Triple Point VCT PLC 17 January 2006 Interim Statement to 30 September 2005 Triple Point VCT plc (the "Company") Chairman's Statement I am pleased to report the Company's first set of interim accounts for the period ended 30th September 2005. In accounting terms, this has been a quiet period; from a business and investment perspective it has been very busy: Your Company completed its initial fund raising, achieved FSA approval for Triple Point Investment Management, made significant progress in the search for appropriate investment opportunities and undertook the necessary ground work ahead of the current C share issue. I wrote to you in November about our investment activities, specifically in relation to investments and businesses with access to a potentially large pipeline of ambulance maintenance and refurbishment businesses. I am pleased to say that the first company established to fulfill this service business successfully submitted itself to Her Majesty's Revenue & Customs (HMRC), which has provided written approval that the proposed trade of that company is eligible for VCT investment. This is an important 'tick in the box' which clears the way for Triple Point to invest in businesses fulfilling contracts which, through specialist public sector finance company, Cranmer Lawrence, could be worth over £30 million in the coming years. Triple Point VCT backed companies have also been granted priority access to another substantial seam of business, providing environmental services reducing pollution from burners at crematoria. Approximately £300 million will be spent, mostly by the public sector, in this area in a short number of years and we have targeted 25% of this market. Projections conservatively assume the capture of £10 million of contracts over the next 18 months. Crematoria, 85% of which are Local Authority owned, are being required by legislation to mitigate mercury emissions. The legal deadline is some years hence but a combination of industry self-regulation and the political imperative to be environmentally friendly suggests that the majority of crematoria will install these systems in the next 3 years. A new company is being established and will shortly submit its business plan to HMRC for pre-clearance. The proposed investment would share many similar features with the ambulance service businesses - involving specific, fixed term contracts with public sector customers and a transparent means of exit. The target market is very substantial, though our means of access, while good, would not be as clear cut as in the case of the ambulance business. The team continues to develop a wide range of other leads, some of which are promisingly poised. Suffice to say, we are pleased with the results to date. We are also pleased with the overwhelmingly positive response from the specialist intermediaries through which we are marketing the current C share offer, and approach the imminent 'hot season' for VCT subscription with confidence. I hope to write to you in the coming weeks to update you about material developments, on both investment and fund raising matters. In the meantime, do not hesitate to call us on 020 7404 7403 or email me at michael.sherry@triplepoint.co.uk.: and for those of you considering adding to your holding in Triple Point VCT I will close with a reminder that there is a 1.5% bonus applied to applications received before the end of January. Michael Sherry Chairman STATEMENT OF TOTAL RETURN (incorporating the Revenue Account) For the period ended 30 September 2005 Period to 30 September 2005 Revenue Capital Total £000 £000 £000 Investment management fee (clawback) 18 - 18 Bank interest 47 - 47 Other expenses (72) - (72) Return on ordinary activities before and after ( 7) - ( 7) taxation Transfer to reserves ( 7) - ( 7) Return per ordinary share -0.022p - -0.022p All revenue and capital items in the above statement derive from continuing operations. The company has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds. BALANCE SHEET as at 30 September 2005 30 September 2005 £000 £000 Fixed asset investments Current Assets - Investments - Debtors 78 Cash at bank 3,101 3,179 Creditors: amounts falling due within one year (19) Net current assets 3,160 Net assets 3,160 Called up equity share capital 332 Share premium 2,835 Revenue reserve ( 7) Total equity shareholders' funds 3,160 Net asset value per share 95.03p CASH FLOW STATEMENT For the period ended 31 August 2005 £000 £000 Net cash outflow from operating activities (66) Net cash outflow from financial investment - Financing: Issue of own shares 3,325 Share issue expenses (158) Net cash inflow from financing 3,167 _____ Increase in cash resources 3,101 _____ Notes 1 This interim financial information and the interim accounts for the period ended 30 September 2005 from which it has been extracted, which are the responsibility of the directors and were approved by them on 16 January 2006, do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. 2 The Company is an investment company as defined in Section 266 of the Companies Act 1985. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments, and in accordance with applicable accounting standards in the UK and with the Statement of Recommended Practice "Financial statements and investment trust companies" issued in January 2003. 3 Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company's Registered Office: 10-11 Gray's Inn Square, Gray's Inn, London WC1R 5JD or from Woodside Corporate Services, 21-22 Grosvenor Street, London W1K 4QJ. 4 The revenue return per share is based on a loss from ordinary activities after tax of £7,445 and on 3,324,964 ordinary shares of 10p, being the weighted average number of shares in issue during the period. The net assets per share is based on total net assets of £3,159,582 and on 3,324,964 ordinary shares. Directors Michael Gabriel Sherry Louis Storton Greig James Chadwick Murrin Secretary and Registered Office Peter William Hargreaves 10-11 Gray's Inn Square, Gray's Inn, London WC1R 5JD Sponsors and Solicitors Howard Kennedy 19 Cavendish Square London W1A 2AW Company Registered Number 05304481 Investment Manager Triple Point Investment Management Limited 10-11 Gray's Inn Square, Gray's Inn, London WC1R 5JD Independent auditors and VCT Tax Adviser Grant Thornton LLP 1 Westminster Way Oxford OX2 0PZ Administrators Triple P LLP 10-11 Gray's Inn Square, Gray's Inn, London WC1R 5JD Receiving Agents Woodside Corporate Services 21-22 Grosvenor Street London W1K 4QJ Registrars Park Circus Registrars Limited 2nd Floor, 144 West George Street Glasgow G2 2HG This information is provided by RNS The company news service from the London Stock Exchange