OAP2 Octopus App.2

Revenues:                                                         GBP6.2 million 
Profit before interest & tax:                                  GBP1.8 million 
Net assets:                                                             GBP2.6 
million 
Income receivable recognised in year:               GBP31,000 
Valuation basis:                                                    Earnings 
multiple 
 
PubCo Services Limited ('PubCo') 
PubCo was set up to acquire VCT qualifying trades. Since the year end, the funds 
have been used successfully to acquire the net assets of Salus Services 1 
Limited, enabling the company to fund the construction of a second care home. 
 
+-------------------+---+----------+---+-----------+ 
| Asset class       |   |     Cost |   | Valuation | 
+-------------------+---+----------+---+-----------+ 
| A Ordinary shares |   |  GBP226,000 |   |   GBP226,000 | 
+-------------------+---+----------+---+-----------+ 
| Loan stock        |   |  GBP524,000 |   |   GBP524,000 | 
+-------------------+---+----------+---+-----------+ 
| Total             |   |  GBP750,000 |   |   GBP750,000 | 
+-------------------+---+----------+---+-----------+ 
 
Investment date:                                               April 2009 
Equity held:                                                           11.4% 
Last audited accounts:                                       N/A 
Revenues:                                         GBP0.0 million 
Profit before interest & tax:                                 GBP0.0 million 
Net assets:                                                             GBP0.8 
million 
Income receivable recognised in year:               GBP1,000 
Valuation basis:                                        Earnings multiple 
 
CSL DualCom Limited ('DualCom') 
DualCom is the UK's leading supplier of dual path signalling devices, which link 
burglar alarms to the police or a private security firm. The devices communicate 
using a telephone line or broadband connection and a wireless link from 
Vodafone, which has been a partner since 2000. DualCom has developed a number of 
new products for the sector, which have enabled the business to steadily grow 
its market share of new connections and its profitability since the initial 
investment. Further information can be found at the company's 
websitewww.csldual.com. 
 
+-------------------+---+----------+---+-----------+ 
| Asset class       |   |     Cost |   | Valuation | 
+-------------------+---+----------+---+-----------+ 
| C Ordinary shares |   |   GBP70,000 |   |    GBP70,000 | 
+-------------------+---+----------+---+-----------+ 
| Loan stock        |   |  GBP630,000 |   |   GBP646,000 | 
+-------------------+---+----------+---+-----------+ 
| Total             |   |  GBP700,000 |   |   GBP716,000 | 
+-------------------+---+----------+---+-----------+ 
 
Investment date:                                                  February 2009 
Equity held:                                                           0.0% 
Last audited accounts:                                       31 March 2010 
Revenues:                                                         GBP8.2 million 
Profit before interest & tax:                                  GBP1.2 million 
Net assets:                                                             GBP1.2 
million 
Income receivable recognised in year:               GBP32,000 
Valuation basis:                                                    Steady state 
cashflow multiple 
 
Salus Services 1 Limited 
Salus Services I Limited is funding the construction of a care home based in 
Colchester. 
 
+-------------------+---+----------+---+-----------+ 
| Asset class       |   |     Cost |   | Valuation | 
+-------------------+---+----------+---+-----------+ 
| A Ordinary shares |   |  GBP615,000 |   |   GBP615,000 | 
+-------------------+---+----------+---+-----------+ 
| Loan stock        |   |        - |   |         - | 
+-------------------+---+----------+---+-----------+ 
| Total             |   |  GBP615,000 |   |   GBP615,000 | 
+-------------------+---+----------+---+-----------+ 
 
Investment date:                                               January 2010 
Equity held:                                                           15.7% 
Last audited accounts:                                       31 December 2009 
Revenues:                                         GBP0.0 million 
Loss before interest & tax:                                   GBP(0.0) million 
Net assets:                                                             GBP0.6 
million 
Income receivable recognised in year:               GBP31,000 
Valuation basis:                                        Earnings multiple 
 
Tristar Worldwide Limited ('Tristar') 
Tristar is one of the world's leading chauffeur companies, carrying over 
500,000 passengers for 400 clients in the last year alone. The business operates 
in 70 countries with its own vehicles in the UK and a rapidly expanding service 
in the US. It has a blue-chip customer base which includes Virgin, Emirates, BP, 
Goldman Sachs and Bank of America-Merrill Lynch.  The market for chauffeur 
services has been heavily affected in the current economic environment but we 
believe has now stabilised. Tristar has achieved a good performance in the 
circumstances where many of its competitors are suffering to a greater extent. 
The company's focus on a joined up international service is proving to be an 
important selling feature for clients; the Company has offices in the UK, US and 
Hong Kong as well as an affiliate network providing service in over 70 countries 
worldwide.  Further information can be found at the company's 
websitewww.tristarworldwide.com. 
 
+-------------------+---+----------+---+-----------+ 
| Asset class       |   |     Cost |   | Valuation | 
+-------------------+---+----------+---+-----------+ 
| A Ordinary shares |   |   GBP10,000 |   |    GBP10,000 | 
+-------------------+---+----------+---+-----------+ 
| B Ordinary shares |   |  GBP140,000 |   |   GBP140,000 | 
+-------------------+---+----------+---+-----------+ 
| Loan stock        |   |  GBP350,000 |   |   GBP350,000 | 
+-------------------+---+----------+---+-----------+ 
| Total             |   |  GBP500,000 |   |   GBP500,000 | 
+-------------------+---+----------+---+-----------+ 
 
Investment date:                                                  January 2008 
Equity held:                                                           1.25% 
Last audited accounts:                                      31 May 2010 
Revenues:                                                           GBP32.6 million 
Profit before interest & tax:                                   GBP0.1 million 
Net assets:                                                             GBP2.0 
million 
Income receivable recognised in year:               GBP94,000 
Valuation basis:                                                    Earnings 
multiple 
 
GreenCo Services Limited ('GreenCo') 
GreenCo was set up to acquire VCT qualifying trades. Since the year end the 
funds have been used to invest further into DualCom due to the company's 
positive financial performance since initial investment. 
+-------------------+---+----------+---+-----------+ 
| Asset class       |   |     Cost |   | Valuation | 
+-------------------+---+----------+---+-----------+ 
| A Ordinary shares |   |  GBP152,000 |   |   GBP152,000 | 
+-------------------+---+----------+---+-----------+ 
| Loan stock        |   |  GBP348,000 |   |   GBP348,000 | 
+-------------------+---+----------+---+-----------+ 
| Total             |   |  GBP500,000 |   |   GBP500,000 | 
+-------------------+---+----------+---+-----------+ 
 
Investment date:                                               April 2009 
Equity held:                                                           8.20% 
Last audited accounts:                                       N/A 
Revenues:                                         GBP0.0 million 
Profit before interest & tax:                                 GBP0.0 million 
Net assets:                                                             GBP0.5 
million 
Income receivable recognised in year:               GBP1,000 
Valuation basis:                                        Earnings multiple 
 
Bruce Dunlop & Associates International Limited ('BDA') 
BDA provides promotion and design services to broadcasters and advertisers 
worldwide and also creates brand films and internal communications for leading 
UK corporations. Trading in the media sector remains tough but management are 
working hard with our support to take the business back into a profit. Further 
information can be found at the company's websitewww.bdacreative.com. 
 
+-------------------+---+----------+---+-----------+ 
| Asset class       |   |     Cost |   | Valuation | 
+-------------------+---+----------+---+-----------+ 
| A Ordinary shares |   |   GBP24,000 |   |         - | 
+-------------------+---+----------+---+-----------+ 
| B Ordinary shares |   |  GBP135,000 |   |   GBP135,000 | 
+-------------------+---+----------+---+-----------+ 
| Loan stock        |   |  GBP350,000 |   |   GBP350,000 | 
+-------------------+---+----------+---+-----------+ 
| Total             |   |  GBP509,000 |   |   GBP485,000 | 
+-------------------+---+----------+---+-----------+ 
 
 
Investment date:                                                  December 2007 
Equity held:                                                           1.7% 
Last audited accounts:                                       June 2010 
Revenues:                                                         GBP8.6 million 
Loss before interest & tax:                                   GBP0.6 million 

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