EPT Disclosure

    6FRM 38.5(a)
                                        
                 DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS
                       WITH RECOGNISED INTERMEDIARY STATUS
                      DEALING IN A CLIENT-SERVING CAPACITY
                       (Rule 38.5(a) of the Takeover Code)
                                        
1.   KEY INFORMATION

Name of exempt principal      KBC PEEL HUNT LTD
trader
Company dealt in              NCIPHER PLC
Class  of  relevant  security ORDINARY SHARES
to  which the dealings  being
disclosed relate (Note 1)
Date of dealing               08 OCTOBER 2008


2.   DEALINGS (Note 2)

(a)  Purchases and sales

Total number of          Highest price paid      Lowest price paid (Note
securities purchased     (Note 3)                3)

3,646                    295p                    295p
                         
     

Total number of          Highest price received  Lowest price received
securities sold          (Note 3)                (Note 3)

NIL                       0p                     0p



(b)  Derivatives transactions (other than options)

Product       Long/short       Number of securities   Price per unit
name,         (Note 4)         (Note 5)               (Note 3)
e.g. CFD
                                                      

     
     
(c)  Options transactions in respect of existing securities

(i)  Writing, selling, purchasing or varying

Product      Writing,   Number of     Exerci  Type,    Expiry  Option
name,        selling,   securities    se      e.g.     date    money
e.g. call    purchasing to which      price   America          paid/rece
option       , varying  the option            n,               ived per
             etc.       relates               Europea          unit
                        (Note 5)              n etc.           (Note 3)
                                                               

(ii) Exercising

Product name, e.g. call  Number of securities    Exercise price per unit
option                                           (Note 3)
                                                 
                                                 
                                                 

3.   OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives


Full details of any agreement, arrangement or understanding between the
person disclosing and any other person relating to the voting rights of
any relevant securities under any option referred to on this form or
relating to the voting rights or future acquisition or disposal of any
relevant securities to which any derivative referred to on this form is
referenced.  If none, this should be stated.






Date of disclosure                         09 OCTOBER 2008
                                           
Contact name                               KELLY MORGAN
Telephone number                           020 7418 8860
Name of offeree/offeror with which         UNDISCLOSED OFFEROR
connected
Nature of connection (Note 6)              FINANCIAL ADVISOR