Quantexa (part disposal)* 21 1,177 1,176 1,155 (1)

Ophelos 521 956 1,069 548 113

Arecor 76 138 110 34 (28)

Brytlyt 499 381 8 (491) (373)

uMotif 1,022 1 1 (1,021) -

Limitless Technology 412 - - (412) -

DySIS Medical 1,038 169 - (1,038) (169)

* The disposal of 2,005 series A shares in Quantexa at the end of 2023 at a price of £586.96 per share, was achieved after an extensive marketing

exercise and was considered to be the highest price available under the then prevailing market conditions. It was also equal to the VCT’s holding

value of the shares at 30 June 2023. The purchasers were experienced financial investors, through an investment vehicle managed by Albion, in which

Albion Capital Group LLP, its partners and staff have a 1.5% shareholding. Albion manages the vehicle on normal commercial terms for a transaction

of this type, namely an annual management fee of 1% on cost for 4 years, and a performance incentive up to 20% of the excess above a 2 times

return on investment. In addition, Albion retains the voting rights over the Quantexa shares. Having taken appropriate regulatory advice, the Board

concluded that the disposal of Quantexa shares did not constitute a Related Party Transaction, as defined in the Listing Rules, as its purpose was to

benefit the VCT by enabling it to manage excessive concentration risk through reducing its exposure to by far its largest investment at a favourable

price.

decision making

* Albion Capital Group LLP

** As adjusted for additions and disposals between the two accounting periods

*** Quoted investment

The comparative cost and valuations for 30 June 2023 do not reconcile to the Annual Report and Financial