TIDMOTV1 
 
Octopus Titan VCT 1 plc 
Interim Management Statement 
 
24 August 2012 
 
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 May 2012 to 31 July 2012.  The 
statement also includes relevant financial information between the end of the 
period and the date of this statement. 
 
Financial Summary 
                                              As at 30 April   As at 31 October 
                        As at 31 July 2012              2012               2011 
=------------------------------------------------------------------------------ 
 
 
 Net assets ( GBP'000s)                15,722            16,323             14,842 
 
 Return after tax                       74               381              (327) 
 ( GBP'000s) 
 
 Net asset value per                 89.6p             92.8p              91.5p 
 share (NAV) 
 
 Cumulative dividends                 6.0p              4.5p               3.5p 
 paid since launch 
 
 Total return (NAV plus              95.6p             97.3p              95.0p 
 dividends paid) 
 
 
Investment performance 
At 31 July 2012, the Total Return of the VCT, being the Net Asset Value (NAV) 
plus cumulative dividends, was 95.6p compared to 97.3p at 30 April 2012. The 
decrease in the Total Return has arisen as a result of the standard running 
costs of the Fund exceeding the income. In addition, there has been a small 
downward valuation in the Open Ended Investment Companies ('OEICS') during the 
period. There have been no changes in the unquoted valuations since 30 April 
2012. 
 
During this three month period, there was a small decrease in the value of the 
VCT's investments in the OEICs. This is largely attributable to a decrease in 
fair value of 3.9% in the CF Octopus UK Micro Cap Growth Fund. At 31 July 
2012, 14.7% of the Company's net assets were held in liquid resources in the 
form of OEICs, cash and cash equivalents. 
 
We have continued to focus on monitoring existing portfolio companies, alongside 
giving them support with both advice and new funding needs. During the period 
under review, Titan 1 made follow-on investments into GetOptics ( GBP85,000) and 
Diverse Energy ( GBP15,625). Additionally, part of the holding in Zoopla was 
disposed of in the period, realising a gain of  GBP317K. 
 
A full update will be provided in the Annual Report for the year ending 31 
October 2012. 
 
Top Ten Qualifying Investments by value as at 31 July 2012 
 Company                                           Carrying value    % of total 
                     Sector                                  GBP'000    net assets 
=------------------------------------------------------------------------------ 
 Zoopla Limited      Media                                  2,512         16.0% 
 
 Nature Delivered    Consumer lifestyle and 
 Limited             wellbeing                              1,705         10.8% 
 
 Calastone Limited   Technology                             1,702         10.8% 
 
 Evi Technologies    Media 
 Limited (formally                                          1,413          9.0% 
 True Knowledge) 
 
 e-Therapeutics plc  Consumer lifestyle & 
                     wellbeing                                838          5.3% 
 
 Executive Channel 
 Limited             Media                                    605          3.8% 
 
 Mi-Pay Limited      Telecommunications                       589          3.7% 
 
 TouchType Limited   Telecommunications                       549          3.5% 
 
 Semafone Limited    Telecommunications                       494          3.1% 
 
 Surrey Nanosystems 
 Limited             Technology                               485          3.1% 
 
 
Dividends 
As announced in the recently published half-yearly report, the interim dividend 
of 1.5p per share was paid on 27 July 2012 to those shareholders on the register 
on 29 June 2012. The total dividends paid since launch are now 6.0p. 
 
Material events and transactions 
The VCT made a further follow-on investment of  GBP15,625 into Diverse Energy on 
24 August 2012. Titan 1's Board is not aware of any other significant event or 
transaction which has occurred between 1 August 2012 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 2295 
 
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#1636180]
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