Half Yearly Report

TP10 VCT plc

Interim Results

The directors of TP10 VCT plc are pleased to announce its Interim results for the six months to 31 August 2012.

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

TP10 VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP. The Company was launched in November 2009 and raised £28.6 million (net of expenses) through an offer for subscription which closed on 31 May 2010.

 Chairman's Statement

I am writing to you to present the unaudited Interim Financial Report for TP10 VCT plc ("the Company") for the 6 months ended 31 August 2012.

Building the Portfolio

We are pleased to announce that during the period the Company secured its VCT qualifying status by satisfying the test of being 70% invested in VCT qualifying investments. Qualifying and non-qualifying unquoted investments now represent 99% of net assets, completing the portfolio's construction ahead of the investment strategy's target date.

In selecting the qualifying investments, we have been able to take advantage of a number of attractive opportunities. These include renewable electricity generated from roof mounted solar photovoltaic panels (investments which will benefit from long-term, index linked revenues) and cinema digitisation yielding high quality, predictable cash flows.

More information on the Company's investment portfolio is given in the Investment Manager's Review.

Net Asset Value

With the portfolio now established, loan interest from the investments has exceeded running costs and the Company made a profit of 0.09p per share for the six month period. At 31 August 2012 the Net Asset Value (NAV) per share stood at 88.15p (91.37p per share: 29 February 2012). The reduction in the NAV was due to the payment of the dividend of 3.31p on 10 August 2012 less the profit of 0.09p for the six month period.

Principal Risks

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

·; investment risk associated with the VCT's portfolio of unquoted investments;

·; failure to maintain approval as a qualifying VCT.

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. Further details of how these risks are managed are detailed within the Directors' Report.

Dividends

On 10 August 2012 the Company paid its first dividend of £1 million equal to 3.31p per share.

Outlook

Having secured its VCT qualifying portfolio and status, the Board is confident in its outlook and believes the Company is well placed to deliver returns to shareholders over the longer term.

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

Robin Morrison

Chairman

4 October 2012

Investment Manager's Review

During the period the Company continued to build its portfolio of VCT qualifying investments. It invested a further £8 million, increasing the VCT qualifying portfolio to 86% of net assets. This investment programme means the requirement of being 70% invested in qualifying investments has been satisfied a year ahead of the target date.

The portfolio of qualifying investments is split between 25 companies across cinema digitisation, project management, and electricity generation from solar PV, anaerobic digestion and landfill gas.

Each of these investments meets Triple Point's investment criteria, with projected revenues generated by good quality counterparties and the potential for attractive returns. Investments in each sector have been subject to rigorous selection criteria, including extensive due diligence and technical assessment.

Sector Analysis

The investment portfolio can be analysed as follows:

VCT Portfolio Review

Solar PV

The investments in companies that own roof-mounted residential solar PV panels continue to provide steady, yet strong, cash flows. Over the past six months, the Government has announced further changes to the Feed-in Tariff regime for solar. However, as the Feed-in Tariff is a 'grandfathered' scheme, all existing solar installations, including those in which your Company has invested, remain unaffected by new regulation.

Cinema Digitisation

These businesses that deploy, maintain and operate digital equipment in cinemas in the UK and Continental Europe continue to perform in line with their objectives. Digital cinema projection conversion is paid for under the globally recognised Virtual Print Fee model, through which Film Studios pay for the cost of the deployment over a number of years. The majority of the revenues come from the six major investment grade Hollywood Studios. Film booking rates are significantly ahead of the base line projections which has built further headroom into the project. Looking ahead seven of the top ten films of 2012 are expected in this half of the year including Skyfall, the new Bond film, and Hobbit, which are both expected to generate further box office growth.

Anaerobic Digestion

Anaerobic digestion (AD) is a tried and tested technology used to generate electricity from the production of biogas through the biological treatment of organic materials using naturally occurring organisms. Within the portfolio are three investments in small enterprises running projects to generate electricity from farm based AD. The projects are under way with the first of the three projects building up to full electricity output and all three energised and connected into the National Grid. The equipment used by these AD businesses is supplied by one of Europe's leading suppliers, EnviTec Biogas.

Landfill Gas

Landfill gas is recovered by drilling a series of wells into the waste in a grid pattern across a capped landfill site. The gas then powers generators and the electricity is exported to the Grid. The Company's portfolio contains two investments working on projects to generate electricity from landfill gas. The first of these investments is due to start generating electricity and be exporting to the Grid in January 2013.

Project Management

The portfolio also has an investment in a project management business managing the planning process and environmental impact studies for a portfolio of new small-scale hydro-electric power installations in Scotland. At present all applications are proceeding to plan, with the first expected to be submitted shortly and the remainder due during the first half of 2013. The business is also currently in discussions to secure an option on two additional sites.

Finance

Your VCT also invested £3.6 million into Broadpoint Limited, a finance company which provides short and medium term funding to businesses in the telecoms, cinema and renewable energy sectors.

Outlook

With the VCT qualifying portfolio now in place, our focus is on managing and monitoring the performance of the businesses in which the Company has invested. Although the economic outlook continues to be uncertain, we believe the Company's investment portfolio is well placed to deliver stable performance.

Claire Ainsworth

Managing Partner

for Triple Point Investment Management LLP

4 October 2012

Investment Portfolio

For the 6 months ended 31 August 2012

Directors' Responsibility Statement

The Directors have chosen 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 2012, the Directors confirm that to the best of their knowledge:

a) the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, "Interim Financial Reporting" issued by the International Accounting Standards Board;

b) 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 principal risks and uncertainties for the remainder of the accounting period;

c) 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;

d) the Interim Financial Report includes a fair review of related party transactions and changes therein. There are no related party transactions; and

e) 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 expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. 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.

Robin Morrison

Chairman

4 October 2012

Unaudited Statement of Comprehensive Income

For the 6 months ended 31 August 2012

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

At 31 August 2012

The accompanying notes are an integral part of this statement.

Unaudited Statement of Changes in Shareholders' Equity

For the 6 months ended 31 August 2012

The share premium represents the excess of the issue price net of issue costs over the par value of shares. The capital reserve represents the proportion of Investment Management fees charged against capital and realised losses on the disposal of investments. Neither the share premium nor capital reserve are distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue and special distributable reserve are distributable by way of dividend.

The accompanying notes are an integral part of this statement.

Unaudited Statement of Cash Flows

For the 6 months ended 31 August 2012

The accompanying notes are an integral part of this statement.

Notes to the Unaudited Interim Financial Report

For the 6 months ended 31 August 2012

1. Corporate information

The Unaudited Interim Financial Report of the Company for the six months ended 31 August 2012 was authorised for issue in accordance with a resolution of the Directors on 4 October 2012.

The Company applied for listing on the London Stock Exchange on 29 January 2010.

TP10 VCT plc is incorporated and domiciled in Great Britain. The address of TP10 VCT plc's registered office, which is also its principal place of business, is 4-5 Grosvenor Place, London, SW1X 7HJ.

TP10 VCT plc's Interim Financial Report is presented in Pounds Sterling (£) which is also the functional currency of the Company, rounded to the nearest thousand.

The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.

The principal activity of the Company is investment. The Company's investment strategy is to offer combined exposure to cash or cash based 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 Financial Report of the Company for the 6 months ended 31 August 2012 has been prepared in accordance with IAS 34: Interim Financial Reporting. It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 29 February 2012.

Estimates

The preparation of the Interim Financial 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 expenditure. Actual results may differ from these estimates.

3. Segmental reporting

The Company's segments are defined by the financial information provided to the Board. The Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK.

4. Investment income

5. Investment management fees

Triple Point Investment Management LLP provides investment management and administration services to the Company under an Investment Management Agreement effective 29 January 2010. The agreement provides for an administration and investment management fee of 2.50% per annum of net assets calculated and payable quarterly in arrear and 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. Should notice of termination be given, the Investment Manager would perform its duties under the Investment Management Agreement and receive its management fee during the notice period.

6. Directors' remuneration

7. Taxation

Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.

9. Profit per share

The profit per share is based on a profit from ordinary activities after tax of £29,000 and on the weighted average number of shares in issue during the period of 30,178,014.

10. Cash and cash equivalents

Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.

11. Share capital

12. Net asset value per share

The calculation of net asset value per share is based on net assets of £26,603,000 divided by the 30,178,014 shares in issue.

13. Commitments and contingencies

The Company has no contingent liabilities or commitments.

14. Related party transactions

There have been no related party transactions during the period.

15. Post balance sheet events

There were no post balance sheet events.