Albion Enterprise VCT PLC 31 March 2021

Albion Enterprise VCT PLCResults for the year to 31 March 2021

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AGENDA

ALBION ENTERPRISE VCT PLC AGM August 2021 2

1. Financial highlights2. Covid-19 impact3. Track record4. Highlights of the year5. Investment portfolio6. Realisations7. Investment strategy8. ESG & responsible investing9. Prospects10.Fraud warning

1. Financial Highlights – Year to March 2021

114.60p

13.50p

12.67%

5.44p

4.7%

Net asset value per share as at 31 March 2021*

Total return per share for the year

Shareholder return for the year

Tax-free dividend per share paid during the year

Tax-free dividend yield on NAV at 31 March 2021* as announced on 3 August 2021, the NAV for 30 June 2021 is 127.93p.

3ALBION ENTERPRISE VCT PLC AGM August 2021 3

2. Covid-19 impact

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• Impact of Covid-19 on portfolio is now better understood.• A number of companies in the portfolio are thriving.• But the extent of the economic impact of Covid-19 is still uncertain.• New investment activity targeting digital health, data analytics, automation,

fintech and digital security.• Shareholder engagement:

• Positive response from Shareholders to virtual meetings - an average audience increase of around 150%.

• The automated and digital fundraising process efficiently raised record funds in record time.


3. Track Record

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March 2021 (%)

June 2021 (%)

12 Month 12.7 20.8

5 Year 47.3 59.9

10 Year 87.8 102.1


0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0%

10 yearperformance

5 yearperformance

12 monthperformance

Albion Enterprise VCT PLC Performance Data

31-Mar-21

30-Jun-21

1. Total shareholder value relative to FTSE All-Share Index total return (in both cases with dividends reinvested)

3.1. Total Shareholder Value


Total shareholder value relative to FTSE All-Share Index total return (in both cases with dividends reinvested)

4. Highlights in the Year

Year ending 31 March 2021 2020 2021 Commentary

Fundraising £9.0m £6.0m 2019/20 fundraise & 2020/21 fundraise both fully subscribed

Exits £5.3m £15.5m Including OmPrompt Holdings, G.Network, Clear Review and SBD Automotive

Investment rate £7.3m £5.3m £2.7m in 5 new companies and £4.6m in 13 existing portfolio companies

Share buybacks £1.3m £1.3m

Dividends £3.7m £4.0m New dividend policy

Performance incentive fee £288k £nil See p.14 of the Annual Report for details


4.1 Highlights in the Year

Key value drivers in the year 2021

Quantexa £2.5m Revalued after successful further funding round

Proveca £1.9m Uplift in valuation due to positive trading

Egress £1.7m Uplift in valuation due to positive trading

Gains from exits £1.9m Exits include - OmPrompt, G.Network, Clear Review, SBD

Mirada Medical £(2.7m) Sales to hospitals being delayed by the pandemic

Other – write ups £6.4m Various – p. 24/25 Annual Report

Other – write downs £(0.8m) Various – p. 24/25 Annual Report

£10.9m


1. S

5. Investment Portfolio


Portfolio of 49 companies employing over 3,000 people predominantly in the United Kingdom

Split of portfolio investments by sector

5.1 Investment Portfolio


Portfolio analysis by number of employeesPortfolio analysis by stage of investment

5.2 Investments – Top three investments


Uses the latest advances in big data analytics and artificial intelligence to help its banking, insurance and government customers detect financial crime

European specialist pharmaceutical company focussed on children’s medicines

Investment date

Employee Growth

Cost Book Value

Revenue Growth

2014

2017

2012

£3.4m

£2.1m

£1.5m £5.6m

£6.9m

£11.0m

Invested pre-revenue, now >£10m

>20x

>11x

4 to 45

30 to 336

23 to 240

£7.0m £23.5m

Is a leading cloud encryption platform ensuring data security for email, data transfer and collaboration environments

The top three investments account for 27.5% of the net asset value at 31 March 2021

5.3 Investments – Solidatus new


• Albion VCTs invested £7m as part of a £14m investment round in Solidatus (AAEV: £1.4m)

• The investment will help fast-track its planned global expansion, further extending into new territories including the US, Europe and Asia.

• Their software empowers organisations to effectively map, manage and monetise data.

Solidatus is a data lineage and metadata management company

5.4 Investments – WeGift new


• Albion VCTs invested £4m as part of a £6.7m investment round in WeGift (AAEV: £0.6m)

• The investment will help WeGift deliver on its vision of creating the world’s first real-time infrastructure for digital rewards and incentives.

• Their open API technology platform allows businesses to automate sending digital incentives in real-time.

WeGift is a cloud platform that enables corporates to purchase digital gift cards and distribute them to employees and customers.

5.5 Investments – Seldon new


Seldon is a software company that enables enterprises to deploy machine learning models in production.

• Albion VCTS invested £2.8m into Seldon (AAEV: £0.4m).

• The funding will be used to accelerate R&D and drive commercial expansion.

• Seldon plans to more than double the size of the team over the next 18 months and make several strategic hires in data science research and engineering.

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5.6 Investments – New & follow-on investments


TransFICC is a provider of a connectivity solutions, connecting financial institutions with trading venues via a single API.

uMed is a middleware technology platform that enables life science organisations to conduct medical research programmes.

Quantexa uses big data analytics and AI to help its banking, insurance and government customers detect financial crime.

Black Swan is a predictive analytics platform which uses internal and external data to provide consumer insight to the world's leading brands.

• Investment in OLIM UK Equity Income Fund sold during year• Period of poor performance with fund impacted by:

• Covid-19 driven falls of UK quoted equities• negative outlook for UK equity income sector

• Resulted in a disappointing £0.9m loss on cost • Proceeds to be re-deployed into innovative unquoted growth companies• OLIM has subsequently wound down its operations and clients have transferred to

alternative investment managers

6. Realisations – OLIM UK Equity Income Fund Disposal


6.1 Realisations - OmPrompt exit

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OmPrompt offers customer automation management solutions that streamline order-to-cash processes for global manufacturing companies.

£1m Invested by Albion Enterprise VCT

2.3x Cash on cash multiple

£2.3m Albion Enterprise VCT Proceeds

OmPrompt was acquired by U.S based technology company Elemica.


6.2 Realisations – G.Network exit


G.Network - Central London full fibre broadband

£4.68m Invested by Albion VCTs in G.Network

3.8x Cash on cash multiple

31% pa Internal rate on return (including interest received)

£17.8m Total proceeds expected with majority of proceeds deferred for three years (£1.5 AAEV)

Fibre broadband installed grew to pass 160,000 premises.

Sold to funds controlled by the Universities Superannuation Scheme (USS) and Cube Infrastructure Managers.

6.3 Realisations – Clear Review exit


Clear Review - Cloud-based performance management system

£ 0.25m Invested by Albion Enterprise VCT2.1x Cash on cash multiple73% pa Internal rate of return £0.5m Proceeds realised by Albion Enterprise VCT

Revenues doubled during the 15 months following investment by the Albion VCTs.

Sold to Advanced Computer Software Group.

• Stage - from Seed to Series B• Backing long term trends• Key sectors:

• software (digital security, fintech, digital marketing, data analytics)• healthcare technologies (healthcare IT, specialist pharma, diagnostic devices)• other (automotive technologies, sensors, process automation)

• Focus on Business-to-Business software and technology enabled services• Limited exposure to consumer facing businesses

7. Investment Strategy


8. ESG & Responsible Investing


Our commitment: • Albion is a signatory of United Nations Principles for

Responsible Investments (UNPRI) and we incorporate environmental, social and governance (ESG) considerations into our investment decisions.

• To create an appropriate risk-return profile for our investments, deliver value to our investors, and develop sustainable long-term strategies for our portfolio companies.

Our process: • To integrate ESG principles at the pre-investment, investment

and exit stages. Measuring the sustainability and societal impact of our investments.

8.1 ESG investment process overview


8.2 ESG - Charitable Activities

ESG for investment process overview


Our charities: • Whizz-Kidz is the UK’s leading charity for young wheelchair users.

They transform the lives of disabled children across the UK, supporting them to become confident and independent young adults.

• Generating Genius works to ensure that talented and able students from disadvantaged backgrounds are positioned to excel in STEM careers.

In Q1 Albion raised £5,000 from a combination of: • Our commitment to donate £1 for every shareholder who signed

up for electronic communications and online applications.• The Spring Challenge – we set a goal and challenged the Albion

team to get walking, cycling and running to hit the target.

9. Prospects

• Portfolio focused on long term growth trends • healthcare • software technologies and data proliferation• education and skills• sustainable energy generation

• Low exposure to discretionary consumer facing sectors


9.1 Prospects

• The on-going economic impact of Covid-19 is unknown however, the portfolio is well

balanced across sectors and risk

• A number of companies in the portfolio including Quantexa, Egress and Proveca are

thriving despite Covid-19 which have the potential for further valuation uplifts

• Pipeline of new investments and further investments in existing portfolio companies

• Target dividend of around 5% of prevailing NAV

• First dividend of 2.87p per share to be paid on 31 August 2021

• 30 June 2021 NAV of 127.93p announced representing a 11.6% gain on opening NAV.


10. Fraud Warning


Please be aware that shareholders are sometimes contacted in connection with increasingly sophisticatedbut fraudulent financial scams. Shareholders are contacted by a phone call or an email which normallyoriginates from outside of the UK, often claiming or appearing to come from a corporate finance firm. Thecaller or emailer may sound professional and will typically offer to buy your VCT shares at an inflated price inconnection with a possible take-over of that VCT and ask you to sign a non-disclosure agreement.

Websites referred to in documents or emails appear, at first glance, to belong to credible corporate financefirms. The claims made are false and are invariably an attempt to obtain more information from you with aview to extracting money. If you are contacted, we recommend that you do not respond with any personalinformation and say you are not interested. Your contact information has not been passed on by us. Wemaintain a page on our website in relation to fraud advice: www.albion.capital/investor-centre/fraud-advice

This presentation is for information purposes only and is not to be regarded as an offer to buy or sell, or the solicitation to buy or sell shares in Albion Enterprise VCT PLC. Any person considering an investment should seek advice from an authorised financial advisor.

Albion Capital Group LLP does not offer investment advice or make investment recommendations, nor offer tax advice and nothing in this presentation should be considered investment or tax advice.

Past performance is not necessarily a guide to the future. The value of an investment and any income can go down as well as up and the amount originally invested may not be returned.

This presentation has been approved and issued by Albion Capital Group LLP, which is authorised and regulated by the Financial Conduct Authority.

Thank you

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Albion Enterprise VCT PLC 31 March 2021

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