Syncona Limited (the "Company")                        
      (a closed-ended collective investment scheme established as a company with   
      limited liability under the laws of Guernsey with registered number 55514)   

                           Non-Mainstream Pooled Investments                       
                                    23 January 2017                                

    The Company notes the Financial Conduct Authority's ("FCA") rules relating to
    the restrictions on the retail distribution of unregulated collective
    investment schemes and close substitutes (the "Non-Mainstream Pooled Investment
    Marketing Restrictions").

    The Company has taken advice on the conditions which would need to be met in
    order for it to qualify for approval as an investment trust if it were resident
    in the United Kingdom and considers these conditions to be satisfied. This
    means that that the Company's shares are excluded from the FCA's definition of
    "non-mainstream pooled investment" and are therefore outside the scope of the
    Non-Mainstream Pooled Investment Marketing Restrictions.

    The Company's board intends that the Company will continue to be operated in
    such a manner as to ensure that the shares are not categorised as a
    non-mainstream pooled investment and that, accordingly, the shares can continue
    to be recommended by UK authorised persons to ordinary retail investors in
    accordance with the FCA's rules.

    Enquiries:

    Company website: www.synconaltd.com
    Northern Trust International Fund Administration Services (Guernsey) Limited
    Company Secretary

    Tel: 01481 745001