Final Results

TriVest VCT PLC
10 December 2003


TRIVEST VCT PLC


Chairman's Statement


I am pleased to present to Shareholders the third Annual Report of the Company
for the year ended 30 September, 2003.


Net Asset Value

At 30 September, 2003, the Company's Net Asset Value (NAV) per share was 72.56
pence (30 September 2002: 77.05 pence). This compares with the initial NAV
(after the launch expenses of the issue) of 94.5 pence per share. The Company
will have distributed accumulated dividends of 4.2 pence per share, including
the proposed final dividend of 1.25 pence per share detailed below, since
launch.



Economic Background

Since March 2003 the main and AIM stock markets in the United Kingdom have
enjoyed sharp rises. Commentators are also predicting further increases next
year in anticipation of an economic pick-up in the United States and the UK.
However, private equity-backed companies as a whole have not yet seen a
substantial improvement in economic conditions and, in particular, the
technology arena is still difficult.  In the light of this uncertain
environment, it is difficult to predict the short-term outlook of the portfolio.



TriVest's Portfolio

Whilst overall the portfolio has seen a fall in the NAV from last year,
encouraging indications of improved value are beginning to be seen in some areas
of the portfolio.



Of the eight investments within the GLE portfolio four are showing unrealised
gains which in aggregate amount to over £1.5m. Three new investments,
Brookerpaks Limited (an importer, packer and distributor of garlic, vacuum
packed vegetables and other fresh produce), HWA Limited (a specialist in the
refurbishment, restoration and construction of notable public buildings) and
Image Source Group Limited (a royalty free picture library), totalling £2.5m,
were made during the year. Of these, HWA has already enjoyed an uplift of
£800,000 over our cost, reflecting its strong continuing performance and has
advised the Company that it wishes to redeem its preference shares early in
2004. In addition, T J Brent has seen an uplift in value of over £528,000 and is
intending to redeem 50% of its loan stock shortly.  Further investments were
made in Letraset Limited and Special Mail Services Limited, the former of which
has also enjoyed a small uplift in value.



Since its acquisition of LICA in late 2002, Nova has been working hard to
stabilise that portfolio and to create value from it. Overall, this portfolio
has seen further realised and unrealised losses in excess of £2 million. One
small new investment of £50,000 was made into Biomer Technology Limited (a
proprietor of intellectual property associated with the development of novel
polymers for use in medical devices). Of the two AIM quoted stocks, Tikit Group
plc is performing well and has currently enjoyed an uplift in value of just over
£100,000. Of the remaining investments, the business of Trident Publishing was
sold out of administration in June 2003; the Good Book Guide and Watkins Books
have been written down to £50,000 and £112,500 respectively;  and DriveTec is
undertaking a further funding round as it continues to develop its innovative
transmission technologies.



Within the VCF technology portfolio there are currently twelve investments.
During the year, new investments were made into Broadreach Networks Limited (a
public access Wireless Local Area Network (WLAN) and fixed line Internet Service
Provider) and Camwood Limited (a provider of software repackaging services),
together equalling £1.25m.  Further investments totalling nearly £1.5m were made
into Alaric Systems, ANT, Aquasium Technology, Monactive, Oxonica and Sarantel.
Soon after TriVest's year end, Sarantel acquired Heritage Image Partnerships
(HIP), another TriVest investee company. The investment in HIP has been written
down by a further £55,000 in accordance with its implied value at the time of
the acquisition. In addition, the Board has made further provisions of
£1,048,370 in aggregate, to the investments in ANT, Blue Curve, Wire-e and
Monactive.



The last two years have seen a reduction in the number of suitable high quality
investment opportunities and this private equity market has proved a particular
challenge to the Board in meeting the legislative requirement that the Company
should apply at least 70% of the funds raised from share issues in the period to
30 September 2001 in VCT qualifying holdings by 30 September 2003 and
thereafter.  The Managers have and are continuing to apply rigorous criteria in
recommending appropriate opportunities to the Board and are committed to
selecting investments that they believe will enhance the value of the investment
portfolio and shareholder value.  The Board are satisfied that the Company
exceeded the required 70% qualifying level at 30 September 2003 and will
continue to do so.



Revenue Account

Net income has fallen from £948,492 to £569,961, a fall of £378,531. Total
income received fell by £694,041.  This was mainly due to a decline in income
from the higher yielding fixed-interest portfolio of £923,632 from the previous
year, as funds were withdrawn to make lower income yielding qualifying
investments. This fall was partially offset by an increase in dividends and loan
stock interest of £312,459 from these investments.



Fund management fees fell by £42,780, due to the fall in net asset values, while
other expenses for the year fell by £123,616, of which lower interest provisions
accounted for £68,079, with the balance of £55,537 due to falls in
administrative costs, particularly professional fees.



Dividend

The Company's revenue return was 1.37 pence per share.  Your Board will be
recommending a final dividend of 1.25 pence per Ordinary Share in respect of the
year under review at the Annual General Meeting to be held on 28 January 2004.
The dividend will be paid on 11 February 2004 to shareholders on the Register on
9 January 2004.



Colin Hook

Chairman

10 December 2003



STATEMENT OF TOTAL RETURN

(Incorporating the Revenue Account of the Company) for the year ended 30
September 2003




                                        Year ended 30 September 2003           Year ended 30 September 2002
                                        Revenue      Capital        Total      Revenue      Capital        Total
                                              £            £            £            £            £            £

Unrealised losses on                          -  (1,270,291)  (1,270,291)            -  (5,655,183)  (5,655,183)
investments

Realised losses on investments                -    (261,901)    (261,901)            -    (393,904)    (393,904)

Income                                1,457,698            -    1,457,698    2,151,739            -    2,151,739

Investment management fees            (193,129)    (579,389)    (772,518)    (203,825)    (611,473)    (815,298)

Other expenses                        (451,401)            -    (451,401)    (575,017)            -    (575,017)
                                   ------------ ------------ ------------ ------------ ------------ ------------
Return on ordinary
   activities before taxation           813,168  (2,111,581)  (1,298,413)    1,372,897  (6,660,560)  (5,287,663)

Tax on ordinary activities            (243,207)      182,120     (61,087)    (424,405)      173,260    (251,145)
                                   ------------ ------------ ------------ ------------ ------------ ------------
Return on ordinary
   activities after taxation            569,961  (1,929,461)  (1,359,500)      948,492  (6,487,300)  (5,538,808)

Dividend                              (521,837)            -    (521,837)    (731,009)            -    (731,009)
                                   ------------ ------------ ------------ ------------ ------------ ------------

Transfer to/(from) reserves              48,124  (1,929,461)  (1,881,337)      217,483  (6,487,300)  (6,269,817)
                                   ------------ ------------ ------------ ------------ ------------ ------------

Return per Ordinary
   Share - basic and diluted              1.37p      (4.63)p      (3.26)p        2.27p     (15.52)p     (13.25)p




All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the period.



BALANCE SHEET

AS AT 30 SEPTEMBER 2003


                                         as at 30 September 2003                as at 30 September 2002
                                       Revenue      Capital        Total      Revenue      Capital        Total
                                             £            £            £            £            £            £

Fixed Assets
Investments                                                   15,867,353                             29,986,724

Current Assets
Debtors and prepayments                304,694                                669,423
Current investments                  6,750,709                              2,651,158
Cash at bank                      8,136,664                                    18,025
                                  ------------                           ------------
                                                 15,192,067                              3,338,606

Creditors: amounts falling
   due within one year
Corporation tax                         97,918                                269,186
Other creditors                        542,930                                 14,882
Accruals                               126,346                                853,879
                                  ------------                           ------------
Net current assets                                (767,194)                            (1,137,947)
                                               ------------   14,424,873              ------------    2,200,659
                                                            ------------                           ------------
Net assets                                                    30,292,226                             32,187,383

                                                            ------------                           ------------
Capital and reserves
Called up share capital                                          417,470                                417,720
Capital redemption reserve                                           545                                    295
Special reserve                                               39,059,851                             39,073,671
Capital reserve - realised                                   (3,267,224)                            (1,198,879)
Capital reserve - unrealised                                 (6,223,996)                            (6,362,880)
Revenue reserves                                                 305,580                                257,456
                                                            ------------                           ------------
                                                              30,292,226                             32,187,383
                                                            ------------                           ------------
Net asset value per
Ordinary Share - basic and                                        72.56p                                 77.05p
diluted



CASH FLOW STATEMENT

for the year ended 30 September 2003


                                                              Year ended                          Year ended
                                                           30  September                        30 September
                                                                    2003                                2002
                                                     £                 £                 £                 £
Operating activities
Investment income received                   1,634,004                           1,983,788
Dividend income                                 81,892                               3,261
Investment management
   fees paid                                 (717,189)                         (1,164,109)
Other cash payments                          (398,022)                           (659,754)
                                          ------------                        ------------
Net cash inflow from
   operating activities                                          600,685                             163,186

Taxation

UK Corporation tax paid                                        (232,355)                            (19,951)

Investing activities

Acquisition of investments                (18,230,872)                        (42,092,881)
Disposal of investments                     30,825,561                          22,091,997
                                        --------------                      --------------
                                                              12,594,689                        (20,000,884)



Dividends

Payment of equity dividend                                     (731,009)                           (501,618)
                                                          --------------                      --------------
Cash outflow before
   financing and liquid
   resource management                                        12,232,010                        (20,359,267)

Management of liquid
   resources

Increase in monies held
   pending investment                                        (4,099,551)                           (920,722)

Financing

Purchase of own shares                        (13,820)                            (17,903)
                                        --------------                      --------------

                                                                (13,820)                            (17,903)
                                                          --------------                      --------------
Increase/(Decrease) in
   cash for the year                                           8,118,639                        (21,297,892)
                                                          --------------                      --------------



INVESTMENT PORTFOLIO SUMMARY


                                                  Cost         Valuation        Valuation
                                                     at               at               at         % of
                                           30 September     30 September     30 September    portfolio
                                                   2003             2002             2003     by value

GLE Development Capital
Limited

HWA Limited (trading as
Holloway White Allom Limited)                 1,000,000              n/a        1,811,687       11.42%
Refurbishment, restoration and
construction of notable public
building and top-end residential
dwellings in and around London
T J Brent Limited                               900,000        1,030,111         1557,950        9.82%
Specialist contractor to the water
utility sector
Letraset Limited                              1,000,000          500,000        1,098,050        6.92%
Manufacturer and worldwide
distributor of graphic arts
products
BG Consulting Group Limited                   1,000,000        1,000,000        1,000,000        6.30%

Technical training business and
outplacement careers consultancy
Image Source Group Limited                    1,000,000              n/a        1,000,000        6.30%

Royalty free picture library
Special Mail Services Limited                 1,125,000        1,000,000          562,500        3.55%

Specialist, secure credit card
delivery business
Brookerpaks Limited (formerly
Newington Foods Limited)                        500,000              n/a          500,000        3.15%
Importer and distributor of garlic and
vacuum-packed vegetables to
supermarkets and the wholesale
trade
Inca Interiors Limited                          350,000          350,000          300,000        1.89%
Supplier of quality kitchens

Total                                         6,875,000        3,880,111        7,830,187       49.35%




                                                  Cost         Valuation        Valuation
                                                     at               at               at         % of
                                           30 September     30 September     30 September    portfolio
                                                   2003             2002             2003     by value

Nova Capital Management
Limited

Tikit Group plc                                 517,624          417,391          521,738        3.29%
Provider of consultancy, services and
software solutions for law firms
i-documentsystems group plc                     517,625          510,417          458,333        2.89%
Provider of document storage
systems
DriveTec (UK) Limited                           500,000          500,000          417,750        2.62%
Developer of transmissions
technologies for applications
in the automative,  construction and
industrial sectors
Watkins Books Limited                           500,000          500,000          112,500        0.71%
Supplier of books in alternative
sciences, health, philosophy
and related sectors
Biomer Technology Limited                        50,000              n/a           50,000        0.32%
Developer of biomaterials for
medical devices
The Good Book Guide Limited                     800,000          310,000           50,000        0.32%
Multi-channel book retailer
Stortext Group Limited                          380,435           18,089           18,079        0.11%
Integrated outsourced document
storage business
Other investments in the portfolio            3,988,529          314,500                0        0.00%

Total                                         7,254,213        2,570,397        1,628,400       10.26%




                                                   Cost         Valuation         Valuation
                                                     at                at                at           % of
                                           30 September      30 September      30 September      portfolio
                                                   2003              2002              2003       by value

VCF Partners

Sarantel Limited                              1,175,405           590,621         1,175,405          7.41%
Developer and manufacturer  of
antennae for mobile phones
and other wireless devices
Camwood Limited                               1,000,000               n/a         1,000,000          6.30%
Provider of software repackaging
services
Oxonica Limited                                 900,033           428,522           900,033          5.67%
Specialist in the design,
manipulation
and engineering of
properties of  materials at the
nano- scale
Aquasium Technology Limited                     600,000           500,000           600,000          3.78%
Business engaged in the design,
manufacturing and marketing
of bespoke electron beam  welding
and vacuum furnace equipment
Alaric Systems Limited                          557,413           400,000           557,413          3.51%
Software developer and provider of
support services in the
credit/debit card  authorisation and
payments market
SmartFOCUS Holdings Limited                     500,000           500,000           500,000          3.15%
Provider of analytic software to
support targeting and
execution of marketing campaigns
ANT Limited
Provider of embedded browser/email            1,090,000           950,000           490,500          3.09%
software for consumer
electronics and Internet appliances
Blue Curve Limited                              500,000           500,000           396,666          2.50%
Provider of software for automating
the production and
distribution of research information
by banks and fund managers
Broadreach Networks Limited                     250,000               n/a           250,000          1.58%
Public access WLAN and fixed line
Internet Service Provider
Wire-e Limited                                  500,000           500,000           250,000          1.42%
Provider of mobile data
communication services
Monactive Limited                               339,285           250,000           218,749          1.38%
Provider of software management
tools that monitor usage
of software  versus licences held
Heritage Image Partnerships
Limited                                         300,000           150,000            95,000          0.60%
On-line image library

Other investments in the portfolio              250,000                 0                 0

Total                                         7,962,136         4,769,143         6,408,766         40.39%
                                         --------------    --------------    --------------    -----------
Managers' totals                             22,091,349        11,219,651        15,867,353        100.00%

Fixed interest portfolio                              0        18,767,073                 0          0.00%

Total                                        22,091,349        29,986,724        15,867,353        100.00%



Notes



1.  The revenue column of the statement of total return is the
profit and loss account of the Company.



2.  In accordance with the policy statement published under '
Management and Administration' in the Company's Prospectus dated 13 October
2000, the Directors have charged 75% of the investment management expenses to
capital reserve.



3.  The basic revenue return per Ordinary Share is based on
the net revenue from ordinary activities after tax of £569,961 (2002: £948,492)
and is based on 41,754,219 (2002: 41,794,736) Ordinary Shares, being the
weighted average number of Ordinary Shares in issue during the year.



4.  The basic capital return per Ordinary Share is based on
net realised capital losses of £261,901 (2002: £393,904) on net unrealised
losses of £1,270,291 (2002: £5,655,183) and on 41,754,219 (2002: 41,794,736)
Ordinary Shares, being the weighted average number of Ordinary Shares in issue
during the year.



5.  The financial information set out in these statements does
not constitute the Company's statutory accounts for the year ended 30 September
2003 but is derived from those accounts.  Statutory accounts will be delivered
to the Registrar of Companies after the Annual General Meeting.



6.  The Company proposes to pay a final dividend of 1.25p per
share on 11 February 2004 to all shareholders on the Register on 9 January 2004.



7.  The Annual General Meeting will be held at 11.00am on 28
January 2004 at Gossard House, 7-8 Savile Row, London W1S 3PE.


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