Interim Management Statement

TP70 VCT plc

20 July 2010

Interim Management Statement for the quarter ended 31 May 2010

TP70 VCT plc has pleasure in submitting its interim management statement for the quarter ended 31 May 2010. This constitutes the Company's first interim management statement for the financial year ending 28 February 2011, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 31 May 2010 comprised:

31 May 2010 28 February 2010

Unaudited Audited

£'000 % £'000 %

VCT qualifying fixed

asset investments at 19,275 81.3 19,275 80.7

fair value

GAM Diversity exposure 3,694 15.6 3,920 16.4

(this exposure is subject to leverage

 see Investment Activity)

Net current assets 736 3.1 699 2.9

23,705 100.0 23,894 100.0

Net asset value per

Ordinary share 74.03p 74.62p

Investment Activity

The Company's GAM Diversity exposure is held through a note executed with Julius Baer, which with leverage, means that approximately 44% of the Company's NAV is exposed to the performance of GAM Diversity Inc. For the 3 months to 31 May 2010, GAM Diversity Inc GBP Class was down 1.77%. Over the period, the FTSE All Share benchmark was down 1.28% and the HFRX Fund of Hedge Fund index was down 0.16%.

The Company continues to satisfy the test of being 70% invested in qualifying holdings and as at 31 May 2010 the VCT qualifying holdings represent 81.3% of net assets.

Material Events and Transactions

During the quarter no shares were issued and no shares were purchased by the Company for cancellation.

Further Information

For further information, please contact Claire Ainsworth or Chris Tottle at Triple Point Investment Management LLP on 0207 201 8989.