Half Yearly Report

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TP70 VCT plc

Interim Results

The directors of TP70 VCT plc are pleased to announce its Interim results for the six months to 31 August 2010.

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

Financial Summary

Chairman's Statement

I am writing to present the unaudited interim report for TP70 plc ("the Company") for the six months to 31st August 2010.

The first note is one of great sadness in that David Dick, who was Managing Partner of the Investment Manager, died on 5 September 2010. The Board's condolences go to David's family. He will be sadly missed.

Investment Strategy

TP70's strategy offers combined exposure to GAM's Diversity fund and to Triple Point managed VCT-qualifying investments. This strategy, intended to provide substantial exposure to a leading fund of hedge funds within a Venture Capital Trust, has been structured around taking initial exposure to GAM Diversity and then replacing at least 70% of that exposure during the Company's third year in order to make VCT-qualifying investments. The remaining non-qualifying assets are to retain exposure to GAM Diversity for the remainder of the Company's life.

The Company's exposure to GAM Diversity is held through a Bank Julius Baer note which stood at 14.3% of net asset value ("NAV") as at 31 August 2010. This note is indexed on a leveraged basis of 3.1 times to the performance of GAM Diversity.

Results

Over the period the Company made a loss of £584,000 or 1.82p per share of which £595,000 was attributable to the performance of the Bank Julius Baer note. As at 31 August 2010 the NAV per share stood at 72.79p.

Risks

The Board believe that the principal risks facing the Company are:

·; Investment risk associated with the exposure to GAM Diversity;

·; Investment risk associated with VCT-qualifying investments;

·; Failure to maintain approval as a qualifying VCT;

·; Counterparty risk relating to the Bank Julius Baer leveraged note.

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

Outlook

Having secured a portfolio of VCT-qualifying investments representing 84% of NAV at the 31 August 2010, the Company's focus over the next year and a half will be to ensure that they are profitable for the Company. Further details of the portfolio are contained in the Investment Manager's Report.

If you have any queries or comments, please do not hesitate to telephone Triple Point Investment Management LLP on 020 7201 8989.

Michael Sherry

Chairman

7 October 2010

Investment Manager's Report

The Company's investment strategy for the first two years was to provide up to 100% exposure to GAM Diversity and then to invest at least 70% of the funds into a Triple Point managed portfolio of VCT-qualifying investments to meet the VCT qualification threshold. The GAM Diversity investment is made through a leveraged note with Bank Julius Baer. The Company's effective exposure to GAM Diversity now stands at some 44% of NAV.

GAM Diversity Review and Outlook

In the six months under review, GAM Diversity lost 4.41% which, when translated to the portfolio through the Julius Baer note, resulted in a 1.86p loss per share impact on the NAV. This disappointing return was mainly attributable to two specific funds held in the Arbitrage sector of GAM Diversity, one of which has exposure to commercial and the other to residential real estate. These asset classes faced significant challenges throughout the second quarter due to the weaker than expected macro environment in both Europe and the US.

During the remainder of this year, GAM expects financial markets to face the headwind of further disappointing economic data from the US and, to a lesser degree, Europe (where expectations are lower) as the key factors that hampered the recovery of both the private sector and consumption growth persist. Consumers are likely to remain reluctant to consume and banks conservative in their lending policies, despite the best efforts of some administrations to force them to lend more.

Against such a backdrop, GAM Diversity is positioned with a portfolio of experienced, high conviction managers who do not rely on overall market direction in order to generate returns. It aims to maintain a lower correlation to equity and credit markets than many of its peers in order that the portfolio should be well placed to perform, particularly in volatile and uncertain markets. GAM identifies the primary risk to this strategy as being that the fund would underperform in a strong and indiscriminate market rally.

VCT Qualifying Investments Review and Outlook

The Company has invested 84% of its funds in VCT-qualifying investments. These investments cover services to the cinema industry, renewable energy providers, provision of satellite broadband capacity and water treatment services. 57% of these investments were in companies that provide services to the cinema industry, as TP70 was able to take advantage of the digital revolution taking place in cinema in order to identify companies that had secured long term revenues streams from the major Hollywood studios.

All of the investments referred to above are HMRC approved for VCT-qualifying purposes and were described in more detail in the Financial Statements for the year ended 28 February 2010.

With the VCT qualifying investment portfolio in place, our intention for the remainder of the TP70's life is to focus on closely monitoring and managing the performance of these investments to ensure that they are profitable for the Company and its shareholders.

Claire Ainsworth

Managing Partner

Triple Point Investment Management LLP

7 October 2010

ABOUT TRIPLE POINT INVESTMENT MANAGEMENT LLP

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).

The Triple Point investment model - focused on capital security, liquidity and tax-enhanced returns - 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 Investment Management LLP please call 020 7201 8990.

TP70 VCT plc

Unaudited Consolidated Interim Financial Report

for the 6 months ended 31 August 2010

Investment Portfolio Review

TP70 VCT plc

Unaudited Consolidated Interim Financial Report

for the 6 months ended 31 August 2010

Investment Portfolio Review (continued)

VCT qualifying investments are stated at cost which is considered to represent fair value.

Directors' Responsibility Statement

The Directors have chosen to prepare the interim report for the company in accordance with International Financial Reporting Standards ("IFRS").

In preparing the interim report for the 6 month period to 31 August 2010, the Directors confirm that to the best of their knowledge:

a) the interim report has been prepared in accordance with international accounting standard IAS34,"Interim Financial Reporting" issued by the International Accounting Standards board;

b) the interim report includes a fair review of important events during the period and their effect on the financial statements and a description of principal risks and uncertainties for the remainder of the accounting period;

c) the interim 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 comply with IFRS and the Companies Act 2006; and

d) the interim report includes a fair review of related party transactions and changes therein. Other than detailed in note 16 there are no related party transactions.

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

Michael Sherry

Chairman

7 October 2010

 TP70 VCT plc

Unaudited Consolidated Statement of Comprehensive Income

for the 6 months ended 31 August 2010

The loss per share shown above is both basic and diluted as there are no potentially dilutive financial instruments in issue.

The total column of this statement is the Company's statement of comprehensive income prepared in accordance with International Financial Reporting Standards ("IFRS"). The supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.

The accompanying notes on pages 12 to 15 form an integral part of this interim report.

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TP70 VCT plc

Unaudited Consolidated Balance Sheet at 31 August 2010

The accompanying notes on pages 12 to 15 form an integral part of this interim report.

TP70 VCT plc

Unaudited Consolidated Statement of Changes in Equity

for the 6 months ended 31 August 2010

The accompanying notes on pages 12 to 15 form an integral part of this interim report.

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TP70 VCT plc

Unaudited Consolidated Cash Flow Statement

for the 6 months ended 31 August 2010

6 months ended Year ended 6 months ended

The accompanying notes on pages 12 to 15 form an integral part of this interim report.

TP70 VCT plc

Notes to the Unaudited Consolidated Interim Financial Report

for the 6 months ended 31 August 2010

1 Corporate information

The interim report of the Company for the 6 months ended 31 August 2010 were authorised for issue in accordance with a resolution of the directors on 7 October 2010.

The Company was admitted for listing on the London Stock Exchange on 21 March 2007.

TP70 VCT Plc is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. The address of TP70 VCT plc's registered office, which is also its principal place of business, is 4-5 Grosvenor Place, London, SW1X 7HJ.

TP70 VCT plc's interim report is presented in Pounds Sterling (£) which is also the functional currency of the parent company.

The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The principal activity of the Company is investment. The Company's investment strategy is to offer combined exposure to GAM Diversity Inc. (GAM's fund of hedge funds) and venture capital investments focused on companies with contractual revenues from financially secure counterparties.

2 Basis of preparation and accounting policies

Basis of preparation

The interim report of the Group for the 6 months ended 31 August 2010 has been prepared in accordance with IAS 34: Interim Financial Reporting. They do not include all of the information required for full financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 28 February 2010.

The accounting policies applied by the Group in the condensed consolidated financial statements are the same as those applied by the Group in its financial statements for the year ended 28 February 2010.

3 Estimates

The preparation of the interim report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing the interim report, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation and uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 28 February 2010.

4 Segmental reporting

The Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK.

5 Seasonality

The Group's activities are not seasonal.

6 Investment income

7 Investment management fees

Triple Point Investment Management LLP provides investment management and administration services to the Company under an Investment Management Agreement effective 5 April 2007 which runs for a period of 5 years and may be terminated at any time thereafter by not less than twelve months' notice given by either party and which provides for an administration and investment management fee of 1.75% per annum of net assets calculated and payable quarterly in arrears.

8 Taxation on ordinary activities

8 Taxation on ordinary activities (continued)

Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust. No provision has been made for a deferred tax asset in the balance sheet.

9 Loss per share

The loss per share is based on a loss from ordinary activities after tax of £584,000 and on the weighted average number of shares in issue during the period of 32,022,471.

10 Cash and cash equivalents

Cash and cash equivalents comprise deposits with HSBC Bank plc.

11 Share Capital

12 Subsidiary

At 31 August 2010 the Company had the following subsidiary company:

13 Net asset value per share

The calculation of net asset value per share is based on net assets of £23,310,000 divided by the 32,022,471 shares in issue.

14 Derivative transaction

The Company has made a payment of £3,651,000 to Julius Baer and in return will receive back an equivalent sum plus or minus the leveraged performance of GAM Diversity. A provision of £595,000 against the Julius Baer note has been made during the period to reflect the negative performance of GAM Diversity. The loss on the transaction is deemed to be a capital item and is therefore included in the capital column of the income statement.

15 Commitments and contingencies

The Company has no outstanding commitments or contingent liabilities.

16 Related party transactions

Michael Sherry, Chairman of the Company, is an equity Member of Triple Point LLP (TPLLP). TPLLP in turn has a controlling interest in Triple Point Investment Management LLP (TPIMLLP). During the period, TPIMLLP earned £209,000 for providing management and administrative services to the Company.

17 Post balance sheet events

There have been no significant post balance sheet events, other than those disclosed elsewhere in this report.