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Y)92.4(our)]TJ 0 -1.4118 TD 0.0779 Tw [(company entered into two new university partnerships during 2003)]TJ T* 0.01 Tw [(and acquired interests in six new spin out companies. In May 2003,)]TJ T* 0.2046 Tw [(IP2IPO raised 6.25 million via a private placing and in October)]TJ T* 0.1198 Tw [(2003, your company floated on the Alternative Investment Market)]TJ T* 0.1991 Tw [(raising 31.5 million before expenses. At the year end, IP2IPOs)]TJ T* 0.1415 Tw [(cash position was 38.2 million. W)-18.9(ith healthy cash reserves, four)]TJ T* 0.1668 Tw [(existing university partnerships and a promising portfolio of equity)]TJ T* 0.0251 Tw [(stakes in 16 companies at the year end, your company is extremely)]TJ T* 0.0298 Tw (well positioned.)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 42.5197 581.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0001 Tc 0.0303 Tw (University partnerships)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 42.5197 569.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.2116 Tw [(IP2IPOs partnership with the University of Oxford, entered into in)]TJ 0 -1.4118 TD -0.0001 Tc 0.1262 Tw [(December 2000, has a 15-year term and entitles the Company to)]TJ T* -0.0002 Tc 0.0197 Tw [(50% of the University of Oxfords equity in spin out companies based)]TJ T* 0.0141 Tc 0.4336 Tw [(on intellectual property created at the Universitys Chemistry)]TJ T* -0.0001 Tc 0.1869 Tw [(Department and 50% of the University of Oxfords licence fees or)]TJ T* -0.0002 Tc 0.2351 Tw [(royalties derived from licensing intellectual property arising at the)]TJ T* -0.0001 Tc 0.0297 Tw (Chemistry Department.)Tj 0 -2.8235 TD 0.0202 Tw [(In March 2002, IP2IPO entered into a partnership with the University)]TJ 0 -1.4118 TD -0.0002 Tc 0.0658 Tw [(of Southampton. The partnership, which covers the entire university)78.5(,)]TJ T* -0.0005 Tw (has a 25-year term. It \(i\) commits IP2IPO to invest 5 million in seed)Tj T* 0.0629 Tw [(capital in University of Southampton spin out companies over a four)]TJ T* 0.1546 Tw [(year period in return for equity stakes in those companies and \(ii\))]TJ T* 0.0585 Tw [(commits IP2IPO to provide technology commercialisation advice and)]TJ T* -0.0001 Tw [(expertise to the university)78.5(. As part of the partnership, IP2IPO received)]TJ 30.5642 36.7059 TD 0.0199 Tw [(a 20% non-participating interest in Southampton Asset Management)]TJ 0 -1.4118 TD 0.1041 Tw [(Limited, a company set up to hold the University of Southamptons)]TJ T* 0.0237 Tc 0.6911 Tw [(equity stakes in spin out companies formed since the)]TJ T* -0.0001 Tc 0.0297 Tw [(commencement of the partnership. )]TJ 0 -2.8235 TD -0.0002 Tc 0.0863 Tw [(In May 2003, IP2IPO entered into a partnership with Kings College)]TJ 0 -1.4118 TD -0.0004 Tc -0.0028 Tw [(London \(K)27.2(C)0.1(L)129.1(\). The partnership with K)27.2(C)-0.3(L has a term of 25-years and)]TJ T* -0.0002 Tc 0.0216 Tw [(covers the entire University)78.5(. It \(i\) commits IP2IPO to invest 5 million)]TJ T* 0.0744 Tw [(in seed capital in K)27.4(C)-0.1(L spin out companies over a five year period in)]TJ T* 0.0665 Tw [(return for equity stakes in those companies and \(ii\) commits IP2IPO)]TJ T* 0.0237 Tc 0.5109 Tw [(to help identify and progress intellectual commercialisation)]TJ T* -0.0002 Tc 0.1414 Tw [(opportunities and to supply a total of 250,000 over five years to)]TJ T* 0.2997 Tw [(augment K)27.4(C)0.3(L)129.3()0.1(s existing IP protection capabilities. As part of the)]TJ T* 0.373 Tw [(partnership, IP2IPO receives 20% of K)27.4(C)0.3(L)129.2()0.1(s interest in spin out)]TJ T* 0.0298 Tw (companies and technology licences.)Tj 0 -2.8235 TD 0.0793 Tw [(In October 2003, IP2IPO entered into a partnership with the Centre)]TJ 0 -1.4118 TD 0.423 Tw [(for Novel Agricultural Products \(CNAP)-18.7(\), a department of the)]TJ T* 0.2473 Tw [(University of Y)92.4(ork. A new company)78.5(, Amaethon Limited, has been)]TJ T* 0.1099 Tw [(formed to commercialise CNAP)-18.7(s research through the formation of)]TJ T* 0.2914 Tw [(spin out companies and technology licences. CNAP has granted)]TJ T* -0.0139 Tw [(Amaethon Limited exclusive rights over CNAP)-18.7(s research for 25 years.)]TJ T* 0.0084 Tw [(The partnership commits IP2IPO to \(i\) invest 1.15 million over three)]TJ T* -0.0134 Tw [(years in Amaethon Limited in return for a one third equity stake in the)]TJ T* 0.0934 Tw [(company)78.5(, \(ii\) invest 750k directly in spin out companies, in return)]TJ T* 0.1034 Tw [(for equity stakes in those companies and \(iii\) provide expertise and)]TJ T* 0.0298 Tw [(assistance to Amaethon Limited.)]TJ ET 0.898 0.902 0.906 sc 42.52 307.46 510.24 -26.43 re f 42.52 265.84 510.24 -26.43 re f 42.52 212.09 510.24 -26.43 re f BT 18 0 0 18 42.5197 358.7061 Tm 0.161 0.145 0.149 sc 0.03 Tw [(2003 spin out companies)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 42.5197 334.7061 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0301 Tw [(IP2IPO acquired equity stakes in the following spin out companies formed during 2003:)]TJ 7 0 0 7 531.6791 326.7061 Tm 0.0002 Tc 0 Tw (IP2IPO)Tj -1.7747 -1.1429 TD -0.0002 Tc 0.0302 Tw (% stake at)Tj ET /Cs5 CS 0.161 0.145 0.149 SC 0 J 0 j 0.5 w 10 M []0 d 42.52 307.62 m 552.76 307.62 l S BT 7 0 0 7 42.5197 310.7062 Tm 0 Tc 0 Tw [(Company)-14103.2(Description)]TJ 64.0459 0 TD -0.0001 Tc 0.0302 Tw [(31 December 2003)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 42.5197 297.3715 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0 Tw (V)Tj 0.5842 0 TD -0.0005 Tc [(AST)78.2(o)36.2(x)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 170.0787 297.3715 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.0298 Tw [(is a drug discovery company based on chemical genomics. The founder is )]TJ ET /Cs5 CS 0.651 0.659 0.671 SC 0 J 0 j 0.5 w 10 M []0 d 42.52 280.79 m 552.76 280.79 l S BT 8.5 0 0 8.5 170.0787 285.3715 Tm [(Professor Steve Davies, \(the founder of Oxford Asymmetry International Limited\).)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 527.7914 285.3715 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0 Tw (20.0%)Tj ET /Cs5 CS 0.651 0.659 0.671 SC 0 J 0 j 0.5 w 10 M []0 d 42.52 265.95 m 552.76 265.95 l S BT 8.5 0 0 8.5 42.5197 270.5369 Tm -0.0002 Tc (HepCgen)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 170.0787 270.5369 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.0298 Tw [(specialises in developing diagnostic solutions and novel therapies for liver disorders.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 527.7914 270.5369 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0 Tw (23.3%)Tj -57.0908 -1.7453 TD (Nanotecture)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 170.0787 255.7021 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.0298 Tw [(develops and markets a highly innovative nano-film with multiple )]TJ ET /Cs5 CS 0.651 0.659 0.671 SC 0 J 0 j 0.5 w 10 M []0 d 42.52 239.12 m 552.76 239.12 l S BT 8.5 0 0 8.5 170.0787 243.7021 Tm [(commercial applications \(including batteries, super)55.4(-capacitors and bio-filtration\).)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 527.7914 243.7021 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0 Tw (19.5%)Tj -57.0908 -1.7453 TD -0.0003 Tc (SynAIRgen)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 170.0787 228.8675 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.0298 Tw [(is based on the world-leading expertise of Professor Stephen Holgate and )]TJ ET /Cs5 CS 0.651 0.659 0.671 SC 0 J 0 j 0.5 w 10 M []0 d 42.52 212.28 m 552.76 212.28 l S BT 8.5 0 0 8.5 170.0787 216.8676 Tm [(his team in respiratory medicine.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 527.7914 216.8676 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0 Tw (47.4%)Tj -57.0908 -1.7452 TD -0.0001 Tc (Stratophase)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 170.0787 202.0329 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.0298 Tw (develops opto-electronic waveguides and wavelength conversion technologies )Tj ET /Cs5 CS 0.651 0.659 0.671 SC 0 J 0 j 0.5 w 10 M []0 d 42.52 185.45 m 552.76 185.45 l S BT 8.5 0 0 8.5 170.0787 190.033 Tm [(with applications in materials processing, telecoms and data storage.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 527.7914 190.033 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0 Tw (22.0%)Tj -57.0908 -1.7453 TD (R)Tj 0.6399 0 TD (eOx)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 170.0787 175.1982 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.0298 Tw [(is a drug development company based on the ground-breaking work of )]TJ ET /Cs5 CS 0.651 0.659 0.671 SC 0 J 0 j 0.5 w 10 M []0 d 42.52 158.61 m 552.76 158.61 l S BT 8.5 0 0 8.5 170.0787 163.1982 Tm [(Professor P)27.4(e)-0.1(ter Ratcliffe and Professor Chris Schofield into the cellular response to oxygen.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 527.7914 163.1982 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0 Tw (12.3%)Tj ET Q endstream endobj 4 0 obj << /Type /Page /Parent 58 0 R /Resources 5 0 R /Contents 6 0 R /MediaBox [ 0 0 595 841 ] /CropBox [ 0 0 595 841 ] /Rotate 0 >> endobj 5 0 obj << /ProcSet [ /PDF /Text /ImageB ] /Font << /F1 22 0 R /F2 24 0 R /F3 27 0 R >> /XObject << /Im2 7 0 R >> /ExtGState << /GS1 30 0 R >> /ColorSpace << /Cs5 25 0 R >> >> endobj 6 0 obj << /Length 12765 >> stream 1 g /GS1 gs 0 841 m 0 841 l f q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 7 0 0 7 302.5905 42.4391 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0302 Tw (IP2IPO Group plc )Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 7 0 0 7 358.2548 42.4391 Tm /Cs5 cs 0.651 0.659 0.671 sc -0.0001 Tc 0.0298 Tw [(\(formerly IP2IPO)-298.5(Group Limited\))]TJ 0.161 0.145 0.149 sc -7.952 -1.1429 TD (Annual Report & Accounts for the year ended 31 December 2003)Tj 13 0 0 13 42.7953 38.273 Tm 0 Tc 0 Tw (3)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 42.7953 413.1719 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0191 Tc 0 Tw (Re)Tj 1.219 0 TD 0.0001 Tc 0.0303 Tw [(view of operations in 2003)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 42.7953 401.1719 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.1475 Tw [(In 2003, IP2IPO generated modest revenues from the provision of)]TJ 0 -1.4118 TD 0.2062 Tw [(advisory services and plans to build on this in 2004. IP2IPO has)]TJ T* 0.1446 Tw [(adopted a low cost structure and employs nine professionals. Y)92.4(our)]TJ T* -0.0004 Tc -0.0035 Tw (company is committed to a policy of low fixed costs and has no plans)Tj T* -0.0002 Tc 0.0298 Tw [(to significantly increase the headcount of the team. )]TJ 0 -2.8235 TD 0.1255 Tw [(IP2IPOs year end cash balance was 38.2 million. The Group has)]TJ 0 -1.4118 TD 0.1623 Tw [(entered into a commitment to invest seed capital of 5 million in)]TJ T* 0.0054 Tw [(University of Southampton spin out companies, 1.8 million of which)]TJ T* 0.0182 Tc 0.4294 Tw [(was invested prior to the year end, leaving an outstanding)]TJ T* -0.0002 Tc 0.0952 Tw [(commitment of 3.2 million. Similarly)78.5(,)0.1( the Group has committed to)]TJ T* -0.0004 Tc -0.0023 Tw [(invest seed capital of 5 million in K)27.2(CL spin out companies, pursuant)]TJ T* -0.0002 Tc 0.0725 Tw [(to its partnership with K)27.4(CL. A further 250,000 is available towards)]TJ T* 0.3813 Tw [(the patenting protection costs of K)27.4(C)-0.1(L. Under the terms of its)]TJ T* 0.0943 Tw [(partnership with the University of Y)92.4(o)0(rk, the Group has committed to)]TJ T* -0.0001 Tc 0.1699 Tw [(invest 767,000 in CNAP and Amaethon Limited. In addition, the)]TJ T* -0.0002 Tc 0.0244 Tw [(Company also has an opportunity to invest seed capital of 5 million)]TJ T* 0.0154 Tw [(in spin out companies from across the University of Oxford. Excluding)]TJ T* -0.0001 Tc 0.3457 Tw [(these commitments, the Group has unallocated cash of 24.0)]TJ T* -0.0002 Tc 0.0749 Tw [(million. This will be used for investments in future opportunities and)]TJ T* 0.0298 Tw (working capital purposes.)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 42.7953 137.1718 Tm /Cs5 cs 0.161 0.145 0.149 sc 0.0001 Tc 0.0303 Tw (Outlook for 2004)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 42.7953 125.1719 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.139 Tw [(At the end of 2003, IP2IPO had a portfolio of equity stakes in 16)]TJ 0 -1.4118 TD 0.0157 Tw [(university spin out companies. During 2004, your company will focus)]TJ 30.5641 35.2941 TD 0.1961 Tw [(on driving value within its portfolio of spin out companies and its)]TJ 0 -1.4118 TD 0.2115 Tw [(policy of forming pro-active relationships with spin out companies)]TJ T* 0.2288 Tw [(from its university partnerships will continue. The pipeline of new)]TJ T* 0.0237 Tc 0.4286 Tw [(opportunities arising from IP2IPOs university partnerships is)]TJ T* -0.0002 Tc 0.0946 Tw [(extremely robust and IP2IPO will carefully monitor the rate at which)]TJ T* -0.0271 Tw [(new spin out companies are added to the portfolio in order to balance)]TJ T* 0.0298 Tw [(the resources of the company against the pool of prospects.)]TJ 0 -2.8235 TD 0.0058 Tc 0.1887 Tw [(On 11 March 2004, Offshore Hydrocarbon Mapping plc, formerly)]TJ 0 -1.4118 TD -0.0127 Tw [(known as ACTIVEem Limited, a spin out company from the University)]TJ T* 0.026 Tc 0.4276 Tw [(of Southampton which has developed geophysical surveying)]TJ T* 0.0058 Tc 0.1289 Tw [(technology for the offshore oil industry)78.3(, announced its flotation on)]TJ T* 0.1547 Tw [(the Alternative Investment Market of the London Stock Exchange,)]TJ T* 0.0948 Tw [(raising 10.8 million at a placing price of 1.70 per share. At the)]TJ T* 0.0038 Tw (placing price, Offshore Hydrodcarbon Mapping plc was capitalised at)Tj T* 0.0297 Tc 0.5986 Tw [(49.3 million. Commensurate with the floatation, IP2IPO)]TJ T* 0.0058 Tc -0.0152 Tw [(Management Limited sold 588,235 shares to realise gross proceeds)]TJ T* 0.0298 Tw [(of 1.0 million.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 302.5905 137.1718 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0302 Tw [(David Nor)-37(w)-0.3(ood)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 302.5905 125.1719 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0001 Tc 0.0297 Tw [(Chief Executive Officer)]TJ ET 0.898 0.902 0.906 sc 42.8 686.03 510.23 -27.06 re f 42.8 632.41 510.23 -14.54 re f 42.8 602.57 510.23 -26.68 re f 42.8 548.84 510.23 -14.68 re f 42.8 507.24 510.23 -26.56 re f Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 42.7953 713.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0301 Tw [(IP2IPO continues to hold equity stakes in the following companies, which were formed prior to 2003:)]TJ 7 0 0 7 531.9547 705.2085 Tm 0.0002 Tc 0 Tw (IP2IPO)Tj -1.7747 -1.1429 TD -0.0002 Tc 0.0302 Tw (% stake at)Tj ET /Cs5 CS 0.161 0.145 0.149 SC 0 J 0 j 0.5 w 10 M []0 d 42.8 686.12 m 553.03 686.12 l S BT 7 0 0 7 42.7953 689.2085 Tm 0 Tc 0 Tw [(Company)-14103.2(Description)]TJ 64.0459 0 TD -0.0001 Tc 0.0302 Tw [(31 December 2003)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 42.7953 675.8738 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0303 Tw [(Capsant Neurotechnologies)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 170.3543 675.8738 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.0298 Tw [(develops novel targets and drugs for central nervous system disorders )]TJ ET /Cs5 CS 0.651 0.659 0.671 SC 0 J 0 j 0.5 w 10 M []0 d 42.8 659.29 m 553.03 659.29 l S BT 8.5 0 0 8.5 170.3543 663.8738 Tm [(such as stroke, trauma, epilepsy)78.5(, P)27.4(a)0(rkinsons and Alzheimers.)]TJ ET Q q 1 i 0 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W n BT /F2 1 Tf 7 0 0 7 358.2548 42.4391 Tm /Cs5 cs 0.651 0.659 0.671 sc -0.0001 Tc 0.0298 Tw [(\(formerly IP2IPO)-298.5(Group Limited\))]TJ 0.161 0.145 0.149 sc -7.952 -1.1429 TD (Annual Report & Accounts for the year ended 31 December 2003)Tj 13 0 0 13 42.7953 38.273 Tm 0 Tc 0 Tw (5)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 42.7953 713.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0001 Tc 0.0303 Tw [(Dr Bruce Gordon Smith, CBE)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 42.7953 701.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0.0001 Tc 0.03 Tw [(Non-executive Chairman)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 42.7953 689.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.2232 Tw [(Bruce is Chairman of the Council of Smith Institute for Industrial)]TJ 0 -1.4118 TD 0.2216 Tw [(Mathematics and System Engineering. He was the Chairman and)]TJ T* -0.0276 Tw [(majority shareholder of Smith System Engineering Limited until 1997.)]TJ T* -0.0153 Tw [(Bruce is a fellow of the Royal Academy of Engineering, the Institute of)]TJ T* 0.019 Tw [(Electrical Engineers and the Institute of Physics. He is Vice Chairman)]TJ T* 0.2979 Tw [(of the Council of the University of Southampton, a Governor of)]TJ T* 0.3235 Tw [(Imperial College London and a Domus F)22.8(e)0(llow of St Catherines)]TJ T* 0.1222 Tw [(College, University of Oxford. Bruce became a director of IP2IPO in)]TJ T* -0.0001 Tc 0.0298 Tw [(September 2002.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 42.7953 569.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0302 Tw [(David R)18.3(obert Nor)-37(w)-0.3(ood)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 42.7953 557.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0301 Tw [(Chief Executive Officer)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 42.7953 545.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc -0.0313 Tw [(In July 1999, David founded IndexIT P)27.4(a)-0.1(rtnership Limited, a technology)]TJ 0 -1.4118 TD 0.1909 Tw [(advisory boutique, which was acquired in March 2000 by Beeson)]TJ T* 0.1382 Tw [(Gregory Group plc for 34 million. David was a director of Beeson)]TJ T* 0.0014 Tw (Gregory Group plc and was key to the origination of Beeson Gregorys)Tj T* -0.0001 Tc 0.0858 Tw [(20 million partnership with the University of Oxford. David became)]TJ T* -0.0002 Tc 0.156 Tw [(an executive director of Evolution following its merger with Beeson)]TJ T* -0.0001 Tc 0.0178 Tw [(Gregory Group plc in July 2002 and became a non-executive director)]TJ T* -0.0002 Tc 0.0298 Tw [(of Evolution in September 2003.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 42.7953 437.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0303 Tw (John Quantrill Davies ACA)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 42.7953 425.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0.0001 Tc 0.0301 Tw [(Chief Financial Officer)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 42.7953 413.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.4324 Tw [(John was Finance Director of IndexIT P)27.4(a)-0.1(rtnership Limited with)]TJ 0 -1.4118 TD 0.1798 Tw [(responsibility for most of that companys internal operations. After)]TJ T* 0.3486 Tw [(Beeson Gregory Group plc acquired IndexIT P)27.4(a)-0.1(rtnership Limited,)]TJ T* 0.0523 Tw [(Johns responsibility at Beeson Gregory Limited was to structure and)]TJ T* 0.0298 Tw [(control private equity placings.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 42.7953 341.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0303 Tw [(Dr Steven K)18.3(oon Ching L)-18.5(e)-0.5(e)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 42.7953 329.2084 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0301 Tw [(Director of Life Sciences)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 42.7953 317.2084 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.1831 Tw (Steven joined Beeson Gregory Limited as an Associate Director in)Tj 0 -1.4118 TD 0.0196 Tw [(April 2001. Prior to this, he held a number of senior commercial and)]TJ T* 0.3994 Tw [(business development roles with major UK biotech companies.)]TJ T* 0.0086 Tc 0.439 Tw [(Steven has worked for British Biotech, P)74(A)0( Consulting Group,)]TJ T* -0.0002 Tc 0.0298 Tw (Chiroscience and Datamonitor plc.)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 302.5905 713.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0001 Tc 0.0303 Tw [(Professor William Graham Richards, CBE)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 302.5905 701.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0.0001 Tc 0.03 Tw [(Non-executive Director)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 302.5905 689.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0061 Tc 0.0641 Tw [(Graham is Chairman of Chemistry in the University of Oxford. He was)]TJ 0 -1.4118 TD 0.0768 Tw [(the scientific founder of Oxford Molecular Group plc and is a director)]TJ T* -0.0062 Tc -0.0152 Tw [(of the University of Oxford technology transfer company)78.7(, Isis Innovation)]TJ T* -0.0061 Tc 0.0298 Tw [(Limited. Graham became a director of IP2IPO in December 2001.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 302.5905 629.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0303 Tw [(Andrew Nigel W)36.8(endover Beeson)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 302.5905 617.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0.0001 Tc 0.03 Tw [(Non-executive Director)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 302.5905 605.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0001 Tc 0.2296 Tw [(In 1989 Andrew founded Beeson Gregory as Chief Executive. He)]TJ 0 -1.4118 TD 0.3988 Tw [(became Chairman of Beeson Gregory Group plc in 2001 and)]TJ T* -0.0002 Tc 0.2418 Tw [(Evolution in July 2002, following its merger with Beeson Gregory)]TJ T* -0.0001 Tc 0.1937 Tw [(Group plc. He retired from this position in January 2003. Andrew)]TJ T* -0.0002 Tc 0.0298 Tw [(became a director of IP2IPO in May 2001.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 302.5905 533.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0001 Tc 0.0303 Tw [(Christopher R)18.2(oger Ettrick Brook)46.1(e)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 302.5905 521.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0.0001 Tc 0.03 Tw [(Non-executive Director)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 302.5905 509.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0005 Tc -0.0044 Tw (Roger founded Candover Investments and built it into one of the UKs)Tj 0 -1.4118 TD -0.0002 Tc 0.201 Tw [(foremost venture capital businesses. He retired from Candover as)]TJ T* 0.2875 Tw [(Chairman in May 1999. His previous directorships include, EMI,)]TJ T* 0.1662 Tw [(Beeson Gregory Group plc and Advent 2VCT)110.9(. Roger was previously)]TJ T* 0.2781 Tw [(Chairman of the Audit Commission. Roger became a director of)]TJ T* -0.0001 Tc 0.0297 Tw [(IP2IPO in December 2001.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 302.5905 425.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.0304 Tw [(Harr)-18.7(y Edward Fitzgibbons, CVO)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 302.5905 413.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0.0001 Tc 0.03 Tw [(Non-executive Director)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 302.5905 401.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc 0.371 Tw [(Harry is the founder and Managing Director of T)78.5(op T)78.5(echnology)]TJ 0 -1.4118 TD 0 Tc 0 Tw (V)Tj 0.5208 0 TD -0.0002 Tc 0.1928 Tw [(entures Limited, a London based venture capital company)78.5(. Harry)]TJ -0.5208 -1.4118 TD 0.0298 Tw [(became a director of IP2IPO in October 2001.)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F3 1 Tf 8.5 0 0 8.5 302.5905 353.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0302 Tw [(Ale)27.6(xander Charles W)36.8(a)-0.1(llace Snow)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 8.5 0 0 8.5 302.5905 341.2085 Tm /Cs5 cs 0.161 0.145 0.149 sc 0.0001 Tc 0.03 Tw [(Non-executive Director)]TJ ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 8.5 0 0 8.5 302.5905 329.2084 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0002 Tc -0.034 Tw [(Alex joined Evolution as Managing Director Capital Markets in 2000,)]TJ 0 -1.4118 TD 0.1472 Tw [(after a period at Credit Suisse First Boston and Barclays de Zoete)]TJ T* -0.0188 Tc 0 Tw (We)Tj 1.319 0 TD -0.0002 Tc 0.0223 Tw [(dd. 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0 841 l f q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 18 0 0 18 42.5197 800.1556 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0302 Tw (Chairmans Statement)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 18 0 0 18 42.5197 781.1556 Tm /Cs5 cs 0.161 0.145 0.149 sc -0.0001 Tc 0.0299 Tw (Bruce Smith)Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F1 1 Tf 7 0 0 7 302.315 42.4391 Tm /Cs5 cs 0.161 0.145 0.149 sc 0 Tc 0.0302 Tw (IP2IPO Group plc )Tj ET Q q 1 i 0 841 595 -841 re 0 841 m W n 0 841.32 594.72 -840.96 re W n BT /F2 1 Tf 7 0 0 7 357.9792 42.4391 Tm /Cs5 cs 0.651 0.659 0.671 sc -0.0001 Tc 0.0298 Tw [(\(formerly IP2IPO)-298.5(Group Limited\))]TJ 0.161 0.145 0.149 sc -7.952 -1.1429 TD (Annual Report & Accounts for the year ended 31 December 2003)Tj 13 0 0 13 42.5197 38.273 Tm 0 Tc 0 Tw (1)Tj 8.5 0 0 8.5 42.5197 713.2101 Tm -0.0002 Tc 0.1382 Tw [(IP2IPOs business is the commercialisation of university intellectual)]TJ 0 -1.4118 TD 0.1071 Tw [(property)78.5(. A number of trends have combined to create a climate in)]TJ T* 0.3741 Tw [(which IP2IPO is ideally placed to bridge the gap between the)]TJ T* 0.0298 Tw [(university and commercial sectors. )]TJ 0 -2.8235 TD 0.127 Tw [(There is now considerable momentum within the UK universities to)]TJ 0 -1.4118 TD 0.041 Tw [(find effective ways of generating value from intellectual property)78.5(. The)]TJ T* -0.0001 Tc -0.0332 Tw [(UK science base is extremely well regarded: UK scientists produce 8%)]TJ T* 0.0237 Tc 0.4402 Tw [(of the worlds science papers and receive around 10% of)]TJ T* 0.435 Tw [(internationally recognised scientific prizes. The public sector)]TJ T* -0.0001 Tc 0.2252 Tw [(investment in UK university research is approximately 2.5bn per)]TJ T* -0.0002 Tc 0.137 Tw [(annum and the UK government is committed to deriving economic)]TJ T* 0.0054 Tw [(benefits from this. Universities themselves are turning to new ways of)]TJ T* 0.2147 Tw [(generating income and increasingly view their intellectual property)]TJ T* 0.057 Tw [(assets as a means of achieving this. Individual academics have also)]TJ T* 0.0111 Tw [(grown increasingly aware of the benefits of transferring their research)]TJ T* -0.0001 Tc 0.0297 Tw [(from academia to the commercial sector)92.5(.)0.9( )]TJ 0 -2.8235 TD -0.0002 Tc 0.3799 Tw [(Against this general backdrop, IP2IPO has developed a unique)]TJ 0 -1.4118 TD 0.0893 Tw [(business model, based on entering into long term partnerships with)]TJ T* 0.0034 Tc 0.4442 Tw [(universities. Through these, IP2IPO has secured the rights to)]TJ T* -0.0002 Tc 0.006 Tw [(significant interests in spin outs and technology licences based on its)]TJ T* 0.0898 Tw [(partners intellectual property)78.5(. A partnership based approach means)]TJ T* 0.235 Tw [(that IP2IPO works closely alongside its university partners to add)]TJ T* 0.0287 Tw [(commercial and financial expertise and resources to their technology)]TJ T* -0.0086 Tw [(transfer operations. This is a new way of combining public and private)]TJ T* 0.3951 Tw [(resources within the university sector to create value from an)]TJ T* 0.0298 Tw [(extensive intellectual property asset base.)]TJ 0 -2.8235 TD 0.1604 Tw [(IP2IPOs university partners employ over 5,000 researchers. These)]TJ 0 -1.4118 TD -0.0001 Tc 0.0018 Tw (researchers are typically engaged in highly innovative research across)Tj T* -0.0002 Tc 0.1298 Tw [(a wide range of fields, in both life and physical sciences. W)18.1(e)0( have)]TJ T* 0.1012 Tw [(been increasingly impressed with the high quality of the work being)]TJ T* -0.0001 Tc 0.2372 Tw [(undertaken by our university partners and the excellence of their)]TJ T* -0.0002 Tc 0.0298 Tw [(research teams, most of whom are led by world-leading academics. )]TJ 30.5642 47.9998 TD 0.226 Tw [(IP2IPOs business model is designed to enable IP2IPO to offer a)]TJ 0 -1.4118 TD -0.0338 Tw [(unique combination of resources to its university partners. It is not the)]TJ T* 0.0176 Tc 0.43 Tw [(companys objective to undertake research and development)]TJ T* -0.0002 Tc -0.0425 Tw [(activities in-house. Similarly)78.5(,)0.1( IP2IPO does not manage a large portfolio)]TJ T* 0.2411 Tw [(of patents. Instead, IP2IPO assists its technology partners in the)]TJ T* 0.217 Tw [(identification and prioritisation of new opportunities, in developing)]TJ T* 0.0558 Tw [(strategies for creating value from these, providing initial seed capital)]TJ T* 0.1173 Tw (and working with spin out companies to maximise their chances of)Tj T* 0.2137 Tw [(success. This is the deployment of highly commercial skills in an)]TJ T* -0.0001 Tc 0.0297 Tw [(academic environment. )]TJ 0 -2.8235 TD -0.023 Tc 0 Tw (Fo)Tj 1.0069 0 TD -0.0001 Tc 0.3762 Tw [(r the year ending 31 December 2003, IP2IPOs turnover of)]TJ -1.0069 -1.4118 TD 0.0521 Tw [(222,000 \(183,000 of which was generated in the second half of)]TJ T* 0.4474 Tw [(the year\) and loss of 583,000 were both in line with our)]TJ T* 0.3993 Tw [(expectations. In 2004 we aim to increase our turnover whilst)]TJ T* -0.0002 Tc 0.106 Tw [(continuing to maintain a careful control of operational costs and to)]TJ T* -0.0256 Tw [(build value in IP2IPOs portfolio of investments in spin out companies.)]TJ 0 -2.8235 TD 0.0079 Tc 0.4397 Tw [(In view of the quality of research being carried out by our )]TJ 0 -1.4118 TD -0.0002 Tc 0.3779 Tw [(university partners, the Board is confident that the pipeline of )]TJ T* 0.0193 Tc 0.4283 Tw [(new commercialisation operations will remain strong for the)]TJ T* -0.0002 Tc 0.0298 Tw (foreseeable future.)Tj 0 -2.8235 TD 0.0736 Tw [(2003 proved to be a landmark year for IP2IPO)41.3(. IP2IPOs flotation in)]TJ 0 -1.4118 TD 0.0933 Tw [(October was extremely well received and I would like to express my)]TJ T* 0.1035 Tw [(thanks to all of IP2IPOs shareholders for their support at that time)]TJ T* 0.0186 Tw [(and throughout the year)92.5(. 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