Interim Management Statement

Quarter ended 31 May 2012

1.            Net Asset Value

The net asset value (NAV) was 38.6p at 31 May 2012 compared to 38.7p at 29 February 2012.

The NAV at 31 May 2012 reflects the valuation of unlisted investments at 29 February 2012, as shown in the annual report, and the closing bid price of quoted securities at 31 May 2012. The Board undertakes a full valuation review on a six monthly basis except where a significant development in an unlisted investment requires an earlier revaluation.

2.            Investments Completed During the Quarter

During the quarter ended 31 May 2012, £450,000 was invested in management buy-outs and follow-on investments in 4 companies, namely Vodat, Cat Tech, Networks by Wireless and Nessco.

3.            Disposals during the quarter

During the quarter under review realisations totalled £174,592 in respect of investments in ATR Holdings, Walker Technical, Space Student Living and Deltex.

4.            Update

Since 31 May 2012, investments totalling £115,000 have been made in Glacier Energy Services Group and in a refinancing of Venmar Limited (trading as XPD8 Solutions).

After the end of the quarter under review, investments in Ashford Colour Press, Deltex Medical Group were realised for proceeds of £273,136. The investment in Nessco was realised for proceeds of £1.075 million compared with a carrying valuation of £950,825.

The Board is not aware of any other events or transactions that have taken place between 31 May 2012 and the date of publication of this statement which would have had a material impact on the financial position of the Company.

Issued on behalf of the Board

Maven Capital Partners UK LLP, Secretary

11 July 2012