1. The Review Patrick Reeve Managing Partner

2. 1.Overall Themes 2.Financial Record 3.Portfolio & Balance 4.Specific Investment Themes 5.Allocation of resources for the future Agenda

3. Backing change and growth where result in value Achieving balance and stability in a changing world Bias towards positive social outcomes Tax efficiency Overall Themes

4. 2. Financial Record (1) 5 year record – latest published total NAV return (assuming dividends reinvested)

5. 2. Financial Record (2) VCT Performance since Launch or Transfer of Management * Merged into T&G (ords) Albion Income & Growth – 2005 – (0.5%) Albion Technology & General (Cs) – 2006 – (1.0%) Annual return (before tax breaks and issue costs) Kings Arms Yard VCT Albion Venture Capital Trust Albion Technology & General VCT * Albion Development VCT Crown Place VCT Albion Enterprise VCT 2011 1996 2001 1999 2008 2005 8.4% 6.6% 5.0% 3.9% 3.2% 3.1% Top up Offers:

6. 3. Portfolio Balance (1)

7. 3. Portfolio Balance (2) £’ million Investments Exits 2012 2014 2015

8. 3. Portfolio Balance (3) – Specific Investment Themes £’m Affluent country with shrinking public resources:Elderly care25.0 Education27.0 Healthcare - Diagnosis to Patient Management:35.0 IT - Strategic Security Risks:32.0 Clean Energy Supply in a Dirty World:54.0 173.0 Other:62.0 Total unquoted investments:235.0

9. 4. Specific Investment Themes (1) Affluent country with shrinking public resources: Elderly Care – total cost when built £25m Active Lives Care Cumnor Hill, Oxford Total cost - £9.4m 75 beds Ryefield Court Hillingdon, London Total cost - £7.1m 60 beds Shinfield Lodge Reading Total cost £8.5m 66 beds

10. 4. Specific Investment Themes (2) Affluent country with shrinking public resources: Education – value - £27m Radnor House School  Independent fee-paying day school in Twickenham – started 2010  Freehold site on Thames  2 nd year of GCSE results – 95% A* - C  390 pupils Combe Bank School  Recent purchase long established fee- paying school in Sevenoaks – 220 pupils  Freehold, Grade 1 Listed property by M25, with 30 acres

11. 4. Specific Investment Themes (3) Healthcare: Diagnosis to Patient Management – value £35.0m £’m Drug Development 7.5 Cancer Diagnosis 12.5 Drug Distribution 3.0 Healthcare IT 12.0

12. 4. Specific Investment Themes (4) IT – Strategic Security Risks – value £32.0m £’m Cyber Security 8.0 Supply chain and customer relationships 19.0 Managing future risk 5.0

13. 4. Specific Investment Themes (5) Clean Energy Supply in a Dirty World – value £54m Hydro 3 schemes – Snowdonia/North Central Scotland £20.5m Solar Domestic rooftop – Cambridgeshire/ Berkshire £17.5m Wind 4 wind turbines in South Wales £10.5m Biogas Waste food biogas plant in Perth, Scotland £5.5m

14. 5. Prospects (1) Direction of the portfolio – Anticipated activity 2016 Investments Exits IT

15. 5. Prospects (2) New VCT rules annoying rather than problematic Refinement of investment scope leading to closer monitoring portfolio levels of trading profitability Plenty of scope for both profit and positive social outcomes in a changing world Plenty of exit and investment opportunities