Result of Placing

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any decision in respect of Silence Therapeutics PLC or other evaluation of any securities of Silence Therapeutics PLC or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.

SILENCE THERAPEUTICS PLC("Silence Therapeutics" or the "Company")

Result of Placing

On Monday 28 April 2014, the Company announced a proposed share issue to raise minimum proceeds of approximately £10 million (USD $16 million) (before expenses) by way of a non-pre-emptive placing of Placing Shares (the "Placing").

The Placing has now closed and the Company announces that it has successfully raised gross proceeds of £11.4 million (USD $19.1 million) (£10.9 million (USD $18.2 million) net of expenses). 4,938,555 new Ordinary Shares have been placed by Canaccord Genuity Limited ("Canaccord Genuity") and ABG Sundal Collier ("ABG") in their capacity as Joint Bookrunners, with new and existing institutional investors and certain participating Directors, at a price of 230 pence per new Ordinary Share.

The new Ordinary Shares represent approximately 10.5 per cent. of the Company's issued share capital prior to the Placing and will represent approximately 9.5 per cent. of the Company's enlarged issued share capital post-Admission. Following Admission, the Company's total issued share capital will comprise 52,000,109 Ordinary Shares of 5 pence each carrying voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the FCA's Disclosure and Transparency Rules.

The new Ordinary Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares. Application has been made for the new Ordinary Shares to be admitted to trading on AIM and admission is expected to become effective at 8.00 a.m. on 6 May 2014, at which time the Placing will become unconditional in all respects. There will be no further Conditional Placing or Offer to Qualifying Participants.

Directors' participation

The Company has been today notified that Ali Mortazavi, Chief Executive Officer, and Tim Freeborn, Finance Director, have acquired 129,399 and 10,000 new Ordinary Shares respectively, pursuant to the terms of the Placing. The beneficial interests of both the participating Directors, as a result of the Placing, are shown below:

Related Party transactions

Owing to the size of their shareholdings in the Company, the participation of Robert Keith and Richard Griffiths in the Placing constitutes related party transactions for the purposes of the AIM Rules.

The Directors consider, having consulted the Company's nominated adviser, Canaccord Genuity, that the terms on which Robert Keith and Richard Griffiths are participating in the Placing are fair and reasonable insofar as Shareholders are concerned.

Ali Mortazavi, Chief Executive Officer of Silence Therapeutics, commented:

"In a period of extreme turbulence in the biotechnology sector, this capital raise is a significant endorsement of the technology and business plan of Silence Therapeutics. We will immediately initiate our 'multiple shots at goal' pre-clinical strategy. The funds raised will enable us to evaluate these opportunities in parallel, thereby materially de-risking the pipeline."

For further information contact:

Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for Silence Therapeutics plc and for no one else in connection with the Placing and will not be responsible to anyone other than Silence Therapeutics plc for providing the protections afforded to clients of Canaccord Genuity Limited or for affording advice in relation to the Placing, or any other matters referred to herein.

ABG Sundal Collier Norge ASA, which is regulated and supervised in Norway by the Financial Supervisory Authority of Norway (Finanstilsynet), is acting for Silence Therapeutics plc and for no one else in connection with the Placing and will not be responsible to anyone other than Silence Therapeutics plc for providing the protections afforded to clients of ABG Sundal Collier Norge ASA or for affording advice in relation to the Placing, or any other matters referred to herein.