Top 10 Investments

The top ten investments by current value at 31 December 2015 illustrate the diversity and size of investee companies within the portfolio.

This financial information is taken from publicly available information, which has been audited by the auditors of the investee companies.

1 TASTY PLC London
Restaurant Operator

Baronsmead VCT 5

Cost: £845,000
Valuation: £4,443,000
Valuation basis: Bid Price
% of equity held: 4.40%

Year ended 28 December2014
2013

£ million£ million
Sales29.723.2
EBITA2.61.9
Net (Liabilities)/Assets19.617.4



No. of Employees642506

(Source: Tasty Plc, Report and Financial Statements 28 December 2014)

Tasty plc is a branded restaurant operator in the UK casual dining market. Tasty's two core trading brands are Dim T and Wildwood restaurants. Wildwood serves pizza, pasta and grills and offers customers a warm, homely and rustic feeling. Dim T serves pan Asian food with Dim Sum and offers customers a modern, ethnic and relaxed feel, trading from six units. It is primarily London focused, positioned in high footfall areas. With both brands now established and the group having achieved critical mass Tasty is now self-funding for its continued roll-out strategy. Tasty's highly regarded management team have prior experience of opening over 20 restaurants a year and have critical knowledge of the UK property market, which underpins this strategy.

www.dimt.co.uk

2 CRAWSHAW GROUP PLC Rotherham
Chain of Butchers

Baronsmead VCT 5

Cost: £894,000
Valuation: £4,310,000
Valuation Basis: Bid Price
% of equity held: 6.67%

Year ended 31 January2015
2014

£ million£ million
Sales24.621.0
EBITA1.21.0
Net Assets20.010.8



No. of Employees296246

(Source: Crawshaw Group Plc Annual Report 31 January 2015)

Crawshaw Group plc is the holding company for a group whose business comprises a chain of butchers shops. The Company currently has 36 retail outlets and 2 processing and distribution centres. The retail outlets are situated throughout Yorkshire, Lincolnshire, Nottinghamshire and Humberside and the distribution centres are in Grimsby and Rotherham.

www.crawshawbutchers.com

3 NETCALL PLC Hertfordshire
Providers of Customer Engagement Solutions

Baronsmead VCT 5

Cost: £878,000
Valuation: £2,469,000
Valuation Basis: Bid Price
% of equity held: 3.53%

Year ended 30 June2015
2014

£ million£ million
Sales17.216.9
EBITA5.04.8
Net Assets22.720.2



No. of Employees

148

141

(Source: Netcall plc, Annual report and Accounts 30 June 2015)

Netcall is one of the UK's leading providers of customer engagement solutions. They support organisations to deliver outstanding customer service and achieve a realistic return on their investment. Some of the challenges their solutions can help overcome include customer contact across multiple channels, resource utilisation, improving customer satisfaction ratings, process automation, unifying communications effectively and maximising available budget.

Currently over 750 organisations in the Public, Private and Healthcare markets use one or more of the Netcall solutions which include contact management, business process management, workforce optimisation and enterprise content management.

www.netcall.com

4 ANPARIO PLC Surrey
Manufacturer of Natural Feed Additives

Baronsmead VCT 5

Cost: £358,000
Valuation: £1,764,000
Valuation Basis: Bid Price
% of equity held: 2.38%

Year ended 31 December2014
2013

£ million£ million
Revenue26.626.0
EBITA3.43.1
Net Assets22.720.1



No. of Employees10191

(Source: Anapario plc, Annual Report and Accounts, 31st December 2014)

Anpario plc is a leader in the manufacturing and marketing of high performance natural feed additives for global agricultural and aquaculture markets with products which improve the health and output of animals.

The company is positioned to benefit from the trends in growth of the world’s population, the increasing demand for meat and fish protein in developing countries and the tightening of global regulation which favours more natural feed additive solutions. Their strong global brands, which include Kiotechagil, Meriden and Optivite, trade in over 70 countries using a combination of distributors, joint ventures and wholly owned subsidiaries backed up by a centralised manufacturing and research and development centre based in the United Kingdom.

www.anpario.com

5 TLA WORLDWIDE PLC London
Sports Management and Marketing Agency

Baronsmead VCT 5

Cost: £670,000
Valuation: £1,435,000
Valuation Basis: Bid Price
% of equity held: 2.34%

Year ended 31 December2014
2013

£ million£ million
Sales13.411.3
EBITA5.94.4
Net Assets22.421.3



No. of Employees5151

(Source: Annual Report and Financial Statement Year End 31 December 2014)

Values have been converted from USD to GBP 2013=1.64880/ 2014=1.55320

TLA Worldwide plc acts as a sports management and marketing agency concentrating its on-field practise on the US baseball market. The Company reports its business activities in two areas: Baseball Representation and Sports marketing. Baseball Representation: mainly assists the on field activities of baseball players, including all aspects of a player’s contract negotiation. Sports marketing: mainly assists the off-field activities of athletes. In addition it represents broadcasters and coaches in respect of their contract negotiations.

www.tlaww-plc.com

6 DODS GROUP PLC London
Provider of Political Information and Public Affairs

Baronsmead VCT 5

Cost: £1,057,000
Valuation: £1,249,000
Valuation basis: Bid Price
% of equity held: 3.87%

Year ended 31 March2015
2014

£ million£ million
Sales18.319.8
EBITA(0.6)0.4
Net Assets24.629.3



No. of Employees268280

(Source: Dods (Group) plc, Annual Report and Accounts 31 March 2015)

Dods (Group) Plc operates in the political communications market, delivering quality information and intelligent solutions across all media platforms to both the public and private sectors. Their aim is to drive personal and professional improvement to enable their customers to know more and perform better. Dods provides political information and public affairs communications in the UK and European Union and learning and training to the UK public sector.

The group currently employs over 250 people and operates at the forefront of its selected growth markets in the UK, France and Belgium, providing their customers, partners and the public with the skills, intelligence and platforms needed to engage effectively across the spheres of politics, public sector administration and public affairs.

www.dodsgroupplc.com

7 INSPIRED ENERGY PLC Kirkham
Energy Consultant

Baronsmead VCT 5

Cost: £287,000
Valuation: £1,232,000
Valuation Basis: Bid Price
% of equity held: 1.93%

Year ended 31 December2014
2013

£ million£ million
Sales10.87.6
EBITA4.43.5
Net Assets4.21.6



No. of Employees10366

(Source: Inspired Energy plc Group Financial Statements 31st December 2014)

Established in 2000, Inspired Energy plc has become one of the largest energy consultants in the UK. It employs over 100 people across 3 offices and is headquartered in Kirkham, Lancashire. The Company has grown and developed to provide a range of essential advisory services to the Industrial and Commercial Sector. Inspired Energy works with some of the UK's leading companies to ensure they maximise their buying opportunities in the energy markets. It has over 1,200 clients and manages over 7.5 billion kWh of energy annually.

www.inspiredenergy.co.uk

8 ELECTRIC WORD London
Provider of specialist information and professional development

Baronsmead VCT 5

Cost: £927,000
Valuation: £1,004,000
Valuation Basis: Bid Price
% of equity held: 7.05%

Year ended 31 March2014
2013

£ million£ million
Sales13.613.2
EBITA0.3(0.1)
Net Assets6.77.9



No. of Employees139148

(Source: Electric Word Annual Report and Financial Statements 30 November 2014)

Electric Word provides data, training, practical tips and strategic advice to two professional markets, the global business of sport and UK school leaders, in the form of online subscription services or live events.

www.electricwordplc.com

9 CREATE HEALTH LIMITED London
Fertility Clinic

Baronsmead VCT 5

Cost: £423,000
Valuation: £988,000
Valuation Basis: Earnings Multiple
% of equity held: 2.55%

Year ended March2015
2014

£ million£ million
Sales7.64.9
EBITA1.41.1
Net Assets4.63.4



No. of Employees7058

(Source: Create Health Ltd Abbreviated Accounts 31 March 2015)

Create Health is a renowned fertility clinic specialising in Natural and Mild In Vitro Fertilisation (IVF) and In Vitro Maturation (IVM). Natural and Mild IVF uses lower levels of drugs making it cheaper, safer and healthier for the mother and baby.

Its leading edge fertility service has an international reputation through its research and development of advanced ultrasound techniques, IVM and the one stop fertility MOT. The investment will enable the business to expand nationally and internationally, making this type of choice available to more women.

www.createhealth.org

10 PLASTICS CAPITAL PLC London
Specialists Plastics Product Manufacturer

Baronsmead VCT 5

Cost: £953,000
Valuation: £906,000
Valuation Basis: Bid Price
% of equity held: 2.70%

Year ended 31 March2015
2014

£ million£ million
Sales39.632.5
EBITA3.84.0
Net Assets26.323.1



No. of Employees403312

(Source: Plastics Capital Directors Report and Financial Statements 31st March 2015)

Plastics Capital is a specialist plastics products manufacturer focused on proprietary products for niche markets. The Group has four factories in the UK, one in Thailand and sales offices in the USA, Japan, India and China. Plastics Capital was incorporated in December 2002. Since then the company has grown mainly through acquisitions and was listed on the AIM market in London in December 2007.

Currently approximately 60 per cent of sales are exported to over 80 countries worldwide and production is concentrated in the UK where significant engineering know-how and automation underpins the Group's competitiveness.  The Group has approximately 400 employees within the four key operating subsidiaries: BNL in Knaresborough (North Yorkshire), C&T Matrix in Wellingborough (Northamptonshire), Palagan in Dunstable (Bedfordshire) and Bell Plastics in Poole (Dorset).

www.plasticscapital.com