Final Results -3-

| WAN Solutions Ltd        |    436  |   1.98  |    436  |   2.17  |       |    611  |   3.11  |    611  |   3.51  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Wide Area Network        |    564  |   2.57  |    564  |   2.81  |       |    711  |   3.62  |    711  |   4.09  | 
| Services Ltd             |         |         |         |         |       |         |         |         |         | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Wide Area Network        |    357  |   1.62  |    357  |   1.78  |       |    443  |   2.25  |    443  |   2.55  | 
| Solutions Ltd            |         |         |         |         |       |         |         |         |         | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Cinema Digitisation      |         |         |         |         |       |         |         |         |         | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| 21 Century Cinema Ltd    |  1,000  |   4.55  |  1,000  |   4.97  |       |  1,000  |   5.09  |  1,000  |   5.75  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Big Screen Digital       |  1,000  |   4.55  |  1,000  |   4.97  |       |  1,000  |   5.09  |  1,000  |   5.75  | 
| Services Ltd             |         |         |         |         |       |         |         |         |         | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Cinematic Services Ltd   |  1,000  |   4.55  |  1,000  |   4.97  |       |  1,000  |   5.09  |  1,000  |   5.75  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Digima Ltd               |  1,000  |   4.55  |  1,000  |   4.97  |       |  1,000  |   5.09  |  1,000  |   5.75  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Digital Screen Solutions |  1,000  |   4.55  |  1,000  |   4.97  |       |  1,000  |   5.09  |  1,000  |   5.75  | 
| Ltd                      |         |         |         |         |       |         |         |         |         | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
| Carried forward          |  8,101  |  36.85  |  8,101  |  40.28  |       |  7,075  |  36.01  |  7,075  |  40.68  | 
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+ 
 
 
 
Report of the Directors - Investment Portfolio (continued) 
 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| Activity                 |                2010                 |       |                2009                 | 
+--------------------------+-------------------------------------+-------+-------------------------------------+ 
|                          |      Cost        |                  |       |      Cost        |                  | 
|                          |                  |    Valuation     |       |                  |    Valuation     | 
+--------------------------+------------------+------------------+-------+------------------+------------------+ 
|                          | GBP'000 |    %   | GBP'000 |    %   |       | GBP'000 |    %   | GBP'000 |    %   | 
|                          |         |        |         |        |       |         |        |         |        | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| Unquoted Qualifying Holdings (continued)                       |       |         |        |         |        | 
+----------------------------------------------------------------+-------+---------+--------+---------+--------+ 
| Brought forward          |  8,101  | 36.85  |  8,101  | 40.28  |       |  7,075  | 36.01  |  7,075  | 40.68  | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| Crematorium management   |         |        |         |        |       |         |        |         |        | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| Furnace Management       |    910  |  4.14  |    910  |  4.53  |       |    910  |  4.63  |    910  |  5.23  | 
| Services Ltd             |         |        |         |        |       |         |        |         |        | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| Medical gas supplies     |         |        |         |        |       |         |        |         |        | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| MGS NW Ltd               |    703  |  3.20  |    703  |  3.50  |       |    325  |  1.65  |    325  |  1.87  | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| MGS WM Ltd               |    628  |  2.86  |    628  |  3.12  |       |    798  |  4.06  |    798  |  4.59  | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
|                          | 10,342  | 47.05  | 10,342  | 51.43  |       |  9,108  | 46.35  |  9,108  | 52.37  | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
|                          |         |        |         |        |       |         |        |         |        | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| Unquoted Non-qualifying  |         |        |         |        |       |         |        |         |        | 
| Holdings                 |         |        |         |        |       |         |        |         |        | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| Ambulance refurbishment  |         |        |         |        |       |         |        |         |        | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| Cranmer Lawrence         |    196  |  0.89  |    196  |  0.97  |       |    -    |   -    |    -    |   -    | 
| Engineering Services     |         |        |         |        |       |         |        |         |        | 
| Limited                  |         |        |         |        |       |         |        |         |        | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| Investment Holding       |         |        |         |        |       |         |        |         |        | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
| Lorngreen Limited   *    |  3,305  | 15.03  |  2,353  | 11.70  |       |  3,300  | 16.78  |  2,166  | 12.45  | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
|                          |  3,501  | 15.92  |  2,549  | 12.67  |       |  3,300  | 16.78  |  2,166  | 12.45  | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
|                          |         |        |         |        |       |         |        |         |        | 
+--------------------------+---------+--------+---------+--------+-------+---------+--------+---------+--------+ 
 
*TP70 2008 (II) holds 50% of the issued share capital of Lorngreen Limited. 
However your Company does not account for its investments in associates using 
equity accounting as IAS28 "Investments in Associates" does not apply to venture 
capital organisations.  They are instead treated as portfolio investments. 
Lorngreen holds 50% of the Company's exposure to GAM Diversity 2.5XL. 
 
 
 
Report of the Directors - Investment Portfolio (continued) 
 
Additional Information 
 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
|                        |            |        Last Statutory Financial Statements        |          |             |   Equity |     Equity | 
|                        |            |                                                   |          |             |     held |       held | 
|                        |            |                                                   |          |             |       by |     by all | 
|                        |            |                                                   |          |             |     TP70 |      funds | 
|                        |            |                                                   |          |             |     2008 |    managed | 
|                        |            |                                                   |          |             |     (II) |    by TPIM | 
|                        |            |                                                   |          |             |      VCT |        LLP | 
|                        |            |                                                   |          |             |      plc |            | 
+------------------------+------------+---------------------------------------------------+----------+-------------+          +            + 
|                        | Initial    | Date      |     P / |   Total |         |         |      VCT |         Net |          | Basis of   |