Company Announcements

12 September 2019

Woodford Patient Capital Trust plc

LEI: 2138008X94M7OVE73I77

Asset Valuation

Link Fund Solutions Limited ("Link"), through its Fair Value Pricing Committee, is responsible for the valuation of the portfolio of Woodford Patient Capital Trust plc (the "Company"). Link, with the support of an independent valuation firm (IHS Markit), undertakes the valuation of the Company's unquoted assets in accordance with the Financial Reporting Standard (FRS) 102 and International Private Equity and Venture Capital Guidelines (IPEV).

The Board has been notified by Link that Link intends to reduce the valuation of one of the Company's holdings. This valuation change is expected to impact the Company's net asset value by approximately 4.0 pence per share and will be reflected in the Company's net asset value as at close of business 12 September 2019 (which will be announced to the market on 13 September 2019). The Board is unable to comment further on this revaluation at this time due to confidentiality obligations, but it will provide a further update to the market when able to do so.

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

Enquiries:

FTI Consulting

Ed Berry / Tom Blackwell                              0203 727 1046 / 1051