TIDMOTV1 
 
Octopus Titan VCT 1 plc 
Interim Management Statement 
 
6 August 2010 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and 
Transparency rules, Octopus Titan VCT 1 plc ('Titan 1' or 'Fund') presents an 
Interim Management Statement for the period 1 May 2010 to 31 July 2010.  The 
statement also includes relevant financial information between the end of the 
period and the date of this statement. 
 
Financial Summary 
                                                                As at 31 October 
                       As at 31 July 2010 As at 30 April 2010               2009 
=------------------------------------------------------------------------------- 
 
 
Net assets (000s)                  GBP13,717              GBP14,373             GBP15,014 
 
Net asset value per 
share ('NAV')                       87.8p               92.0p              96.1p 
 
Cumulative dividends 
paid since launch                    2.0p                1.5p               1.0p 
 
 
Investment performance 
As at 31 July 2010 the NAV of the Fund was 87.8p, which compares to 92.0p at 30 
April 2010. There has been good performance from a number of portfolio companies 
over the period. However, falls in the value of the non-qualifying investments 
in the two Octopus Open Ended Investment Companies (OEICs) have negatively 
impacted Titan 1's NAV by 3.16% since the half-year end at 30 April 2010. The 
Board is aware that these are long-term investments, held prior to investing in 
qualifying companies, and that their values may fluctuate over time. 
 
There have been no valuation movements in the unquoted portfolio. The Fund has 
continued to see a good deal flow over the last three months, making two new 
investments in the period, along with building up a pipeline of deals for the 
coming months. 
 
In June, the Fund completed an investment of  GBP360,000 into Semafone, a company 
offering fraud prevention software for use in call centres. And in July the Fund 
completed an investment for  GBP275,000 into Bowman Power, a developer of 
turbo-generation technology, using waste energy from diesel engine exhausts. 
 
It is pleasing to note that progress has been made in True Knowledge, Calastone 
and Zoopla, but as yet there is no justification to make a change in the 
valuation of these holdings.  A full update of all of these investments and any 
subsequent deals will be provided in the Annual Report for the year ending 31 
October 2010. 
 
The total value of the investment portfolio at 31 July 2010 was  GBP13.7 million. 
By value, 48.0% of the Company's net assets were in unquoted investments, 3.5% 
in AIM-quoted investments and 29.7% in Octopus OEICS, leaving 18.8% currently in 
cash or cash equivalents. 
 
Qualifying Investment Portfolio: Ten Largest Holdings by Value - as at 31 July 
2010 
Company                                             Carrying value    % of total 
                       Sector                                 GBP'000    net assets 
=------------------------------------------------------------------------------- 
True Knowledge Limited Media                                 1,158          8.4% 
 
Calastone Limited      Technology                            1,135          8.3% 
 
Zoopla Limited         Media                                 1,042          7.6% 
 
                       Consumer lifestyle & 
e-Therapeutics plc     wellbeing                               477          3.5% 
 
Mi Pay Limited         Telecommunications                      429          3.1% 
 
AQS Holdings Limited   Environmental                           421          3.1% 
 
Semafone Limited       Technology                              360          2.6% 
 
Surrey NanoSystems 
Limited                Technology                              320          2.3% 
 
                       Consumer lifestyle & 
GetOptics Limited      wellbeing                               314          2.3% 
 
Money Workout Limited  Technology                              312          2.3% 
 
 
Dividends 
As announced in the recently published half-year report, the interim dividend of 
0.5p per share was paid on 23 July 2010 to all shareholders on the register 9 
July 2010. Total dividends paid since launch are 2.0p. 
 
Material events and transactions 
The Fund's Board is not aware of any other significant event or transaction 
which has occurred between 31 July 2010 and the date of publication of this 
statement which would have a material impact on the financial position of the 
Fund. 
 
For further information please contact: 
Alex Macpherson - Fund Manager 
Octopus Investments Limited - 0800 316 2349 
 
ENDS 
 
 
[HUG#1436506] 
 
 
 
 
 
 
 
 
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Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
All reproduction for further distribution is prohibited. 
 
Source: Octopus Titan VCT 1 PLC via Thomson Reuters ONE
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