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Partial disposal of investment

Inflexion plc (“Inflexion”) is pleased to announce today that one of its investee companies, ANT plc (“ANT”), a specialist provider of browser software for the IPTV market, has successfully completed an Initial Public Offering (“IPO”), raising £11.2 million. The shares priced at 126p, giving the company a market capitalisation of approximately £30.6 million.

Since Inflexion first invested in ANT in September 2000, Inflexion has worked closely with the CEO Simon Woodward and Chairman Tony Caplin including supporting the company with further funding. John Hartz Joint CEO of Inflexion plc was, until the IPO, a Non-Executive Director of ANT.

As ANT’s largest shareholder, in order to provide liquidity post IPO, Inflexion has sold 2.5 million shares in the IPO at 126p, resulting in gross proceeds to Inflexion of £3,150,000. This share sale has resulted in profit to Inflexion of approximately £1.5 million on its gross investment of £3.6m, and brings total cash proceeds (including the proceeds of an earlier re-capitalisation) from its investment in ANT to c.£5.2 million to date.

Inflexion plc retains a c3 percent stake in ANT worth c. £1 million at the IPO price. This realisation, (and valuing Inflexion’s remaining stake at the IPO price), would increase Inflexion plc’s last stated net asset value by 4.2% (£2.1 million), to £52.1 million. On the same basis, adjusted net assets per share would increase to 20.81p (30 September 2004 : 19.65p).