Change of Name

19 December 2016

This announcement is for information purposes only and does not contain or constitute an offer of, or the solicitation of an offer to buy, any securities referred to herein to any person in any jurisdiction, including the United States, Australia, Canada, Japan or South Africa. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with any offer or commitment whatsoever in any jurisdiction.

This announcement is an advertisement and not a prospectus. It does not constitute an offer of securities for sale or subscription in any jurisdiction. Investors should not subscribe for or purchase any securities referred to in this announcement except in compliance with applicable securities laws.

BACIT LIMITED ("BACIT" OR THE “COMPANY”)

Further to its announcement on 14 December 2016, the Company today announces that admission and trading of 272,248,622 new ordinary shares commenced at 8.00 a.m. today on the Main Market of the London Stock Exchange. The Company has a total of 658,387,407 shares issued and outstanding.

The Company also announces that it has changed its name from BACIT Limited to Syncona Limited.

Trading in the Company's shares on the Main Market of the London Stock Exchange under the new name, Syncona Limited, is expected to be effective from 8.00 a.m. on Tuesday 20 December 2016 when the Company's ordinary shares will start trading under the ticker SYNC. The ISIN and SEDOL numbers for the ordinary shares will remain unchanged.

In addition, the Company is pleased to announce that the appointment of Nigel Keen and Ellen Strahlman as non-executive directors of the Company is effective today.

Nigel Keen currently acts as director of Deltex Medical Group plc and has previously acted as director of Bioquell plc, Laird plc and Oxford Instruments plc. Ellen Strahlman has previously acted as director of Becton Dickinson, plc and ViiV Healthcare, plc. Further details of both Nigel and Ellen’s current and past directorships are detailed in the prospectus published by the Company on 28 November 2016. No further disclosures are required in respect of the director appointments under Listing Rule 9.6.13.

As detailed in the Company’s circular to shareholders dated 28 November 2016, the Company announces that Arabella Cecil has resigned as non-executive director of the Company with effect from today. The Company wishes to thank Arabella for her service as non-executive director of the Company.

For further information please contact:

Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: [phone]

J.P. Morgan Cazenove, Bookrunner
William Simmonds
James Mitford
Tel: [phone]

Tulchan Communications
Doug Campbell
Siobhan Weaver
Tel: [phone]

Temple Bar Advisory
Ed Orlebar

Tel: [phone]

Important Notices

Neither this announcement nor any copy of it may be made or transmitted into the United States of America (including its territories or possessions, any state of the United States of America and the District of Columbia) (the "United States"), or distributed, directly or indirectly, in the United States. Neither this announcement nor any copy of it may be taken or transmitted directly or indirectly into Australia, Canada, Japan or South Africa or to any persons in any of those jurisdictions, except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of United States, Australian, Canadian, Japanese or South African securities laws. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for securities in the United States, Australia, Canada, Japan or South Africa or in any jurisdiction to whom or in which such offer or solicitation is unlawful.

The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended. In addition, the New Ordinary Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and, subject to certain exceptions, may not be offered, sold, pledged, or otherwise transferred, directly or indirectly, in or into the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the Securities Act ("Regulation S")). There will be no public offer of the New Ordinary Shares in the United States.

The securities to which this announcement relates have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any United States regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the New Ordinary Shares or the accuracy of adequacy of this announcement. Any representation to the contrary is a criminal offence in the United States.

The securities referred to herein have not been registered under the applicable securities laws of Australia, Canada, Japan or South Africa and, subject to certain exceptions, may not be offered or sold within Australia, Canada, Japan or South Africa or to any national, resident or citizen of Australia, Canada, Japan or South Africa.

J.P. Morgan Cazenove is authorised by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the PRA and the FCA. J.P. Morgan Cazenove is acting exclusively for the Company and no one else in connection with the Proposals, and will not regard any other person as their respective clients in relation to the Proposals and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for providing advice in relation to the Proposals, the contents of this announcement or any transaction, arrangement or other matter referred to herein.