Interim Management Statement

TP10 VCT plc

9 July 2015

Interim Management Statement for the quarter ended 31 May 2015

Highlights

· The Net Asset Value at 31 May 2015 was 92.52p per share.

· After the period end, on 19 June 2015, a further dividend of 4.32p per share was paid bringing the total dividends paid to 17.63p per share.

· 82% of the Company's portfolio was invested in qualifying investments

· The unquoted qualifying investment portfolio by sector at 31 May 2015 was:

Anaerobic Digestion 10%

Cinema Digitisation 25%

Hydro Project Management 4%

Landfill Gas 3%

Solar PV 58%

· During the period the solar PV companies in which the Company invested disposed of a significant part of their portfolios of roof-mounted solar systems. The disposal resulted in an up-lift to the valuation of these investee companies of an aggregate £3 million, equivalent to 9.86p per share, which was recognised at 28 February 2015. After the period end the Company has sold all but one of these investments.

· In June, the Company completed the sale of its investment in two Anaerobic Digestion companies for £2.6 million resulting in an up-lift to the valuation of £346,000, equivalent to 1.15p per share.

· The shareholders have held their shares for the five years required to secure up-front Tax relief. Both the Board and Investment Manager are planning to return funds to shareholders as soon as practical.

· A total return to shareholders of 106.66p per share is made up of:

Net asset value at 31 May 2015 92.52p

Dividends paid during the period up to 31 May 2015 13.31p

Up-lift on the sale of Anaerobic Digestion companies 1.06p

Less: Provision (0.23p)

Net Assets at 31 May 2015:

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