Company Announcements

26 September 2019

Woodford Patient Capital Trust plc

LEI: 2138008X94M7OVE73I77

Asset Valuations

The Board of Woodford Patient Capital Trust plc (the "Company") has been notified by Link Fund Solutions Limited ("Link"), that it intends to reduce the valuations of three of the Company's holdings. These valuation adjustments reflect the challenging fundraising environment for these businesses which may impact their ability to or the level at which they may be able to raise capital in the near-term.

Following the valuation adjustments, the Company's net asset value ("NAV") will reduce by approximately 3.1 pence per share and will be reflected in the Company's net asset value as at close of business 25 September 2019 (which will be announced to the market on 26 September 2019).

Link, through its Fair Value Pricing Committee, is responsible for the independent valuation of the portfolio of 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 Company will be announcing its interim results for the six-month period ending 30 June 2019, on Monday 30 September 2019.

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