Final Results

TriVest VCT PLC
03 December 2004

TRIVEST VCT PLC



Chairman's Statement



I am pleased to present the preliminary results of the Company for the year
ended 30 September 2004.



Net Asset Value

At 30 September 2004, the Company's Net Asset Value (NAV) per share had risen to
80.02 pence (2003: 72.56 pence), a rise of just over 10%. This is a particularly
pleasing and welcome outcome. The Company, including the proposed final dividend
of 1.25 pence per share detailed below, will have distributed accumulated
dividends of 5.45 pence per share since the Company's launch. This compares with
the initial NAV (after the launch expenses of the issue) of 94.5 pence per
share.



Economic Background

The environment in which venture capital managers have worked over the last six
months has not been easy. The widely anticipated economic recovery has not
really occurred and, where it has, it has been uncertain and rather weaker than
expected. Stock markets have been affected by the continuing worldwide security
issues and by the rise in the price of oil.  The new issues market, an important
possible exit route for venture capital investments, after a high level of
activity in the first six months of 2004, is now much more selective.



Nevertheless, this difficult environment has thrown up several interesting new
investments for TriVest and the Board remains hopeful that the improvement in
the performance of the portfolio will continue in the short to medium term.



Portfolio

At present, VCF LLP trading as Foresight Venture Partners Limited (Foresight)
manage some 50% of the portfolio with Matrix Private Equity Partners (MPEP)
managing nearly 40% and Nova Capital Management Limited (Nova) the balance. By
market sector, the portfolio is dominated by investments in technology companies
at nearly 60%, with manufacturing companies at 14%, construction and building
materials at just over 11% and the balance in a variety of other sectors. When
the portfolio is considered by stage of development, the portfolio is more
evenly spread with over 41% invested in MBO / MBI situations, over 28% in
development capital companies, nearly 22% in early stage investments with over
8% of the portfolio being quoted (primarily in AIM stocks).



Within the MPEP portfolio the performance of HWA Limited (trading as Holloway
White Allom) has been notable. In April 2004, following strong trading, that
company redeemed TriVest's Preference Shares for over £1m together with a
Preference Dividend of over £28,000. The company continues to trade strongly. In
May 2004, The Hunter Rubber Company Limited, a recent investment by TriVest,
which is also trading well, acquired another company in a similar business. In
June 2004, TJ Brent was sold to May Gurney Limited, an East Anglian based
contracting business. TriVest's share of the proceeds was £2.1m. Two new
investments have been made with £1m being invested into OA Acquisition Limited
(trading as Original Additions), a distributor of false nails and eyelashes and
depilatory products, and with £750,000 being invested into Tottel Publishing
Limited, a publisher of legal and other specialist books (this latter investment
was made after the year end).



Nova continues to work hard to recapture and create value from the portfolio
they inherited. An additional investment of £220,000 was made into IDOX plc
(formerly i-documentsystems group plc). Zynergy Group Limited was placed into
liquidation and it is still not clear whether TriVest will receive any
recoveries.



The Foresight portfolio has seen an active period. In July 2004, a new
investment of £50,000 was made into Aigis Engineering Solutions Limited, a
manufacturer of protective products in the security industry. Additional
investments were made in May 2004 into Sarantel Limited of £52,000 and in
October 2003 and June 2004 into Broadreach Networks Limited (and its subsidiary
Broadreach Train Services Limited) totaling £1,000,000. Also in June 2004, loans
of over £50,000 were approved to Alaric Systems Limited. In September 2004,
further investments of £200,000 and £153,732 were agreed to be made into
SmartFOCUS Group plc (formerly SmartFOCUS Holdings Limited) and Sarantel Limited
respectively, the former of which was linked to an IPO.  That company is now
listed on AIM. In addition, several of the investments within the Foresight
portfolio are expected to be possible IPO candidates within the next twelve
months.



Board of Directors

In my recent Interim Report, I referred to Helen Sinclair's decision to resign
from the Board due to a possible perceived conflict of interests. The Board
continues to seek a suitably qualified replacement. This is at a final stage. In
the meantime, Helen continues to provide her services to the Company as
previously agreed with her.



In September 2004, Christopher Moore was appointed Chairman of Oxonica Limited,
one of TriVest's investee companies.



Revenue Account

Total income received fell by £294,518. Net income has also fallen from £569,961
to £414,172, a fall of £155,789. This was mainly due to there being no income
from the higher income yielding Cazenove fixed-interest portfolio (£634,186
earned last year), which was liquidated during last year. The resulting funds
were moved into lower income-yielding OEIC money-market funds, which earned
£313,817 (2003: £167,914).  The fall in income from funds pending investment was
partially offset by an increase in dividends and loan stock interest from
investments this year.



Fund management fees fell by £163,835, due to the fall in the percentage charged
from 2% to 1.6% of each Manager's portion of the portfolio.



Dividend

The Company's revenue return per Ordinary Share was 0.99 pence per share (2003:
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 26 January 2005.  The dividend will be paid on 4
February 2005 to shareholders on the Register on 7 January 2005.

Share buy-backs

During the year ended 30 September 2004, the Company continued to implement its
buy-back policy and, accordingly, bought back 467,282 Ordinary Shares
(representing 1.13% of the shares in issue at the period end) at a total cost of
£280,566 (net of expenses).  These shares were subsequently cancelled by the
Company.



Colin Hook
Chairman
2 December 2004





STATEMENT OF TOTAL RETURN
(Incorporating the Revenue Account of the Company) for the year ended 30
September 2004

                                           Year ended 30 September 2004           Year ended 30 September 2003
                                        Revenue      Capital        Total      Revenue      Capital        Total
                                              £            £            £            £            £            £

Unrealised losses on                          -    2,774,109    2,774,109            -  (1,270,291)  (1,270,291)
investments

Realised losses on investments                -      666,281      666,281            -    (261,901)    (261,901)

Income                                1,163,180            -    1,163,180    1,457,698            -    1,457,698

Investment management fees            (152,171)    (456,512)    (608,683)    (193,129)    (579,389)    (772,518)

Other expenses                        (441,468)            -    (441,468)    (451,401)            -    (451,401)
                                   ------------ ------------ ------------ ------------ ------------ ------------
Return on ordinary
   activities before taxation           569,541    2,983,878    3,553,419      813,168  (2,111,581)  (1,298,413)

Tax on ordinary activities            (155,369)      131,914     (23,455)    (243,207)      182,120     (61,087)
                                   ------------ ------------ ------------ ------------ ------------ ------------
Return on ordinary
   activities after taxation            414,172    3,115,792    3,529,964      569,961  (1,929,461)  (1,359,500)

Dividend                              (515,996)            -    (515,996)    (521,837)            -    (521,837)
                                   ------------ ------------ ------------ ------------ ------------ ------------

Transfer (from)/to reserves           (101,824)    3,115,792    3,013,968       48,124  (1,929,461)  (1,881,337)
                                   ------------ ------------ ------------ ------------ ------------ ------------

Return per Ordinary
   Share - basic and diluted              0.99p        7.48p        8.47p        1.37p      (4.63)p      (3.26)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 2004


                                               as at 30 September 2004                as at 30 September 2003
                                             £            £            £            £            £            £

Fixed Assets
Investments                                                   20,746,041                             15,867,353

Current Assets
Debtors and prepayments                424,795                                304,694
Current investments                  7,926,941                              6,750,709
Cash at bank                         4,633,219                              8,136,664
                                  ------------                           ------------
                                                 12,984,955                             15,192,067

Creditors: amounts falling
   due within one year
Corporation tax                         24,456                                 97,918
Other creditors                        546,681                                542,930
Accruals                               128,131                                126,346
                                  ------------                           ------------
                                                  (699,268)                              (767,194)
Net current assets                             ------------   12,285,687              ------------   14,424,873
                                                            ------------                           ------------
Net assets                                                    33,031,728                             30,292,226

                                                            ------------                           ------------
Capital and reserves
Called up share capital                                          412,797                                417,470
Capital redemption reserve                                         5,218                                    545
Special reserve                                               38,777,875                             39,059,851
Capital reserve - realised                                   (3,215,081)                            (3,267,224)
Capital reserve - unrealised                                 (3,152,837)                            (6,223,996)
Revenue reserves                                                 203,756                                305,580
                                                            ------------                           ------------
Total equity shareholders'                                    33,031,728                             30,292,226
funds
                                                            ------------                           ------------
Net asset value per

Ordinary Share - basic and                                        80.02p                                 72.56p
diluted





CASH FLOW STATEMENT
for the year ended 30 September 2004

                                                              Year ended                          Year ended
                                                            30 September                        30 September
                                                                    2004                                2003
                                                     £                 £                 £                 £
Operating activities
Investment income received                     912,272                           1,634,004
Dividend income                                115,857                              81,892
Investment management
   Fees paid                                 (601,168)                           (717,189)
Other cash payments                          (415,146)                           (398,022)
                                          ------------                        ------------
Net cash inflow from
   operating activities                                           11,815                             600,685

Taxation
UK Corporation tax paid                                         (96,917)                           (232,355)

Financial investment
Acquisition of investments                 (4,589,395)                        (18,230,872)
Disposal of investments                      3,151,097                          30,825,561
                                        --------------                      --------------
                                                             (1,438,298)                          12,594,689



Dividends
Payment of equity dividend                                     (521,837)                           (731,009)
                                                          --------------                      --------------
Cash (outflow)/inflow
   before financing and
   liquid resource
   management                                                (2,045,237)                          12,232,010

Management of liquid
   resources
(Increase) in monies held
   pending investment                                        (1,176,232)                         (4,099,551)

Financing
Purchase of own shares                       (281,976)                            (13,820)
                                        --------------                      --------------

                                                               (281,976)                            (13,820)
                                                          --------------                      --------------
(Decrease)/increase in
   cash for the year                                         (3,503,445)                           8,118,639
                                                          --------------                      --------------



INVESTMENT PORTFOLIO SUMMARY


                                                   Cost        Valuation        Valuation
                                                     At               at               at         % of
                                           30 September     30 September     30 September    portfolio
                                                   2004             2003             2004     by value

Foresight Venture Partners
Limited

Sarantel Limited                              1,460,952        1,175,405        2,156,625       10.40%
Developer and manufacturer  of
antennae for mobile phones
and other wireless devices

Oxonica Limited                               1,677,389          900,033        1,677,389        8.08%
Specialist in the design, manipulation
and engineering of
properties of  materials at the
nano-scale

ANT Limited
Provider of embedded browser/email            1,097,200          490,500        1,323,106        6.38%
software for consumer
electronics and Internet appliances

Broadreach Networks Limited                   1,143,000          250,000        1,143,000        5.51%
Public access WLAN and fixed line
Internet Service Provider
- Broadreach Train Services Limited             107,000              n/a          107,000        0.52%

Camwood Limited                               1,000,000        1,000,000        1,000,000        4.82%
Provider of software repackaging
Services

SmartFOCUS Group plc                            500,000          500,000          893,333        4.31%
(formerly SmartFOCUS Holdings Limited)
Provider of analytic software to
support targeting and
execution of marketing campaigns

Aquasium Technology Limited                     600,000          600,000          600,000        2.89%
Business engaged in the design,
manufacturing and marketing
of bespoke electron beam  welding
and vacuum furnace equipment

Alaric Systems Limited                          588,059          557,413          588,059        2.83%
Software developer and provider of
support services in the
credit/debit card  authorisation and
payments market

Blue Curve Limited                              500,000          396,666          396,666        1.91%
Provider of software for automating
the production and
distribution of research information
by banks and fund managers

DCG Datapoint Group Limited                     250,000              n/a          250,000        1.21%
Design, supply and integration of data
storage solutions

Wire-e Limited                                  500,000          225,000          250,000        1.21%
Provider of mobile data
communication services

Monactive Limited                               339,285          218,749          218,749        1.05%
Provider of software management
tools that monitor usage
of software  versus licences held

Aigis Engineering Solutions
Limited                                          50,000              n/a           50,000        0.24%
Specialist blast containment materials
company

Other investments in the portfolio              250,000              Nil              Nil        0.00%

Total                                        10,062,885        6,313,766       10,653,927       51.36%


                                                  Cost         Valuation        Valuation
                                                     At               At               At         % of
                                           30 September     30 September     30 September    portfolio
                                                   2004             2003             2004     by value

Matrix Private Equity Partners
Limited

HWA Limited (trading as
Holloway White Allom Limited)                   138,319        1,811,687        2,198,247       10.60%
Refurbishment, restoration and
construction of notable public
building and top-end residential
dwellings in and around London

Brookerpaks Limited                             500,000          500,000        1,140,503        5.50%
Importer and distributor of garlic and
vacuum-packed vegetables to
supermarkets and the wholesale
trade

Image Source Group Limited                    1,000,000        1,000,000        1,041,902        5.02%
Royalty free picture library

OA Acquisition Limited (Original
Additions)                                    1,000,000              n/a        1,000,000        4.82%
Manufacturer and distributor of
beauty products

Letraset Limited                              1,000,000        1,098,050          967,367        4.66%
Manufacturer and worldwide
distributor of graphic art
products

Special Mail Services Limited                 1,303,571          562,500          651,786        3.14%
Specialist, secure credit card
delivery business

The Hunter Rubber Company
Limited                                         500,000              n/a          500,000        2.41%
Manufacturer of Wellington boots,
safety footwear and diving suits

BBI Holdings plc                                369,890              n/a          393,500        1.90%
Manufacturer of gold conjugate for
the medical diagnostics industry

BG Consulting Group Limited                   1,000,000        1,000,000          125,000        0.60%
Technical training business

Inca Interiors Limited                          350,000          300,000          100,000        0.48%
Design, supply and installation
of quality kitchens to house
developers

Other investments in the portfolio                  Nil        1,557,950              Nil        0.00%


Total                                         7,161,780        7,830,187        8,118,305       39.13%


                                                  Cost         Valuation        Valuation
                                                     At               At               at         % of
                                           30 September     30 September     30 September    portfolio
                                                   2004             2003             2004     by value

Nova Capital Management
Limited

I-DOX (formerly
i-documentsystems group plc)                    737,625          458,333          764,000        3.68%
Provider of document storage
systems

Tikit Group plc                                 517,624          521,738          623,912        3.01%
Provider of consultancy, services and
software solutions for law firms

DriveTec (UK) Limited                           500,000          417,750          408,570        1.97%
Developer of transmissions
technologies for applications
in the automotive,  construction and
industrial sectors

Watkins Books Limited                           500,000          112,500          112,500        0.54%
Supplier of books in alternative
sciences, health, philosophy
and related sectors

Biomer Technology Limited                        50,000           50,000           50,000        0.24%
Developer of biomaterials for
medical devices

Stortext Group Limited                          380,435           18,079           14,827        0.07%
Integrated outsourced document
storage business

Other investments in the portfolio            3,988,529           50,000              Nil        0.00%

Total                                         6,674,213        1,628,400        1,973,809        9.51%

Total                                        23,898,878       15,722,353       20,746,041      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 taxation of £414,172 (2003:
£569,961) and is based on 41,647,506 (2003: 41,754,219) 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 return of £3,115,792 (2003: loss £1,929,461) and on
41,647,506 (2003: 41,754,219) 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
2004 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
(2003: 1.25p) per share on 4 February 2005 to all shareholders on the Register
on 7 January 2005.



7.                    The Annual General Meeting will be held at 11.00 am on 26
January 2005 at 1 Jermyn Street, London SW1Y 4UH.


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