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4 Foresight 4 VCT plc 04 Investment Summary 31 August 2008 29 February 2008 Amount Amount invested Valuation Valuation Methodology invested Valuation Investment £ £ £ £ Datapath Holdings Limited 1,000,000 2,459,661 * Discounted price/earnings multiple 1,000,000 2,459,661 VectorCommand Limited 1,528,750 1,568,580 * Discounted last funding round 1,468,750 1,379,856 The Bunker Secure Hosting Limited 864,168 1,450,482 * Discounted revenue multiple 745,468 1,245,249 Closed Loop London Limited 1,753,333 1,836,667 * Price of recent funding round 1,250,000 1,250,000 ZOO Digital Group plc (AIM listed) 1,150,000 953,974 * Bid price 1,150,000 1,012,384 SkillsMarket Limited 539,998 871,108 * Price of recent funding round 539,998 871,108 O-Gen (UK) Limited 840,000 840,000 * Cost 630,000 630,000 Advanced Visual Technology Limited 2,332,183 830,000 * Indicative offer 2,032,183 939,730 Trilogy Communications Limited 825,000 825,000 * Price of recent funding round 825,000 825,000 Iskra Wind Turbines Limited 750,000 750,000 * Cost 750,000 750,000 Ixaris Systems Limited 750,000 750,000 Cost 750,000 750,000 Sindicatum Carbon Capital Limited 200,063 525,100 Price of recent funding round 200,063 525,100 TFC Europe Limited 500,000 500,000 Cost 500,000 500,000 Eqos Limited 1,050,000 470,084 Discounted revenue multiple 1,050,000 1,152,011 Snell & Wilcox (UK) Limited 839,137 409,500 Indicative offer less discount 839,137 409,500 Global Immersion Limited 333,336 333,336 Price of recent funding round 266,666 266,666 Probability plc (AIM listed) 450,000 301,974 Bid price 450,000 402,631 Infrared Integrated Systems Limited 250,005 250,005 Cost 250,005 250,005 Lynwood Group Holdings Limited 250,000 250,000 Cost — — Silvigen Limited 250,000 250,000 Cost — — Adeptra Limited 1,283,272 215,783 Discounted revenue multiple 1,283,272 235,147 alwaysON Group Limited 210,070 210,070 Cost 210,070 210,070 Aigis Blast Protection Limited 275,000 206,250 Cost less impairment 275,000 206,250 The Casella Group Limited 172,389 20,742 Indicative offer less discount 774,291 171,052 OLED-T Limited† 1,117,428 0 Nil value 1,064,170 441,701 Utarget plc 0 0 Sold 1,000,000 1,952,800 19,514,132 17,078,316 19,304,073 18,835,921 * Top ten investments by value shown on pages 5 and 6. † Includes amount invested of £710,000 relating to Elam-T, a predecessor company. Companies in liquidation have been excluded from the table above.
Half-yearly Financial Report for the six months ended 31 August 2008 05 Descriptions of Top Ten Investments by Value A summary of all investments is provided on page 4. Datapath Holdings Limited is a UK manufacturer of PC-based multi-screen computer graphics and video capture hardware, specialising in video wall and data wall technology. Established in 1982, it has provided solutions for wide-ranging and varied applications including control rooms, financial dealing rooms, CCTV, distance learning, digital signage and business presentations.79) VectorCommand Limited is a leading provider of training and exercising software for emergency services. The majority of fire brigades in the UK and Australasia use the Vector training software and the company has recently released its new Command Support System, a leading system for operational control of live incidents, with applications across the emergency services. The Bunker Secure Hosting Limited provides ultra secure, high availability IT data centre and managed services to companies and public bodies from owned and leased facilities totalling 41,500 square feet in ex-military bunkers at Ash, Kent, Greenham Common and Bawdsey, Lincolnshire. With particular expertise in Open Source and Microsoft software and systems, web and digital security, BH builds, hosts and manages ultra secure, high availability IT infrastructure platforms for its customers and provides secure co-location services to host customers’ servers or back-up servers. The Bunker is highly regarded for its technical skills, its customers including top financial, telecoms and web-based businesses which are concerned with data security and looking to outsource their mission critical IT systems. The Bunker continues to make good progress in increasing revenues from existing customers and winning new customers under term contracts which generate high visibility of future revenues. An application has recently been made to the local planning authority for permission to build a new data centre above ground at Ash. Closed Loop London Limited is the first plant in the UK to recycle waste PET and HDPE plastic bottles into food grade packaging material. Following in excess of £15 million private and public sector funding issue led by Foresight Group, the 35,000 tonne capacity plant in Dagenham is now in the commissioning phase with output volumes ramping up during the remainder of 2008 to near full capacity. The company is enjoying very strong market demand and has now announced its second UK plant in North Wales, for which it is currently fund-raising. ZOO Digital Group plc (AIM listed) supplies authoring software and services to film studios and post-production films and to publishers and developers of interactive games on DVD. Authoring is the process of transferring video and audio content to DVD and adding menus and links to allow consumers to navigate the content. In August 2007, ZOO acquired the authoring business of Scope Seven, providing the group with a base near its key customers in California and a broader service offering.
Page 1 and 2: Heading Annual Report and Foresight
Page 3 and 4: Chairman’s Statement I Summary
Page 5: 12 months following the date of acq
Page 9 and 10: Half-yearly Financial Report for th
Page 11 and 12: Unaudited Balance Sheet at 31 Augus
Page 13 and 14: Notes to the Unaudited Financial St
Page 15 and 16: Shareholder Information Half-yearly

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