company's value of its investment in Arecor is anticipated to increase. The Board intends to make a further announcement that will quantify that impact, after the admission has taken place.

For further information contact:

Oxford Technology Management

Lucius Cary

01865 784466