b'Executive outlookA message from Dr Mark PaytonChief Executive Officer, Mercia Asset ManagementWe continue to find, nurture and realise value in, from and to the UK regions.This is the time to be backing the next generation. The regionsaccessing the fund documentation and our secure Investor Last year, against the backdrop of a worldwide pandemic, we generated fullhave always had a wide base of technological talent andCentre, we are supporting the ease and continuity of our cash returns for our Enterprise Investment Scheme (EIS) investors of 8.6x froma growing entrepreneurial culture, with young companiesservice. Visibility and exposure of the performance of the well positioned to grow into world-class businesses. As wefunds and the team that deliver these results has also been the exit of The Native Antigen Company, 8x from the sale of Clear Review andmove through this emergent crisis of COVID-19, we must beenhanced through our regular webinars that range in topics a 1.8x return on the sale of Refract. These are significant exits reflective of thefully prepared to harness the characteristics exemplified byincluding portfolio overviews and accomplishments, to high quality, often leading-edge science-based investments that we have thethis pandemic; the acceleration of discoveries, innovationthose of a more esoteric nature, but equally informative. privilege to support. But why chose Mercia as an investee? We are told thisand the rapid adoption of new behaviors by connecting theRegular newsletters will remain the mainstay of investor is because of our supportive approach to investing, our Complete Connectedentrepreneurs that have the ability to exploit these positivecommunication, but this will be further enriched through social trends with the capital that they need.media updates, insights and interviews.Capital where we are able to interlink different pools of capital at the right time to drive growth and our exceptional networks that we seek to leverage toThrough 2020 we have experienced 10 years of changeAs an investor in our funds, we thank you for your continued in 12 months as a new and permanent normal develops;support and believe this access to alternative asset classes, the benefit of our circa 400 portfolio companies. All achieved via a workforceways in which we consume entertainment, interact, shop,sourced by Mercia, provides the potential of compelling across the regions of over 100 people, managing over 800m in venture, debtmanage our wellbeing and access healthcare have changed.medium- to long-term returns.and private equity. This is equally reflected in the way that we need to conduct business. To this end, we now provide an end-to-end digitalDr Mark Payton, application and fund management process. From our digitalChief Executive Officerengagement to inform and educate our investors online, to Right capital, right company, right place4 5'