The IPEX fund

Updated April 2019

The Ipex Management team have, via Link shareholder services who manage the register of interests in the Ipex Fund, emailed or written to all LPU holders (i.e. the PA 2008 shareholders who received a stake in the Ipex Fund) to inform them that:

• The Ipex Fund reached the end of it's life at 31 December 2018 and has terminated.
• LPU holders can receive a cash payout later this year or to ask to become a direct shareholder in two companies: HZO who acquired venture Semblant and the other remaining ongoing venture company Plaquetec.

If you take no action within the 35 day response period, you will be eligible to receive any cash payment which is currently estimated to be worth:

• LPU2 holders (originally Ipex Holdings Ltd shares) may receive £0.19 per LPU in respect of Semblent and £0.014 per unit in respect of Plaquetec.
• LPU1 holders (originally ‘Limited Partnership Unit’ issued in June 2008) are not currently expected to receive any return in respect of Semblent or Placquetec.

Our recommendation is that if you have not done so already, you log on/register with the Ipex Investor Zone (managed by Link registrars) where you can see; your personal letter from the Ipex team; how many LPUs you hold; and all the documentation relating the end of the fund life and the actions you can take. You should also check and update as necessary your bank account details on the Investor Zone so that you receive your payout without delay.

Further background information on PA’s venture program which has been managed independently from PA since 2008 is found below.

Between 2000 and 2008 PA created a number of ‘venture’ companies. Venture companies are ‘start-up’ companies taking great ideas of PA consultants and seeking to turn these into viable separate businesses. It was expected from the outset that ventures were high risk and only some venture companies would be sold at a profit in the future.

PA provided holders of our Ordinary shares with an interest in our ‘venture’ companies in two ways: first Alphabet shares and later through the Ipex Fund. A summary of both interests is found below. (A more detailed history or alphabet shares and the Ipex Fund can be found here.)

2000 to 2008: Alphabet shares

All shares have now been cancelled. Some were redeemed for value when Ventures were sold and others cancelled for nil value after the venture closed.

Alphabet shares were entitled to a proportion of the proceeds of sold venture companies (only some companies were sold, others failed):

• Three venture companies, Meridica, Ubinetics and Cubiks, were sold at a profit. All proceeds due to alphabet shareholders have been paid out.
• Several venture companies were transferred to the Ipex Fund in June 2008 and the alphabet shares cancelled at that time.
• Several venture companies failed and the alphabet shares were cancelled.

Any questions on your individual (now cancelled) holdings of Alphabet shares should be addressed to shareplans@paconsulting.com.

2008: Ipex Fund

As at June 2018 the Ipex Fund has not sold any venture company and not returned any cash to investors.

In June 2008, most PA ventures and £60 million cash were transferred to the “Ipex Fund”. This was a newly created investment fund to manage the existing venture companies wholly separately to PA normal consulting business.

The same Ipex management is responsible for the investments, the further funding rounds into the Fund, and for all communications with Ipex shareholders (created from the PA shareholders in June 2008).

Any questions on the Ipex matters should be directed to:

• General Fund performance questions: info@ipexGPLLP.com.
• Shareholder queries: Ipex Investor Zone (managed by Link registrars).