SUPERSEED CAPITAL LIMITED

("SuperSeed Capital" or the "Company")

CORRECTION TO INTERIM RESULTS FOR Q2 AND THE HALF YEAR ENDING 30 JUNE 2023

SuperSeed Capital, a company established as a venture capital fund of funds for early-stage AI/SaaS companies, presents amended and restated results for the Q2 and the six months ending 30 June 2023.

It has come to the Company's attention that the results for Q2 and for the half year ending 30 June 2023 were misstated. SuperSeed II LP ("the Fund") issued a drawdown notice close to the end of Q2 and, owing to an error, the corresponding higher valuation of the fund was accounted for in Q2 but the associated drawdown liability was not accounted for until completion of the drawdown in the following quarter. Accordingly, in the Q2 and half year figures published on 16 August 2023, the net asset value of the Fund was overstated. 

The stated net asset value per share of the Company at 30 June 2023 of 1.184 p per share was overstated by 0.063p per share. The correct figure for the net asset value of the Company as at 30 June 2023 should have been 1.121p per share representing growth in net asset value per share of 15.2% over the first half of the year and 6.6% during Q2 compared with figures of 21.7% and 12.6% respectively as stated in August.

Detailed amended and restated financial statements for Q2 and for the half year ended 30 June 2023 are set out below.

Updated Q2 Financial highlights

·    NAV per share has grown by 15.2% in H1 2023 and, within this, Q2 was up by 6.6% on Q1 to £1.12.

·    IRR on portfolio investments since IPO has increased to 35%.

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About SuperSeed Capital

SuperSeed Capital invests in technology-led innovation, primarily through funds managed by SuperSeed Ventures LLP (the "Investment Manager"). The Company's principal investment to date is in SuperSeed II LP (the "Fund").