University Partnership

    The Evolution Group Plc

                        The Evolution Group Plc

Evolution Group subsidiary, IP2IPO, reaches agreement in principle with the
             University of York for innovative partnership

IP2IPO Group Limited ("IP2IPO"), a subsidiary of the listed investment bank and
fund management group, The Evolution Group Plc ("Evolution Group"), is pleased
to announce that it has agreed the principles of a new partnership with CNAP, a
flagship genomics research centre within the University of York that focuses on
plant and microbial gene discovery. CNAP is housed within the £22m purpose-built
facilities of York University's new biology building and undertakes research
across a range of disciplines with applications that include:

--  the production of fine chemicals, biocatalysts and industrial enzymes

--  health products from plants including new medicines and neutraceuticals

--  the development of novel biosensors

--  the development of protein based biomaterials

This partnership is IP2IPO's fourth university partnership. IP2IPO's other
partnerships are with the University of Oxford, University of Southampton and
King's College London.

CNAP

CNAP was established in 1999 by Professor Dianna Bowles and has achieved rapid
growth since its conception. Its 60 members of staff are dedicated to full time
research (with no teaching responsibilities at the University of York). CNAP now
files a new patent every two weeks and plans to double in size over the next 3
years. CNAP has its origins in the international excellence in plant science at
the University of York and received its initial funding from a significant
benefaction from the Garfield Weston Foundation. In 2003, it established a
research collaboration with the Samuel Roberts Noble Foundation (an American
charitable foundation that has invested over $500m in agricultural and plant
science research and teaching). CNAP's strategic objective is to embed the
commercialisation of its research at the heart of its activities. Dr Graham P
Howe, CNAP's Commercial Director, was recruited in 2002 to create and spearhead
CNAP's commercial strategy and to drive the business development of its
research.

Completion of the partnership

The parties are seeking to reach final agreement, for a term of 25 years, by the
end of October 2003, based on the establishment of a dedicated business
(Amaethon Limited) that will commercialise IP originated at CNAP and in which
IP2IPO will hold a significant interest.

Professor Brian Cantor, Vice-Chancellor of the University of York, said: "The
formation of Amaethon to unleash the commercial potential of CNAP will be a very
exciting development. It demonstrates the strength and quality of research in
CNAP and is an excellent example of the University of York's ambitious plans to
expand its world-class research."

David Norwood, Chief Executive of IP2IPO and a non-executive Director of
Evolution Group, said: "CNAP is an exciting centre of excellence within the
University of York. The vision and drive of CNAP is extremely impressive and we
are delighted to have reached agreement in principle with the University and the
CNAP team."

For more information contact:

The Evolution Group Plc (www.evolution-group.com)
Alex Snow, Chief Executive                                  020 7071 4348
Graeme Dell, Finance Director

Andrew Jaques/ Georgina Briscoe                             020 7357 9477
(Hogarth Partnership Limited, PR advisers to Evolution)

IP2IPO (www.ip2ipo.com)
David Norwood, Chief Executive                              020 7071 4348

CNAP (www.cnap.org.uk)
Dr Graham Howe, Commercial Director                         01904 328 800

University of York Press Office:
Hilary Layton                                               01904 432 029

Notes to editors

The Evolution Group Plc

The Evolution Group is the holding company of Evolution Beeson Gregory,
Christows and IP2IPO. The Evolution Group is fully listed with a current market
capitalisation of approximately £200 million.

Evolution Beeson Gregory ("EVBG") aims to be the "leading investment bank to
small and mid cap companies". This is based upon the belief that it has the
strategy and capabilities to achieve this goal, coupled with the fact that the
market opportunity exists for this strategy to be a successful and profitable
one.

The company's capabilities are strong across the primary and secondary equity
market and central to this is the presence of a leading corporate retained
client base in the small and mid cap sector. We service these clients by
providing the full range of corporate finance, equity research, market making
and sales activities and delivering all of these with a strong client service
culture.

Christows is a leading independent firm of stockbrokers and portfolio managers
which, from its foundation in 1991 in Exeter, has always set out to provide a
traditional stockbroking service whilst developing an innovative product
offering. Christows now also operates from London and Bournemouth and has 55
staff across account executive, research, sales and administration staff.

As at 30 June 2003, Christows had a total of £360m client funds under
management, on over three quarters of which it receives a recurring fee based
commission. Christows' strategy for 2003 is one of controlled growth of the
funds under management by organic means through the sales and account executive
teams and by the recruitment of likeminded account executives who can attract
new clients to the company.

IP2IPO

IP2IPO is a majority owned subsidiary of Evolution Beeson Gregory, the listed
investment bank and fund management group. IP2IPO's business is the formation of
long-term university partnerships in which it receives a significant interest in
the intellectual property created by its university partners.

IP2IPO's first such partnership was with the University of Oxford. In return for
an investment of £20 million (which enabled the completion of Oxford's new state
of the art chemistry facilities), IP2IPO has acquired 50% of the university's
shareholding in spin out companies based on intellectual property created at the
chemistry department until 2015.

In March 2002, IP2IPO entered into a second long-term partnership with the
University of Southampton. Under the terms of this partnership, IP2IPO is
committed to working with the University's Centre for Enterprise and Innovation
in the identification and facilitation of spin out companies from across the
University and will invest £5 million in early-stage University spin out
companies over a four year period in return for equity stakes in those
companies. In addition, IP2IPO also receives a 20 per cent stake in Southampton
Asset Management, a company that has been formed to hold the University's equity
stakes in its future spinout companies. The partnership has an initial term of
25 years.

IP2IPO entered into its third long-term partnership in May 2003 with King's
College London. IP2IPO will work with KCL Enterprises Ltd., the College's
technology transfer group, to help identify and progress commercialisation
opportunities as well as investing £5 million in spin out companies from King's
College London over a five year period in return for equity stakes in those
companies. In addition, IP2IPO will receive 20% of King's College London's
interest in spin out companies and technology licences. The partnership has an
initial term of 25 years.

The University of York

The University of York is a dynamic and highly successful organisation,
recognised internationally for its excellence in teaching and research. Named
'University of the Year' by the Sunday Times in September 2003, it has the
highest average teaching score amongst UK universities and is ranked 6th for the
quality of its research. Its continued success, including rapid expansion in
research and spin-out activities, has led to ambitious plans for major expansion
to the east of its main campus in south-east York.