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ANNUAL FINANCIAL REPORT ANNOUNCEMENT OF AUDITED RESULTS FOR THE YEAR ENDED 31 AUGUST 2018

I am pleased to present my first Annual Report since taking over as Chairman of the Company in December 2017. It has been a highly successful year, with the Company reaching its lowest 12-month average discount since inception and even trading at a premium during December and January. Both the Company’s NAV per share and share price traded at an all-time high on numerous occasions in the last three months of the year. Whilst the NAV underperformed the NASDAQ Biotechnology Index (NBI), returning 8.6% versus the NBI return of 10.1%, Shareholders were rewarded with a share price total return of 13.7% during the year, including the dividend payment equal to 4% of NAV as at 31 August 2017. By contrast, the FTSE All-Share Index provided a total return of just 4.7%, demonstrating another strong year of growth and returns for biotechnology investors.