Vairation to Investment Management Agreement

TP 10 VCT plc

Variation to Investment Management and Administration Agreement

London 9 July 2015

On 16 April 2015, TP 10 VCT plc (the "Company") announced an uplift in net asset value following a sale of a significant proportion of assets by its portfolio companies operating in the solar PV sector. Consequently, in the event that the Company is able to make a substantial return of capital earlier than anticipated, the Company has agreed that the exit fee payable to Triple Point Investment Management LLP, the Company's investment manager ("Triple Point"), will apply as it would have done if funds had been returned after five and a half years in line with the Company's investment strategy, provided that such exit fee will not exceed the sum of £300,000 in respect of amounts returned to the Company's shareholders prior to 1 October 2015.

Pursuant to a deed of variation dated 9 July 2015 (the "Deed of Variation"), the investment management and administration agreement dated 10 September 2009 between (i) the Company and (ii) Triple Point, has been varied to reflect this change.

The Deed of Variation is such as to constitute a smaller related party transaction as defined in Listing Rule 11.1.10.

For further information please contact David Burton or Claire Ainsworth at Triple Point on 020 7201 8989.

About Triple Point

Triple Point is a private investment specialist with experience in managing venture capital funds typically through Venture Capital Trusts and companies qualifying under the Enterprise Investment Scheme, with over £300 million under management.

In addition to funding small renewable energy ventures across the UK, Triple Point provides private capital for a range of enterprises from small private equity investments to asset finance solutions for large, established organisations. With access to capital sourced from private individuals Triple Point offers advantages to organisations whose requirements are not being satisfactorily met by standard providers and products.

www.triplepoint.co.uk