NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

27 July 2026

IP Group plc ("IP Group" or the "Company")

Response to Rule 2.8 announcement

The Board of IP Group (the "Board") notes the announcement made by Railways Pension Trustee Company Limited, acting by its agent, Railway Pension Investments Limited (collectively "Railpen") on 27 July 2026 confirming that it does not intend to make an offer for IP Group. As a result, Railpen is bound by the restrictions set out in Rule 2.8 of the City Code on Takeovers and Mergers (the "Code").

Throughout the process, the Board has sought to engage constructively with Railpen and its partners, recognising its fiduciary duty to maximise value for all shareholders. The Board had granted an extension to the PUSU deadline in order to assess whether an acceptable proposal could be tabled on terms that the Board would be minded to recommend. The Board appreciates the engagement and effort from Railpen and its partners and is disappointed that a mutually acceptable outcome could not be reached.

The Board has strong conviction in IP Group's strategy and the opportunity to realise substantial value from its high-quality portfolio with a significant number of potentially value-accretive milestones anticipated over the next 18 months.

IP Group has delivered strong progress against its strategic priorities, including beginning to expand its third-party capital platform through new institutional partnerships and continuing to demonstrate the quality of its portfolio through significant financing activity and operational milestones.

The environment for high-growth science and technology businesses remains supportive with increasing institutional interest in innovation-led investment opportunities and growing recognition of the role that science and technology can play in addressing global challenges.

The Board believes IP Group is well positioned to generate attractive long-term returns for shareholders, underpinned by a strong balance sheet and a well-funded portfolio, and remains focused on disciplined capital allocation, portfolio execution and cash realisations.

The Board is grateful for the constructive engagement of shareholders throughout this process and looks forward to delivering on its strategic priorities and creating long-term value for the benefit of all stakeholders.

The Company is no longer in an "offer period" as defined in the Code.

Enquiries

IP Group                                                                               +44(0)20 7444 0062 / +44(0)79 7985 3802

Liz Vaughan-Adams, Communications

Website publication

A copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at https://www.ipgroupplc.com/investors/possible-offer-for-ip-group by no later than 12 noon (London time) on the business day following the date of this announcement. The contents of the website referred to in this announcement are not incorporated into and do not form part of this announcement.