Fund Update

Octopus Titan VCT plc

(The “Company”)

6 September 2018

Fund Update

In the three-month period to 31 July 2018, Titan made seven follow-on investments and five new investments resulting in a portfolio of 67 companies. The investment cost of the acquisitions totalled £31m.

Between 30 April 2018 and 31 July 2018, there has been a reduction in cash and cash equivalents of £26 million, resulting in a cash and cash equivalents balance of £216 million. This cash outflow comprised £31 million in respect of investments, £1m in respect of investments that had not completed at the quarter end, £1 million in respect of fund expenses and £3 million in respect of share buybacks, offset by a £1m increase in the valuation of Titan's cash equivalent investments, £1m funds raised under the 2017/18 Offer and £8m received from the full disposals of Tails.com and Mi-Pay and the part disposal of Time Out. Titan is due to receive retention proceeds in relation to Tails.com in due course.

The net asset value was 92.3p per share following the payment of the 2p per share interim dividend on 24 August 2018 to shareholders on the register as at 3 August 2018.

For further enquiries, please contact:

Jo Oliver

Octopus Investments Limited

0800 316 2295