Final Results -2-

UP, as well as the significant reduction in both distribution and printing costs 
over celluloid; avoiding piracy is another driver towards digital. 
 
The major Hollywood film studios, as well as other second tier distributers, are 
willing to pay 'Virtual Print Fees' in return for the ability to distribute 
digital rather than celluloid films, providing revenues which flow through to 
digital deployment companies such as those into which the Company has invested. 
Digital opportunities are scheduled to commence at an accelerated pace during 
2010, and the portfolio companies may have opportunities to raise further 
investment capital. 
 
In the year to 31 March 2010 the Company invested in a business which trades 
satellite capacity providing for two-way broadband communications and digital 
channels access to remote, rural regions across the UK and Europe. This 
investment seeks to benefit from potential increases in demand for such 
capacity, together with a degree of downside protection. 
 
The Company also increased its investment in a business that provides medical 
gas services for the NHS, and also has investments in a crematorium management 
company, a business which provides telecommunications services to a public 
sector body, and three businesses supplying telecoms services to a large, 
corporate customer. Each of these qualifying investments is aligned with the 
investment criteria prioritising predictable revenues from financially sound 
customers and counterparties. 
 
During the year GBP712,000 of loan repayments were made to the Company from its 
qualifying investment portfolio. In summary movements in the qualifying 
investments for the year were; 
 
+--------------+------------------+------------+------+------------------+------------+ 
|              |                    Year ended |      |                  Period ended | 
+--------------+-------------------------------+------+-------------------------------+ 
|              |                 31 March 2010 |      |                31 March 2009  | 
+--------------+-------------------------------+------+-------------------------------+ 
|              | |   GBP'000  |      | |   GBP'000  | 
+--------------++------------+------++------------+ 
| Brought      | |     9,108  |      | |       -    | 
| forward      | |            |      | |            | 
+--------------++------------+------++------------+ 
| New          | |     1,434  |      | |     9,247  | 
| investments  | |            |      | |            | 
+--------------++------------+------++------------+ 
| Follow on    | |       512  |      | |       -    | 
| investments  | |            |      | |            | 
+--------------++------------+------++------------+ 
| Loan         | |      (712) |      | |       -    | 
| repayments   | |            |      | |            | 
+--------------++------------+------++------------+ 
| Carried      | |    10,342  |      | |     9,247  | 
| forward      | |            |      | |            | 
+--------------+------------------+------------+------+------------------+------------+ 
 
 
 
 
Investment Manager's review (continued) 
 
 
GAM Diversity 
 
Over the year under review, GAM Diversity 2.5XL rose by 8.63% with all three 
strategies (equity hedge, trading and arbitrage) generating positive returns. 
 
Having navigated the turmoil of 2008, Diversity was cautiously positioned at the 
beginning of 2009 with the majority of assets in trading strategies and the 
lowest historic allocation to equity hedge of 14%. This stance enabled the fund 
to achieve its core objective of producing absolute returns. In the third 
quarter Diversity's asset allocation was moved to more equal weightings in the 
three strategies, as GAM felt that the markets had moved to a more "normalised" 
environment and, therefore, were willing to increase the equity hedge exposure 
but remaining focussed on less directional managers. 
 
GAM believes that 2010 will see a clear differentiation between regions and 
countries combined with sharp fluctuations in investor sentiment and has 
positioned Diversity to take advantage of such a changing landscape. 
 
Outlook 
 
Our focus for the year ahead is twofold: to continue to make qualifying 
investments to meet the minimum 70% threshold required to secure VCT 
qualification and to monitor closely the performance of the investee companies 
to ensure that the investments are profitable for the Company and shareholders. 
 
 
 
Claire Ainsworth 
Triple Point Investment Management LLP 
3 June 2010 
 
 
 
About Triple Point Investment Management LLP (Triple Point) 
 
Triple Point is a specialist in tax-efficient investments. As well as managing 
several market-leading VCTs, Triple Point offers investors a range of investment 
products that qualify for government sponsored tax reliefs including the 
Enterprise Investment Scheme (EIS) and Business Property Relief (BPR). 
 
With its focus on capital security, liquidity and tax-enhanced returns, the 
Triple Point investment model has been built around the group's capabilities in 
taxation, structured finance and investment; to the benefit of every Triple 
Point product. 
 
For more information on Triple Point please call 020 7201 8990. 
 
 
 Report of the Directors - Investment Portfolio 
 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Security                 |                2010                   |       |                2009                   | 
+--------------------------+---------------------------------------+-------+---------------------------------------+ 
|                          |       Cost        |                   |       |       Cost        |                   | 
|                          |                   |    Valuation      |       |                   |    Valuation      | 
+--------------------------+-------------------+-------------------+-------+-------------------+-------------------+ 
|                          | GBP'000 |     %   | GBP'000 |     %   |       | GBP'000 |     %   | GBP'000 |     %   | 
|                          |         |         |         |         |       |         |         |         |         | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Qualifying holdings      | 10,342  |  47.05  | 10,342  |  51.43  |       |  9,108  |  46.35  |  9,108  |  52.37  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Non-qualifying holdings  |  3,501  |  15.92  |  2,549  |  12.67  |       |  3,300  |  16.78  |  2,166  |  12.45  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
|                          | 13,843  |  62.97  | 12,891  |  64.10  |       | 12,408  |  63.13  | 11,274  |  64.82  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Derivative               |  3,292  |  14.97  |  2,361  |  11.74  |       |  3,292  |  16.74  |  2,166  |  12.45  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Total holdings           | 17,135  |  77.94  | 15,252  |  75.84  |       | 15,700  |  79.87  | 13,440  |  77.27  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Money market funds       |  3,360  |  15.28  |  3,360  |  16.71  |       |    -    |    -    |    -    |    -    | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Uninvested funds         |  1,493  |   6.78  |  1,493  |   7.45  |       |  3,962  |  20.13  |  3,962  |  22.73  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
|                          | 21,988  | 100.00  | 20,105  | 100.00  |       | 19,662  | 100.00  | 17,402  | 100.00  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Activity                 |         |         |         |         |       |         |         |         |         | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Unquoted Qualifying Holdings                                     |       |         |         |         |         | 
+------------------------------------------------------------------+-------+---------+---------+---------+---------+ 
| Provision of satellite   |         |         |         |         |       |         |         |         |         | 
| capacity                 |         |         |         |         |       |         |         |         |         | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Beam Carrier Trading Ltd |    563  |   2.56  |    563  |   2.80  |       |    -    |    -    |    -    |    -    | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Satellite Broadband      |    871  |   3.96  |    871  |   4.33  |       |    -    |    -    |    -    |    -    | 
| Access Solutions Ltd     |         |         |         |         |       |         |         |         |         | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Telecommunications       |         |         |         |         |       |         |         |         |         | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Per Port Services Ltd    |    310  |   1.41  |    310  |   1.54  |       |    310  |   1.58  |    310  |   1.78  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+