26 August 2015 Oxford Technology VCTs 1-4 AGMs 1 OTVCTs 2015 AGM overview 11am Welcome and Agenda for day OTVCTs 2015 overview and Q&A NAV, dividends, total return Management fee now reduced to 1% Performance fee threshold now escalated New boards and corporate structure Directors’ fees The future VCT1-4 AGMs and Q&A Investee presentations; Scancell, Select, Immunobio 1.30pm Lunch

26 August 2015 Oxford Technology VCTs 1-4 AGMs 2 OTVCTs Important notice Past performance is not a guide to the future and you should be aware that share values and income from them may go down as well as up and that you may not get back the amount you originally invested. Potential investors are strongly urged to seek independent professional advice before considering investment in a VCT. Investments made in smaller companies or specialist sectors such as technology related stocks can be more volatile then investments in developed markets and more established companies and above average price movements can be expected. Exposure to a single country market also increases potential volatility. Investments should be viewed as for the medium to long term. Existing tax levels, bases and reliefs may change and the value of reliefs depends on personal circumstances. Investments made by VCTs will normally be in companies whose securities are not publicly traded or fully marketable and may therefore be difficult to realise, as may the shares in the VCT. In the event of a VCT losing its HM Revenue & Customs approval, it is likely that its shares will become illiquid. Government Stamp Duty at 0.5% is payable on all VCT shares purchased. The value of shares purchased will immediately be reduced by the difference between buying and selling prices (the market-maker’s spread). Performance figures do not include the market-maker’s spread which can be substantial in the case of VCTs. OTM is authorised and regulated by the Financial Conduct Authority.

26 August 2015 Oxford Technology VCTs 1-4 AGMs 3 NAV, dividends, total return OT1 OT2 OT3 OT4 Launch year NAV/share p Earnings/share p 0 1 (3) (3) Dividends for year p * Dividends to date p Total return/share p * OT4 Interim dividend of 10p for 2015/16 was paid on 7 August st Qtr Earnings/share p

26 August 2015 Oxford Technology VCTs 1-4 AGMs 4 Management fee now reduced to 1% OT1 OT2 OT3 OT4 Total Old Mgt fee (% NAV) Mgt fee 2014 £k 53 36* Deferred fee % Nil Cum deferred fee £k ^ New fee as % NAV New fee 2015 £k * Later rebated by OTM by £17k as fee Cost Cap of 3% NAV was applied ^ To be paid down over 3 years i.e. £91k pa

26 August 2015 Oxford Technology VCTs 1-4 AGMs 5 Performance fee threshold now escalated OT1 OT2 OT3 OT4 Old perf fee threshold p OT Manager % 13* Directors^ % New 1/3/ Escalation % pa compound Start of escalation * VCT promoter also gets 1% ^ Shared between past and present NEDs based on years of service

26 August 2015 Oxford Technology VCTs 1-4 AGMs 6 New boards and corporate structure Previously 2 man boards with the Chairman having a casting vote Other 3 VCT funds’ directors were observers 3 directors, L Cary, M O’Regan & R Vessey retiring after long service Remaining 4 directors forming a common board across the VCTs Separate Chairman for each VCT to enhance independence Each VCT is now self managed by its own new subsidiary This subsidiary, OTx Managers, sub contracts tasks to OTM Terms similar but with the revised management and performance fees

26 August 2015 Oxford Technology VCTs 1-4 AGMs 7 Directors’ fees Old fees on 2 man boards: £7.5k per NED, £2.5k for L Cary. M O’Regan had waived his fees for OT2 New fees on 4 man boards: Base £3.5k, Supplement of £2k for Chairman Supplements of £3k or £1.5k for Audit Committee chairman or member Directors have agreed to waive £1.5k of base fee on OT2 until NAV improvement New Fees pa £k OT1 OT2 OT3 OT4 Total A Starling R Roth R Goodfellow D Livesley Total Note average for VCT industry per VCT: Director £15k, Chairman £20k & total Board £50k

The future Focus on investee performance & attractive exits Use exit proceeds to pay dividends to shareholders Continue to fund existing investees selectively SP discount to NAV? Share market liquidity? Reduce bid to offer spread? Continued compliance with VCT and other rules 26 August 2015 Oxford Technology VCTs 1-4 AGMs 8

OT1 – Proxy Votes 26 August 2015 Oxford Technology VCTs 1-4 AGMs 9 ResolutionVotes in FavourVotes AgainstVotes Withheld 11,328,613010,000 21,129,649196,52412,440 31,132,089196,52410,000 41,146, ,916 51,146, ,916 61,338, ,196,673141, ,321,5737,04010, ,336,17302,440

OT2 – Proxy Votes 26 August 2015 Oxford Technology VCTs 1-4 AGMs 10 ResolutionVotes in FavourVotes AgainstVotes Withheld 11,560, ,367,499190,9362,440 31,373,554187, ,415, ,552 51,415, ,552 61,560, ,417, ,112 81,560, ,560, ,558,4352, ,558,43502,440

OT3 – Proxy Votes 26 August 2015 Oxford Technology VCTs 1-4 AGMs 11 ResolutionVotes in FavourVotes AgainstVotes Withheld 11,883,40105,000 21,675,641202,76010,000 31,677,701200,70010,000 41,696,6835,000186,718 51,696,6835,000186,718 61,883,4015, ,696,6835,000186,718 81,866,401022,000 91,883,4015, ,883,4015, ,674,970213, ,860,13028, ,861, ,000

OT4 – Proxy Votes 26 August 2015 Oxford Technology VCTs 1-4 AGMs 12 ResolutionVotes in FavourVotes AgainstVotes Withheld 12,382, ,151,536207,61923,750 32,170,286202,61910,000 42,377, ,158,57410,155214,176 62,163, ,176 72,177,32410,155195,426 82,367,69910,2065,000 92,376, ,371, , ,157,193225, ,347,50035, ,357,655025,250