Update on hydroelectric assets

29 September 2021

Triple Point VCT 2011 plc

(the "Company")

UPDATE ON HYDROELECTRIC ASSETS

The Board of Triple Point VCT 2011 plc is pleased to announce that it has entered into a period of exclusivity with a preferred bidder for the sale of a substantial part of its portfolio of hydroelectric power assets which are predominantly held in the A Ordinary Share Class (the "Hydro Assets"). The Company will seek to dispose of the remaining asset in the A Share Class once a favourable sale price and terms can be achieved.

Competitive sale process

The Company conducted a competitive process with several counterparties with a view to concluding a transaction for the sale of the Hydro Assets (the "Transaction"). The Company invited bids from a number of entities which own, or are mandated to own large infrastructure assets, including portfolios of hydroelectric assets, and/or which had a strong understanding of small scale run of the river hydroelectric assets. The Company received bids from all invited bidders, following which bids were assessed by reference to key criteria to determine a preferred bidder including:

1. Consideration for the Hydro Assets;

2. Conditionality of the Offer; and

3. Acceptance of Share Purchase Agreement terms.

The Company and the preferred bidder will now work exclusively together in order to complete the Transaction prior to the conclusion of the exclusivity period. Completion of the Transaction remains subject to due diligence, relevant third-party engagement and consents, as well as satisfactory commercial and legal terms.

The proposed disposal of the Hydro Assets is in line with the Company's Investment Policy.

The competitive sale process followed approval by shareholders at the Company's A Share Class Meeting on 28 July 2021 to proceed with a disposal of the Hydro Assets, should a favourable sale price and terms be achieved. The Board have previously outlined the benefits for a sale of the Hydro Assets within the Circular and Notice dated 24 June 2021 which can be found on the Company's website: https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

The Company's LEI is 213800AOOAQA5XQDEA89

Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/

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.