Coronavirus (COVID-19) Update

21 April 2020

Triple Point VCT 2011 plc

(the "Company")

CORONAVIRUS (COVID-19) UPDATE

The Board of Triple Point VCT 2011 plc provides the following update on the impact of COVID-19 and implications for the portfolio of investments held by the Company in its A and B Share Classes.

The valuations of portfolio companies will be kept under review as the situation develops.

A Share Class

The majority, by both value and revenue, of the Company's assets are hydroelectric facilities in the Scottish Highlands. Hydroelectric plants, by their nature, require a relatively low level of human presence and we therefore expect the plants to be able to maintain normal commercial operations without significant disruption. The impact of COVID-19, and the Government's response to it, should therefore be relatively limited under normal operations.

The hydroelectric companies invested in by the A Share Class benefit from inflation linked contractual Feed in Tariff ("FiTs") Income, and currently have ~16 years remaining on these contracts across the companies. Alongside the FiT revenue stream, the companies have recently signed up to a new 12-month fixed price power purchase agreement ("Export") with one of the 'big six' energy providers.

The revenue stack of the hydro assets are weighted ~75% FiT and ~25% Export, with a portion of the Export tariff being made up by embedded benefits, which should not be affected by the fall in energy prices. Consequently, we do not expect the hydroelectric companies to be materially impacted by the current volatility we are witnessing in the energy markets.

The most relevant risks are a restriction on the supply chain for spare parts and the availability of technicians to attend on site if any of the hydro assets require significant unexpected repair or maintenance work. These risks are considered to be low and the NAV impact minimal.

B Share Class

It is expected that due to COVID-19 there will be a drop in annualized power consumption. This will be driven by reduced manufacturing and the heavy impact COVID-19 is having on the services industry. With many people working from home the pattern of domestic electricity consumption has also changed, causing the typical morning electricity "peak" to flatten out.

As a result of this changing demand profile we have already seen wholesale prices decline (carbon prices, power and gas). We have seen spark-spreads (the gross-margin of a gas power plant from selling a unit of electricity, having purchased the fuel required to produce this unit of electricity) begin to narrow, although we note that despite the changing demand profile, it still remains profitable for our gas power asset to run during the evening peak (the typical running hours for these assets). Over the long-term, industry experts believe power consumption and prices will revert to historical norms and therefore we do not currently expect there to be a significant impact on the valuation of these companies based on the long-expected life of the assets.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

The Company's LEI is 213800AOOAQA5XQDEA89

Further information on the Company can be found on its website https://www.triplepoint.co.uk/investments/triple-point-venture-fund/s7881/.

NOTES:

The Company is a Venture Capital Trust incorporated in July 2010. The Investment Manager is Triple Point Investment Management LLP. The Company was established to fund small and medium sized enterprises (SMEs). The Company launched a new share class, known as The Venture Fund, in March 2019 which is mandated to invest in SMEs producing products or digital services that solve challenges faced by their larger corporate customers.