Investment Approach

Tau Capital plc amended its Investing Policy on 4 October 2018 as follows:

(a)       no new investments in Private Equity investments (as defined in the Company’s admission document dated 3 May 2007) will be made with effect from 24 July 2012;

(b)       no new  investments in Public  Equities (as defined  in  the Company’s admission document dated 3 May 2007) will  be made by the  Manager (as defined in the Company’s admission document  dated 3 May 2007)  on behalf of Tau (Cayman)  LP with effect  from  24 July 2012  without  the prior approval of the Board;

(c)       the sale of the portfolio  of Private Equity investments  will be implemented within a period of 6 months,

in the case of (c), the periods starting as from 4 October 2018, provided that the Board  shall have the discretion to extend further any such period as appropriate in respect the investment in Stopharm LLP.