Sale of shares in Exscientia

Frontier IP, a specialist in commercialising intellectual property, announces that further to the announcement released by the Group on 1 June 2023, the Group has sold a further 493,550 American Depositary Shares ("ADSs") of portfolio company Exscientia plc ("Exscientia") (Nasdaq: EXAI) for net proceeds of approximately $3.22 million (approximately £2.54 million) at an average price of approximately $6.52 per ADS (the "Exscientia Share Sales"). The Exscientia Share Sales took place between 17 November 2023 and 29 February 2024.

As at 30 June 2023, being the last published balance sheet of the Group, the book value of the ADS's sold was £2.30 million and the Exscientia Share Sales have generated an estimated realised gain of £0.24 million for Frontier IP for the financial year to 30 June 2024.

Following the Exscientia Share Sales, Frontier IP no longer has an interest in ADSs in Exscientia. The Directors of Frontier IP intend to use the net proceeds from the sale of ADSs in Exscientia for general working capital purposes and to provide further support to the Group's existing portfolio companies.

In total, the Group sold a total of 1,564,800 Exscientia ADSs between 10 January 2022 and 29 February 2024 for net proceeds of approximately £14.0 million. The original cost for these shares was less than £2,000.

Neil Crabb, Chief Executive of Frontier IP, commented:

"Exscientia has been an excellent exemplar of our business model, based on founding equity in companies originating from universities with world leading technology, realising that equity as its value builds and becomes clearer. We look forward to demonstrating further success with companies in the current portfolio."

ABOUT EXSCIENTIA

Exscientia uses artificial intelligence ("AI") to modernise the way new medicines are discovered and developed, aiming to deliver medicines faster than industry standards. Exscientia has built a complete end-to-end solution of AI and experimental technologies for target identification, drug candidate design, translational models and patient selection. ADSs of Exscientia trade on the Nasdaq Global Select Market. Each ADS represents one ordinary share in Exscientia.

Exscientia announced its annual results to 31 December 2022 on 23 March 2023. These showed that based on audited financials for the year ended 31 December 2022, Exscientia generated revenue of $32.9 million and a loss before taxation of $169.8 million.