TIDMOTV1 
 
   Octopus Titan VCT 1 PLC 
 
   Interim Management Statement 
 
   28 February 2014 
 
   In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and 
Transparency rules, Octopus Titan VCT 1 plc ('Titan 1' or 'VCT') 
presents an Interim Management Statement for the period 1 November 2013 
to 31 January 2014.  The statement also includes relevant financial 
information between the end of the period and the date of this 
statement. 
 
   Financial Summary 
 
 
 
 
                              3 month period to 31 
                                  January 2014         Year to 31 October 2013 
 
Net assets (GBP'000s)                          23,499                   20,865 
Return after tax 
 (GBP'000s)                                     (386)                    2,096 
Net asset value per share                       93.6p                    95.2p 
 ('NAV') 
Cumulative dividends paid                       42.5p                    42.5p 
 since launch 
Total return (NAV plus                         136.1p                   137.7p 
 dividends paid) 
 
   Investment performance 
 
   During the three month period, the Total Return of the VCT decreased 
1.2% from 137.7p to 136.1p per share as at 31 January 2014. The 
performance of the VCT has been relatively stable in the period under 
review with no change in the valuation of the unquoted portfolio. The 
decrease in the NAV was largely due to the standard running costs of the 
Company and a small decrease in the fair value of e-Therapeutics plc, a 
quoted investment. 
 
   The portfolio's strategy continues to be one of making further 
investments in those companies where we believe this will move them 
towards maturity and, in due course, profitable exits for the VCT's 
shareholders. During the period under review, Titan 1 made four 
follow-on investments with a total value of GBP447,000 and three new 
investments with a combined value of GBP464,000. 
 
   Top Ten Investments by value as at 31 January 2014 
 
 
 
 
                                          Carrying value      % of total net 
Company             Sector                    GBP'000             assets 
Zenith Holding 
 Company Limited    Other                            8,098               34.5% 
TouchType Limited   Telecommunications               2,233                9.5% 
UltraSoC 
 Technologies 
 Limited            Technology                         869                3.7% 
Mi-Pay Limited      Telecommunications                 704                3.0% 
                    Consumer lifestyle 
Getlenses Limited    & wellbeing                       597                2.5% 
                    Consumer lifestyle 
Metrasens Limited    & wellbeing                       571                2.4% 
                    Consumer lifestyle 
e-Therapeutics plc   & wellbeing                       539                2.3% 
Surrey NanoSystems 
 Limited            Technology                         528                2.2% 
Bowman Power 
 Limited            Environmental                      478                2.0% 
Kabbee Exchange     Consumer lifestyle 
 Limited             & wellbeing                       400                1.7% 
 
   Dividends 
 
   As announced in the recently published annual results, the proposed 
final dividend of 2.5p per share for the year ended 31 October 2013 will 
be paid on 4 April 2014 to those shareholders on the register on 7 March 
2014, subject to approval at the AGM. 
 
   Linked Fund Raise 
 
   Titan 1, in conjunction with the other Titan funds, is seeking to raise 
a total of GBP35 million, with an over-allotment facility of GBP15 
million. The amount raised will be allotted equally between the five 
Titan Funds. The following allotments have taken place: 
 
 
   -- On 12 December 2013 3,193,090 shares were allotted at a price of 100.8p 
      per share. 
 
   -- On 14 February 2014 1,102,637 shares were allotted at a price of 99.1p 
      per share. 
 
   Material events and transactions 
 
   Since 31 January 2014, Titan 1 made one follow-on investment of 
GBP317,000 in Getlenses Limited and one new investment of GBP300,000 in 
Adbrain Limited. 
 
   Titan 1's Board is not aware of any other significant event which has 
occurred between 31 January 2014 and the date of publication of this 
statement which would have a material impact on the financial position 
of the VCT. 
 
   For further information please contact: 
 
   Alex Macpherson- Fund Manager 
 
   Octopus Investments Limited - 0800 316 2349 
 
   ENDS 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Octopus Titan VCT 1 PLC via Globenewswire 
 
   HUG#1765513 
 
 
  http://www.octopusinvestments.com
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