TIDMOTV1 
 
Octopus Titan VCT 1 PLC 
Interim Management Statement 
 
10 February 2011 
 
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 2010 to 31 January 2011. 
 The statement also includes relevant financial information between the end of 
the period and the date of this statement. 
 
Financial Summary 
                                     As at 31 January 2011 As at 31 October 2010 
=------------------------------------------------------------------------------- 
 
 
Net assets ( GBP'000s)                                 15,702                15,523 
 
Return after tax ( GBP'000s)                              178                    18 
 
Net asset value per share ('NAV')                    96.0p                 94.9p 
 
Cumulative dividends paid since 
launch                                                2.0p                  2.0p 
 
Total return (NAV plus dividends 
paid)                                                98.0p                 96.9p 
 
 
Investment performance 
At 31 January 2011 the NAV of the VCT was 96.0p, which compares to 94.9p at 31 
October 2010. The performance of the VCT has been relatively stable in the 
period under review and there have been no valuation movements in the unquoted 
portfolio. The main drivers for the increase in the NAV were the VCT's 
investments in the Open Ended Investment Companies ('OEICs'). There was an 
uplift in value of 11.9% in the CF Octopus UK Micro Cap Growth Fund over the 3 
months to 31 January 2011. In addition to this uplift, a small profit was 
realised on the sale of a proportion of the investment in the CF Octopus 
Absolute UK Equity Fund. At 31 January 2011, 27.2% of the Company's net assets 
were held in liquid resources in the form of OEICs, cash and cash equivalents. 
 
Having reached the level of invested funds required by HMRC, we have shifted our 
focus to monitoring existing portfolio companies, alongside giving them support 
with advice and funding. During the period under review, Titan 1 invested 
 GBP367,000 into Diverse Energy, a company focusing on the infrastructure of energy 
for global telecommunications, and also follow-on investments were made into 
Zoopla ( GBP307,000), Skills Market ( GBP18,500) and Money Workout ( GBP133,334). 
 
A full update is provided in the Annual Report for the year ending 31 October 
2010. 
 
 
Top Ten Qualifying Investment Portfolio by value as at 31 January 2011 
 
Company                                            Carrying value % of total net 
                      Sector                                 GBP'000         assets 
=------------------------------------------------------------------------------- 
Zoopla Limited        Media                                 2,471          15.7% 
 
True Knowledge        Media 
Limited                                                     1,220           7.8% 
 
Calastone Limited     Technology                            1,135           7.2% 
 
Nature Delivered      Consumer lifestyle & 
Limited               wellbeing                               853           5.4% 
 
e-Therapeutics plc    Consumer lifestyle & 
                      wellbeing                               443           2.8% 
 
Mi-Pay Limited        Telecommunications                      429           2.7% 
 
AQS Holdings Limited  Environmental                           421           2.7% 
 
Executive Channel 
Limited               Media                                   379           2.4% 
 
Diverse Energy 
Limited               Environmental                           367           2.3% 
 
UltraSoc Technologies 
Limited               Technology                              361           2.3% 
 
Dividends 
As announced in the recently published annual results, the proposed final 
dividend of 0.75p per share for the year ended 31 October 2010 will be paid on 
8 April 2011 to those shareholders on the register on 11 March 2011, subject to 
shareholder approval at the Annual General Meeting. 
 
Material events and transactions 
Titan 1's Board is not aware of any other significant event or transaction which 
has occurred between 31 January 2011 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 Thomson Reuters on behalf of 
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. 
 
Source: Octopus Titan VCT 1 PLC via Thomson Reuters ONE 
 
[HUG#1487911]
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