Half-year Report

10 October 2019

Triple Point VCT 2011 plc

(the "Company")

RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2019

The directors of Triple Point VCT 2011 VCT plc are pleased to announce its unaudited results for the six months to 31 August 2019.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

The Company's LEI is 213800AOOAQA5XQDEA89

For further information please contact Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk

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.

Financial Summary

Triple Point VCT 2011 plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM" and "Triple Point"). The Company was incorporated in July 2010.

·; A Shares: On 30 April 2015 the A Share Class offer closed having raised £10.3 million with a total of 9,951,133 A Shares being issued.

·; B Shares: On 29 April 2017 the B Share Class offer closed having raised £6.97 million with a total of 6,824,266 B Shares being issued.

·; Venture Fund: On 30 August 2019 the Venture Fund offer closed having raised gross proceeds of £7.1 million with a total of 6,912,338 Venture Fund Shares being issued.

Chairman's Statement

I am writing to present the unaudited Interim Financial Report for Triple Point VCT 2011 plc ("the Company") for the period ended 31 August 2019.

During the period the Company continued to monitor the ongoing operation of both the A and B Share Class investments.

We are pleased to report, both the A Share Class and the B Share Class portfolios remain fully invested and are performing in line with expectations.

Offer for Subscription

The recent Offer for Subscription of Venture Shares closed on 30 August 2019. The Board are pleased to announce the total raised, net of all costs, was £6.91 million and resulted in the issuance of 6,912,388 new Venture Shares. On behalf of the board I would like to welcome all new Shareholders and to also thank the existing Shareholders for their continued support.

Since the successful original offer, the Company, under a new top-up offer for the Venture Fund, are seeking to raise a further £10 million (with a £10 million over-allotment facility) in order to continue investing in early-stage businesses with strong, long term growth potential.

I am pleased to announce that a 1% Venture Share bonus will apply in respect of completed applications received and accepted from existing holders of Venture Shares, which will be paid for by Triple Point.

Investment Portfolio

The Company's funds at 31 August 2019 were invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 70% of relevant funds must be invested in qualifying investments. Legislation introduced through the Finance Act 2018 will begin to apply to the Company from 1 March 2020, implementing an increase in the qualifying investment test to 80%. The Investment Manager monitors this ratio closely and the Board are confident that the Company will meet the new requirement when it comes into effect.

The Company continued to satisfy all other tests relevant to its status as a Venture Capital Trust.

The Investment Manager's review on pages 4 to 8 gives an update on the portfolio of investments in 15 small unquoted businesses.

A Share Class

I am pleased to report the A Share Class has recorded a profit over the period of 1.07p per share and as at 31 August 2019 the NAV per share stood at 107.55p. On 27 June 2019 the A Class Shareholders were paid their fourth dividend of £398,045 equal to 4p per share, taking total dividends paid to A Shareholders to date to 11.75p per share. This distribution brings Net Asset Value plus dividends paid to 119.30p.

The initial target for the A Share Class is to provide a cash return to investors of 100p by the end of the sixth year of investment from a mixture of the initial 30% income tax rebate, tax free dividends and a capital realisation. Thereafter the target is to provide an ongoing annual dividend of 3.50p per annum with a final payment of capital.

During the period, in line with the way the investment was structured, the Company completed the sale of its holding in Green Highland allt Garbh Limited ("Garbh"). The A Share Class received net proceeds in excess of £2.25 million from the sale. This disposal contributes significantly to both the dividend and partial realisation target for the sixth year of the Share Class.

Following the sale of Garbh, the board has resolved to pay a special dividend to A Class Shareholders of £2,338,516 equal to 23.5p which will be paid on 29 November 2019 to shareholders on the register on 15 November 2019. This sum in conjunction with prior dividends results in total distributions of 35.25p per share excluding the initial income tax rebate.

B Share Class

The B Share Class has qualifying investments in two companies that have each constructed a gas fired energy centre. Both energy centres have now been successfully commissioned and are fully operational.

The B Share Class has recorded a small loss over the period of 0.15p per share due to running costs of the Share Class exceeding income. At 31 August 2019 the NAV per share stood at 100.95p. On 27 June 2019 the B Class Shareholders were paid their first dividend of £341,213 equal to 5p per share, in line with the target for this Share Class. This first distribution brings Net Asset Value plus dividends paid to 105.95p.

Venture Fund

The Venture Fund offer for subscription closed on 30 August 2019 having raised £6.91 million net of all costs. The level of investment during the period has been promising. Four qualifying investments, totalling £1.25 million have been made by the Venture Fund to date spanning sectors such as financial technology ("fintech") and telecommunications ("telecoms"). More detail on these investments can be found in the Investment Manager's Review.

As highlighted above, the new offer for subscription will continue to target significant capital growth by investing in early-stage innovative companies with an indication or firm commitment from a corporate providing market validation.

These companies will continue to be sourced from the Investment Manager's venture network and have the potential to deliver ground-breaking technology or products, at scale, and to transform markets.

For investments in the 2019/20 tax year, the Offer will remain open until no later than noon on Friday 3 April 2020 subject to cleared funds. For all investments in the 2020/21 tax year, the Offer will remain open until Monday 31 August 2020, unless fully subscribed at an earlier date.

The Venture Fund made a loss during the period of 1.16p per share due to the running costs of the Share Class exceeding income whilst new qualifying investments are sought. At 31 August 2019 the NAV per share stood at 99.11p.

Specific Risks

The Board believes that the specific risks facing the Company are:

·; Compliance risk of failure to maintain approval as a qualifying VCT;

·; Investment risk associated with the VCT's portfolio of unquoted investments, including the inability to invest funds raised and the inability to realise funds to facilitate return to investors;

·; Financial risk of investing on a medium to long-term basis; and

·; Risk of failure of internal controls.

The Board believes these risks are manageable and, with the Investment Manager, continues to work to minimise either the likelihood or potential impact of these risks within the scope of the Company's established investment strategy.

Outlook

The investment portfolio of the Company continues to operate well with much of the portfolio being in companies which are mature and profitable, providing attractive income returns.

One of the Company's objectives is a partial realisation of the A Share Class after 5 years with a targeted total distribution of 70p. The realisation of our investment in Garbh is a first step towards that objective. The Board and the Investment Manager are now working towards investment disposals to fund the target distribution as well as optimising the portfolio owned by the B Shareholders.

Following the successful Venture Fund raise of £6.91m (net of costs) and the current offer for subscription, the Board believes that the Company is well positioned to take advantage of any opportunities to provide growth capital and help companies achieve scale. The Board, the Investment Manager and the Triple Point Venture Network will continue to assess, balance and diversify the risks within the Venture Share Class.

The Board and Investment Manager continue to monitor and discuss the possible impact of Brexit on the underlying portfolio to identify the principal areas of risk. We are continuing to monitor the ongoing Brexit negotiations and will take mitigating action where possible as and when required.

If you have any questions about your investment, please do not hesitate to contact Triple Point on 020 7201 8990.

Jane Owen

Chairman

10 October 2019

Investment Manager's Review

Sector Analysis

During the period there has been changes to the Unquoted Investment portfolio. The Venture Fund has made investments into five companies, examples of which can be seen on page 8 of the Investment Manager's Review.

The unquoted investment portfolio can be analysed as follows:

* Other SME funding includes £1,295,000 of A Ordinary Share Class investments, £1,386,000 of B Ordinary Share Class and £490,000 of Venture Fund investment in to a UK based company which provides finance to small and medium sized enterprises.

The VCT was established to fund small and medium sized enterprises. It has three share classes with separate portfolios as detailed on page 4. At the period end the overall portfolio comprised investments in 15 small, unquoted companies across several sectors spanning electricity generation, SME funding, Software as a Service (SaaS), fintech and telecoms.

Both the A and B Share Class remain fully invested. The Company and the Investment Manager continue to focus on asset optimisation and portfolio management for both Share Classes, whilst deal origination remains the focus of the Venture Fund.

The A and B Share Class portfolios consist of businesses which are fully operational and revenue generating. Generally, performance during the period across each portfolio has been in line with expectations with the A Share Class recording an uplift in NAV (including dividends) from the performance of its portfolio from 118.24p per share to 119.30p per share whilst the B Share Class recorded a small loss, reducing the NAV from 106.10p per share to 105.95p. This is due to the ongoing operational costs exceeding revenues for the period.

Review & Outlook

A Share Class

Following the successful realisation of the A Shares Investment in Green Highland Allt Garbh, the A Share Class has investments in five hydroelectric companies which between them own six hydroelectric schemes in the Scottish Highlands.

All six schemes have been commissioned and are operational. The A Share Class also has investments in two other companies which provide funding to SMEs.

We are happy to report that the performance of the hydro schemes has improved over the course of 2019. Overall, we are pleased to confirm that the A Share Class has recorded a profit of 1.62p per share for the period.

The six hydroelectric schemes are "run of river" plants and each company benefits from government backed Feed-in Tariff (FiT) payments based on output and from the sale of the electricity produced to utilities or other power companies under Power Purchase Agreements (PPAs). The companies have continued to obtain better power prices than were originally forecast, earning an average of 6.3 pence per kWh compared to the 5 pence per kWh which was projected at the time of investment. The companies have recently renewed their PPA contracts and continue to achieve higher prices than the current available export tariff.

Although rainfall variability is to be expected over the 40-year period of generation which our hydroelectric companies are expected to experience, overall, we continue to be pleased with the efficiency of the hydroelectric schemes owned by them. The hydroelectric companies remain highly focussed on improving efficiencies and maximising output and are working alongside hydro experts to further enhance performance.

Industry Update

The hydroelectric companies, together with other industry members and the British Hydropower Association, are continuing to lobby the Scottish Government to recognise the concern on business rates in the hydro sector. For the financial year 2019/20, the hydroelectric companies received a 60% relief and it is expected that this relief will continue to be applied each year until such time as the Scottish Government address the issues of the business rates in the hydro sector.

An update from the Scottish Government is expected to be announced sometime during November 2019.

In July 2018, the government announced the end of the FiT scheme for renewable energy from 31 March 2019. All businesses that already have FiT registrations will continue to receive payments for the remainder of their agreement. Therefore, as the companies entered in to 20-year agreements prior to this announcement, the seven hydroelectric companies are unaffected by this change.

B Share Class

The B Share Class remains fully invested with two Qualifying Investments in companies operating gas fired energy centres and one Non-Qualifying Investment. Both energy centres were commissioned during May 2018 and consist of containerised gas combustion engines that generate electricity for onward sale, especially at times when there is high demand for power. The UK is aiming to close its coal-fired power plants by 2025, and it is therefore expected that there will be a shortage in the supply of energy in the UK. Although renewable energy makes an increasing contribution, the irregular nature of its production means that other baseload sources will also be required to make up the deficit.

The companies have taken advantage of a gap in the market by constructing and operating gas fired energy centres to produce and sell electricity to customers. The energy centres utilise simple technology, provided by Rolls Royce, which can respond rapidly to grid fluctuations to deliver a reliable and secure energy supply.

Gas is purchased from the National Transmission System and combusted in the engines to generate electricity. The electricity is then exported to the grid and sold under a power purchase agreement. The companies receive revenues from the sale of electricity and additional income from embedded benefits.

Embedded benefits cover a range of payments available to small electricity generators connected to local distribution networks, rather than National Grid's transmission network. Benefits can be earned for generating between the hours of 4-7pm, when demand is typically at its peak, and for local distribution.

Generators can earn additional revenues by operating outside the peak hours to take advantage of electricity market price volatility.

Both qualifying companies are fully operational and performing well. During the six-month period to 31 August 2019, Green Peak Generation Ltd generated 7,989 MWh of electricity, and Distributed Generators Ltd generated 4,587 MWh of electricity. Based on an average of 3.8 MWh annual use per household, the energy centres generated enough electricity for 4,204 and 2,414 homes

respectively during the period.

In August 2019, the engine silencers at the Lillyhall energy centre, owned by Green Peak Generation Ltd, were replaced due to their poor acoustic performance. This replacement was performed at no extra cost to the investee company.

Industry Update

The Capacity Market consists of fixed payments to power generators to ensure they are available during periods of high demand. Eligible power generators must bid in an auction process to win a contract, they will then receive these payments in exchange for ensuring the generator is available during the peak demand periods.

On 15 November 2018, the European Court of Justice unexpectedly announced that it did not believe that sufficient work had been undertaken when the European Commission ('EC') approved the UK's Capacity Market scheme, leading to a halt to all payments under the scheme.

The UK's Department for Business, Energy and Industrial Strategy ('BEIS') have indicated they are working closely with the EC to secure approval and have suggested they anticipate securing this approval by the end of 2019 (including making the currently frozen Capacity Market payments). As the expected impact of this announcement is only a delay in payments which will be received by the projects, it is not anticipated that this will have a material impact on investor returns, but there is currently uncertainty over the timing of when these revenues will be received.

In addition, Ofgem completed its review of embedded benefits available to small generators and announced certain planned changes. Albeit a relatively small element of the revenue generated by the companies, embedded benefits form another income stream which the energy centres receive. Assuming these changes are implemented, this will have the effect of reducing the income the energy centres are able to earn as well as introducing a small cost for each MWh of electricity that is generated. This is expected to have a minor negative impact on investor returns.

Venture Fund

The Venture Fund was launched in September 2018 and closed on 30 August 2019 having raised £6.91 million net of all costs. To date the Venture Fund has made four qualifying investments ranging from £150,000 to £500,000. These investments total £1.25 million.

The Venture Fund also acquired a non-qualifying investment in an LLP which provides financing to SMEs. The intention of this acquisition was to enable the Venture Fund to generate a modest income for the fund to help enable the Share Class to service costs. The total deployed by the Venture fund to date, including both qualifying and non-qualifying investments, is £1.74 million. The balance of the share class's assets are held in cash and cash deposits.

The Venture Fund will continue to focus on business-to-business investment opportunities using a challenge-led approach. Businesses targeted by the Venture Fund will have the potential to generate long term capital growth for investors. Over time, realised capital gains are expected to contribute to the payment of dividends by the VCT along with growing the Net Asset Value.

The Venture Fund looks to maximise shareholder returns by investing in innovative early-stage businesses typically at the point when they have achieved market validation, for instance by securing a contract with one or more established corporate customers. The Venture Fund aims to mitigate some of the risks typically associated with venture capital investing by proactively working with businesses with the potential for high growth that are actively solving problems for established corporates, increasing their chances of success.

Working with industry experts, the Investment Manager has established a network of innovation specialists and venture capitalists which will work proactively with high-growth companies that are actively solving problems for large corporates. Together with the Triple Point Venture Network, the Investment Manager, on behalf of the Venture Fund, will identify innovative small businesses and make investment recommendations into small businesses.

The Strategy in Practice

During the period the Venture Fund made four qualifying investments. Two examples of investments using a challenge-led approach are below:

Counting Up

Challenge

Companies across the UK struggle with the impact of day-to-day business administration, particularly accounting, compliance and tax. It is estimated that up to 250,000 businesses close annually due to financial and personnel resources being devoted to back office administration instead of focussing on the business itself.

Solution

Counting Up has worked with these corporates to develop a fully integrated business bank account and accounting system, in one easy-to-use digital app. The account automatically produces management and annual accounts for businesses, and all debit card spend is recorded and tagged for accurate tracking. Counting Up's product can also raise invoices, automate bookkeeping and deal with corporate tax returns, providing a more streamlined service than other accounting software providers. This enables companies to efficiently manage their administration requirements in one place, allowing them to focus on growing their business.

Augnet

Challenge

Companies who use text messaging services as part of their day-to-day business activity, lose approximately £3 billion each year due to their inability to verify receipt and the cost of their text messages. This impacts their bottom line and efficiency.

Solution

Augnet worked alongside corporates to utilise an existing app housed on mobile phones in order to validate the delivery of text messages to recipients. This system allows companies to not only increase day-to-day efficiency by providing reporting data, but also to reduce the costs historically associated with sending text messages.

Non-Qualifying Investments

SME Funding

The Company has non-qualifying investments in two finance companies. These companies provide funds to a dedicated non-bank SME lending business which aims to address the financing needs of the UK SME market by providing business critical loans and asset finance to over 100,000 UK Corporate and SME customers.

Brexit

The current uncertainty within both financial markets and parliament looks likely to continue beyond October 2019, certainly in the short-term and perhaps even the longer-term. The Investment Manager and the Board continue to keep the possible impact of Brexit on the Company under review. The Company's strategy of investing in small UK based businesses means that it is unlikely to be directly exposed to the terms of an exit from the EU.

We believe that by investing carefully, monitoring our portfolio rigorously and providing support to the businesses in which we have invested, we can minimise the effects of the current political and economic uncertainty.

If you have any questions, please do not hesitate to call us on 020 7201 8990.

Ben Beaton

Partner

For Triple Point Investment Management LLP

10 October 2019

Investment Portfolio

Directors' Responsibility Statement

The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").

In preparing the Interim Financial Report for the 6 month period to 31 August 2019, the Directors confirm that to the best of their knowledge this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union and that the Chairman's statement on pages 2 and 3 includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclosure and Transparency rules of the United Kingdom's Financial Conduct Authority namely:

a) the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of specific risks and uncertainties for the remainder of the accounting period;

b) the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006;

c) the Interim Financial Report includes a fair review of related party transactions and changes therein. There were no related party transactions for the accounting period; and

d) the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.

The Directors have reasonable expectations that the Company has adequate resources to continue in operational existence for at least the next 12 months. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

This Interim Financial Report has not been audited or reviewed by the auditors.

Jane Owen

Chairman

10 October 2019

Unaudited Statement of Comprehensive Income

The total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS). The supplementary revenue return and capital columns have been prepared in accordance with the Association of Investment Companies Statement of Recommended Practice (AIC SORP). All revenue and capital items in the above statement derive from continuing operations. This Statement of Comprehensive Income includes all recognised gains and losses. The accompanying notes are an integral part of this statement.

Unaudited Balance Sheet

Company No: 07324448

The statements were approved by the Directors and authorised for issue on 10 October 2019 and are signed on their behalf by:

Jane Owen

Chairman

10 October 2019

The accompanying notes are an integral part of this statement.

Unaudited Statement of Changes in Shareholders' Equity

The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The unrealised capital reserve is not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue reserve, realised capital reserve and special distributable reserve are distributable by way of dividend.

At 31 August 2019 the total reserves available for distribution are £9,429,000. This consists of the distributable revenue reserve and special distributable reserve net of the realised capital loss.

Unaudited Statement of Cash Flows

The accompanying notes are an integral part of this statement.

Non-Statutory Analysis - The A Share Fund

Non-Statutory Analysis - The B Share Fund