First Day of Dealings

The MedicX Fund Limited
02 November 2006


FOR IMMEDIATE RELEASE                                            2 NOVEMBER 2006


   NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE IN THE UNITED STATES, CANADA,
             AUSTRALIA, JAPAN, NEW ZEALAND, IRELAND OR SOUTH AFRICA


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This document 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,
any shares or any other securities, nor shall it (or any part of it), or the
fact of its distribution, form the basis of, or be relied on in connection with,
any contract thereof. This document is an advertisement and not a prospectus,
and investors should not subscribe for or purchase any shares referred to in
this document except on the basis of the information in the prospectus published
by the Company on 17 October 2006 (the 'Prospectus').


Prospective investors should only rely on the information contained in the
Prospectus. No person has been authorised to give any information or make any
representation other than those contained in the Prospectus. If given or made,
such information must not be relied upon as having been authorised by the
Company or Panmure Gordon (UK) Limited ('Panmure Gordon').


                              MedicX Fund Limited
                  ('MedicX Fund', 'the Fund' or 'the Company')


                             First Day of Dealings
               on the Official List of the London Stock Exchange


MedicX Fund Limited (MXF), an investment company which intends to invest mainly
in modern, purpose built primary healthcare properties in the United Kingdom,
today announces that its shares have started trading on the Official List of the
London Stock Exchange.


Placing highlights:

• Placing and subscription proceeds of £55.9 million, before expenses
• Placing price of 100 pence per share (the 'Placing Price')
• Ticker symbol MXF
• The official sponsor, financial adviser and stockbroker is Panmure Gordon
• Shares commenced trading at 08:00 today


Commenting on this announcement, Jorge Tavares, Chairman of MedicX Fund Limited,
said: 'We expect the MedicX Fund to be a leading investor in UK primary health
care properties and we are delighted to have raised a significant fund and to
have joined the Official List of the London Stock Exchange today. We believe
there is a significant market opportunity ahead of us, lead by strong industry
dynamics and focused around GPs within the UK. We look forward to exploring this
opportunity and developing the Company in this exciting market.'


The Fund

   • The investment objective is to achieve rising rental income and capital
     growth from the ownership of a portfolio of mainly modern, purpose-built,
     primary healthcare properties.
   • It is self-managed with property advice from MedicX Adviser Ltd, a
     member of the MedicX Group, a specialist developer, investor and manager of
     primary healthcare properties.
   • The investment policy is to acquire primary healthcare properties in the
     United Kingdom, which will be sourced in the market or from the MedicX
     Group's pipeline of development and investment opportunities.
   • The rental costs of those parts of premises used for the provision of
     primary healthcare by GPs are predominantly reimbursed to GPs by Primary
     Care Trusts or Local Health Boards ('PCTs'). The Company's directors (the
     'Directors') may seek additional rental income from other providers of
     healthcare services.


The Investment opportunity

   • The Directors believe that this segment of the primary healthcare
     property market represents an attractive opportunity for the following
     reasons:

     - increasing demand for modern assets with flexible design characteristics;
     - long average lease terms (15 to 25 years) generating secure cash flow;
     - low default risk due to the nature of funding for GP practices;
     - properties are generally let when acquired with low levels of rental voids;
     - rental growth potential; and
     - potential for significant capital values at lease expiry.

   • Dividend yield at the Placing Price intended to be 5p per Share in the
     first year and expected to be maintained in real terms in line with
     increases in RPI, plus an average growth of 2.5% per annum in Net Asset
     Value (NAV) over a 10 year period.
   • Total projected return over ten years approximately 100%.


The Industry Dynamics

   • 80% Doctor's surgeries too small, only 40% purpose built, 50% adapted
     houses/shops (DoH, January 2006)
   • Only 21% surgeries privately owned (DoH, September 2003)
   • Between 1995-2005: (DoH, September 2006):

     -   Total number of GPs increased by 18% to 32,738;
     -   Single-handed practices declined 25% to 2,176, resulting in a reduction 
         in total practices of 8% to 8,451;
     -   Salaried GPs increased from 0 to 9,812;
     -   Part-time increased from 14% to 27%;
     -   60 and over increased from 6.3% to 8.6%.


The Market Opportunity

   • Majority of surgeries not fit for purpose
   • Doctors partnerships increasingly capital constrained as property values
     increase
   • Modern surgeries now mostly developed and owned by third parties
   • Ageing population will create additional demand
   • Primary Care cornerstone of Government NHS policy.


The Current pipeline

The MedicX Group has a pipeline of development projects, which is estimated by
the Company to be worth approximately £73 million in value when fully developed.
The pipeline of development projects comprises 21 projects for which the MedicX
Group has been appointed by GPs or PCTs as preferred developer. The MedicX Group
has also agreed with third parties non binding heads of terms to acquire and
fund the development of a further 18 properties with an estimated value of £74
million, although no assurance can be given that some, or any, of the above
projects will be completed.


For further information please contact:

MedicX Group                                              [phone]
Keith Maddin, Chairman
Mike Adams, Managing Director

Panmure Gordon & Co                                       [phone]
Edward Farmer / Stuart Gledhill

Buchanan Communications                                   [phone]
Lisa Baderoon / Charles Ryland / Mary-Jane Johnson


Capitalised terms used in this announcement shall, unless otherwise defined or
the context otherwise requires, have the meaning given to them in the
Prospectus.

The contents of this announcement have been approved for the purposes of section
21 of the Financial Services and Markets Act 2000 as amended ('FSMA') by 
Panmure Gordon.  Panmure Gordon is authorised and regulated in the United
Kingdom  by the Financial Services Authority in respect of regulated activities
and is acting  as sponsor and broker to the Company.  Panmure Gordon is acting
solely for MedicX  Fund Limited in this regard and will not be responsible to
anyone other than  MedicX Fund Limited for providing the protections afforded to
clients of Panmure Gordon.

This announcement is not for release, publication or distribution, in whole or 
in part, in or into the United States, Canada, Japan, South Africa, New Zealand,
the Republic of Ireland or Australia (the 'Prohibited Territories'). The Shares 
have not been and will not be registered under the United States Securities Act 
of 1933 (as amended), the United States Investment Company Act of 1940 (as
amended)  or under the applicable securities laws of the other Prohibited
Territories and,  unless an exemption under such laws is available, may not be
offered for sale or  subscription or sold or subscribed directly or indirectly
within the USA or the  other Prohibited Territories or for the account or
benefit of any national, resident  or citizen of the USA or the other Prohibited
Territories.

Copies of the Prospectus will be available during normal business hours on any
weekday (Saturdays, Sundays and public holidays excepted) at the Company's
registered office and at the offices of Panmure Gordon, Moorgate Hall, 155
Moorgate, London EC2M 6XB for 14 days following Admission. The Prospectus is
also available at the document viewing facility of the UKLA at the UKLA Document
Viewing Facility, Financial Services Authority, 25 The North Colonnade, Canary
Wharf, London E14 5HS.



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