Final Results -4-

|                        | Investment |           |     (L) |  assets |         |         |    loans |      Assets |          | Valuation  | 
|                        | Date       |           |  before |  before |         |         |          |             |          | **         | 
|                        |            |           |   int & |     VCT |         |         |          |             |          |            | 
|                        |            |           |     Tax |   loans |         |         |          |             |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
|                        |            |           | GBP'000 | GBP'000 | GBP'000 | GBP'000 |                        |      %   |        %   | 
|                        |            |           |         |         |         |         |                        |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+------------------------+----------+------------+ 
| Qualifying Holdings    |            |           |         |         |         |         |          |             |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| Beam Carrier Trading   | 02-Apr-09  | 31-Mar-09 |    (66) |    783  |    781  |      2  |          | Transaction |   28.10  |     78.00  | 
| Ltd                    |            |           |         |         |         |         |          | price       |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| Satellite Broadband    | 02-Apr-09  | 31-Mar-09 |     33  |  1,345  |  1,310  |     35  |          | Transaction |   43.50  |     93.40  | 
| Access Solutions Ltd   |            |           |         |         |         |         |          | price       |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| Per Port Services Ltd  | 17-Mar-09  | 31-Mar-09 |    (12) |    554  |    372  |    182  |          | Transaction |   47.50  |     95.00  | 
|                        |            |           |         |         |         |         |          | price       |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| WAN Solutions Ltd      | 17-Mar-09  | 31-Mar-09 |     31  |  1,086  |    856  |    230  |          | Transaction |   47.50  |     95.00  | 
|                        |            |           |         |         |         |         |          | price       |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| Wide Area Network      | 17-Mar-09  | 31-Mar-09 |     (8) |    722  |    498  |    224  |          | Transaction |   49.97  |     49.97  | 
| Services Ltd           |            |           |         |         |         |         |          | price       |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| Wide Area Network      | 17-Mar-09  | 31-Mar-10 |     33  |    780  |    621  |    159  |          | Transaction |   47.50  |     95.00  | 
| Solutions Ltd          |            |           |         |         |         |         |          | price       |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| 21 Century Cinema Ltd  | 31-Mar-09  | No financial                  |         |         |          | Transaction |   24.06  |     96.24  | 
|                        |            | statements available          |         |         |          | price       |          |            | 
+------------------------+------------+-------------------------------+---------+---------+----------+-------------+----------+------------+ 
| Big Screen Digital     | 31-Mar-09  | No financial                  |         |         |          | Transaction |   24.06  |     96.24  | 
| Services Ltd           |            | statements available          |         |         |          | price       |          |            | 
+------------------------+------------+-------------------------------+---------+---------+----------+-------------+----------+------------+ 
| Cinematic Services Ltd | 31-Mar-09  | No financial                  |         |         |          | Transaction |   24.06  |     96.24  | 
|                        |            | statements available          |         |         |          | price       |          |            | 
+------------------------+------------+-------------------------------+---------+---------+----------+-------------+----------+------------+ 
| Digima Ltd             | 31-Mar-09  | No financial                  |         |         |          | Transaction |   24.06  |     96.24  | 
|                        |            | statements available          |         |         |          | price       |          |            | 
+------------------------+------------+-------------------------------+---------+---------+----------+-------------+----------+------------+ 
| Digital Screen         | 31-Mar-09  | No financial                  |         |         |          | Transaction |   24.06  |     96.24  | 
| Solutions Ltd          |            | statements available          |         |         |          | price       |          |            | 
+------------------------+------------+-------------------------------+---------+---------+----------+-------------+----------+------------+ 
| Furnace Management     | 17-Mar-09  | 31-Mar-09 |    (28) |  1,681  |  1,274  |    407  |          | Transaction |   24.50  |     49.00  | 
| Services Ltd           |            |           |         |         |         |         |          | price       |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| MGS NW Ltd             | 23-Dec-08  | 31-Mar-09 |   (508) |  1,349  |  1,042  |    307  |          | Transaction |   24.49  |     48.98  | 
|                        |            |           |         |         |         |         |          | price       |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| MGS WM Ltd             | 30-Oct-08  | No financial                  |         |         |          | Transaction |   24.50  |     49.00  | 
|                        |            | statements available          |         |         |          | price       |          |            | 
+------------------------+------------+-------------------------------+---------+---------+----------+-------------+----------+------------+ 
| Non-qualifying         |            |           |         |         |         |         |          | Transaction |          |            | 
| Holdings               |            |           |         |         |         |         |          | price       |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| Cranmer Lawrence       | 02-Apr-09  | 31-Mar-09 |     47  |    889  |    475  |    414  |          | Transaction |   50.00  |    100.00  | 
| Engineering Services   |            |           |         |         |         |         |          | price       |          |            | 
| Limited                |            |           |         |         |         |         |          |             |          |            | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| Lorngreen Limited   *  | 17-Jun-08  | 31-Mar-09 | (2,268) |  4,331  |  1,320  |  3,011  |          | Net Assets  |   50.00  |    100.00  | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
| ** Financial assets are measured at fair value. The best estimate of the value of a financial asset that is                              | 
| either quoted or unquoted is the transaction price.                                                                                      | 
+------------------------+------------+-----------+---------+---------+---------+---------+----------+-------------+----------+------------+ 
 
 
 
Report of the Directors - Corporate Governance 
 
The Board of TP70 2008 (II) VCT plc has considered the principles and 
recommendations of the Association of Investment Companies Code of Corporate 
Governance (AIC Code) by reference to the Association of Investment Companies 
Corporate Governance Guide for Investment Companies (AIC Guide).  The AIC Code, 
as explained by the AIC Guide, addresses all the principles set out in Section 1 
of the Combined Code, as well as setting out additional principles and 
recommendations on issues that are of specific relevance to the Company.  The 
Board considers that reporting against principles and recommendations of the AIC 
Code, by reference to the AIC Guide (which incorporates the Combined Code), will 
provide better information to shareholders. 
 
The Company is committed to maintaining high standards in corporate governance 
and has complied with the recommendations of the AIC Code and the relevant 
provisions of Section 1 of the Combined Code, except as set out at the end of 
this report in the Compliance Statement. 
 
Board of Directors