TP5-TP70 2009 Merger Update

This announcement is made by TP5 VCT Plc ("TP5") in connection with the scheme of reconstruction for the merger of TP 5 and TP70 2009 VCT Plc ("TP70 2009") ( together the "Companies" ) ("the Scheme"), details of which were contained in TP5's prospectus ("the Prospectus") and circulars to shareholders of the Companies ("the Circulars") all dated 24 August 2009.

The board of directors of TP 5 is pleased to announce that by way of implementation of the Scheme, the assets and liabilities of TP70 2009, on 30 September 2009, were transferred to TP5 in consideration for the issue of new B shares of 1p each in the capital of TP5 ("New B Shares") to the former shareholders of TP 70 2009.

On 20 October 2009 New B Shares were issued to the former TP70 2009 shareholders in connection with the Scheme based on the Companies' respective net asset values per share at 30 September 2009, 93.33p for TP5 and 94.39p per share for TP 70 2009. The merger ratio was therefore 94.39 /93.33 ie 1.0113575 new B shares in TP 5 for each existing share in TP 70 2009 at a deemed issue price of 93.33p per share. As a result 3,498,611 new B shares in TP 5 have been issued to replace the 3,459,322 ordinary shares in issue in TP70 2009. TP5's issued share capital therefore now comprises 18,811,011 ordinary shares and 3,498,611 new B shares.

Application will be made for all the New B Shares issued pursuant to the Scheme to be admitted to the Official List and to trading on the main market of the London Stock Exchange. It is expected that admission will become effective and that trading will commence on 26 October 2009.

Any enquiries should be addressed to David Dick or Peter Hargreaves at Triple Point Investment Management LLP (0207 201 8989)