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APPOINTMENT OF AIFM & DEPOSITARY

The Company announces that it has entered into arrangements necessary to ensure compliance with the AIFMD. The Company's Board of Directors ("the Board") approved the appointment of SV Life Sciences Managers LLP as the Company's Alternative Investment Fund Manager ("AIFM") with effect from 21 July 2014, following the authorisation of SV Life Services Managers LLP as an AIFM by the UK's Financial Conduct Authority on 16 July 2014. The appointment is on the terms and subject to the conditions of an amended and restated investment management agreement with SV Life Sciences Managers LLP, the existing Investment Manager of the Company. The appointment is on the same commercial terms as the previous agreement but is also compliant with the new AIFMD regulatory regime. The arrangements in respect of the investment management and performance fee are unchanged.