THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) WHICH FORMS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

IP Group plc - year-end update

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, issues an unaudited year-end update ahead of its results for the 12 months to 31 December 2023 now that the Group's usual year-end process is sufficiently progressed.

The market environment for early-stage investing remained challenging in 2023 and, against this backdrop, we saw some further softening of valuations in the final quarter of 2023. As a result, the Directors currently expect NAV per share to be between 111 pence and 117 pence at the year end.

Within this context, many of the Group's leading portfolio companies made strong progress, with some significant inflection points expected in 2024.

The Group continues to appropriately manage its investment levels and remains in a strong financial position with gross cash and deposits of £227m at year-end.

IP Group expects to announce its 2023 results on Wednesday 13 March 2024 following the completion of our usual year end valuations process.

Notes

- The share price of Oxford Nanopore Technologies plc was approximately 208 pence at the end of 2023.
- This update is based on unaudited information and is subject to change following the completion of the Group's usual full year-end reporting process and annual audit.
- This announcement may contain forward looking statements. These statements reflect the Board's current view, are subject to several material risks and uncertainties and could change in the future. Factors which could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors relating to the financial or commercial prospects or performance of individual companies within the Group's portfolio.

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Notes for editors

About IP Group

IP Group accelerates the impact of science for a better future. As the most active UK based, early stage science investor, we develop and support some of the world's most exciting businesses in deeptech, life sciences and cleantech (led by Kiko Ventures). Through Parkwalk, the UK's largest growth EIS fund manager, we also back world-changing innovation emerging in leading universities and research institutions. Our specialist investment team combines sector expertise with an international approach. Together we have a strong track record of success, having backed high-profile companies including Oxford Nanopore Technologies plc, First Light Fusion, Hysata, and Oxa. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO. For more information, please visit our website at www.ipgroupplc.com.

ENDS