British Smaller Companies VCT Plc

Performance

Total Return Return by Fundraising Round Dividend payments

Total Return

Return by Fundraising Round

The table below shows the cumulative dividends, the total return on each fundraising round per ordinary share . The cumulative dividend and total return figures in this table exclude the benefits of all tax reliefs whilst the last two columns include the benefit of tax reliefs as noted. This information is correct as at 31 December 2023

Tax Year	Net Asset Value at 31 December 2023	Cumulative Dividends Paid Since Fundraising	Total Return to Date (1)	Offer Price (2)	IRR (3)
	Pence	Pence	Pence	Pence	Percentage
1996	83.7	178.9	262.6	100.0	5.3%
1997	83.7	175.9	259.6	100.0	5.4%
1998	83.7	172.2	255.9	105.0	5.2%
2005 (C Share)	94.1	162.2	256.5	100.0	7.8%
2006	83.7	148.5	232.2	99.5	8.0%
2007	83.7	144.0	227.7	102.5	8.0%
2008	83.7	139.0	222.7	106.3	7.9%
2010	83.7	129.0	212.7	97.3	10.2%
2011	83.7	122.7	206.4	128.0	6.3%
2012	83.7	99.7	183.4	99.8	8.0%
2013	83.7	94.7	178.4	95.8	9.1%
2014	83.7	88.2	171.9	100.8	8.6%
2015	83.7	80.2	163.9	99.5	8.9%
2016	83.7	70.2	153.9	102.3	7.8%
2017	83.7	48.2	131.9	84.6	8.7%
2019	83.7	31.5	115.2	76.0	10.8%
2021	83.7	21.5	105.2	73.6	15.4%
2022	83.7	12.5	96.2	86.1	6.2%

Notes (1) Total Return to date is the cumulative dividends paid plus the 31 December 2023 net asset value in pence per ordinary share. (2) The offer price for the relevant year excluding the benefit of income tax relief available to investors at the time of the offer. (3) IRR is the unaudited annual rate of return that equates the offer price at the date of the original investment, with the value of subsequent dividends plus the 31 December 2023 net asset value per ordinary share. This excludes the benefit of any initial tax relief. (4) All figures have been adjusted for conversion of C shares into ordinary shares in May 2007.

Dividend payments

Cumulative Dividends Paid to 31 December 2023

178.9 pence per share

Dividends paid/announced since 31 December 2023	Pence per share
	2.00

Dividends paid to 30 September 2023	Pence per share
8 December 2023	2.00
28 July 2023	2.00
11 January 2023	4.50
3 October 2022	2.00
12 July 2022	2.00
5 January 2022	2.00
16 November 2021	5.00
23 July 2021	2.00
05 October 2020	2.00
31 July 2020	2.00
20 March 2020	2.00
12 June 2019	4.00
15 February 2019	7.00
18 May 2018	4.00
26 May 2017	5.75
18 January 2017	16.50
05 August 2016	2.00
05 August 2016	3.50
11 March 2016	1.00
15 January 2016	2.00
07 September 2015	3.50
04 August 2015	3.50
03 March 2015	2.50
07 January 2015	2.00
01 August 2014	3.50
21 March 2014	2.00
13 August 2013	4.50
14 January 2013	2.00
17 August 2012	3.00
20 January 2012	2.00
22 August 2011	18.00
22 August 2011	3.00
7 January 2011	2.00
28 September 2010	4.25
07 January 2010	2.00
13 August 2009	3.00
11 February 2009	2.00
08 August 2008	3.00
16 November 2007	2.00
08 August 2007	3.00
06 November 2006	1.50
11 August 2006	3.00
10 January 2006	1.50
05 August 2005	2.20
28 February 2005	1.10
30 November 2004	1.50
09 August 2004	4.80
04 August 2003	0.60
03 January 2003	0.25
12 August 2002	0.90
21 December 2001	1.10
06 August 2001	1.10
20 December 2000	1.20
07 August 2000	1.60
23 December 1999	1.55
30 July 1999	0.24
30 March 1999	1.88
18 December 1998	2.19
31 July 1998	2.19
19 December 1997	1.56
18 July 1997	1.94
20 December 1996	1.06

Registered Office of British Smaller Companies VCT plc: 5th Floor Valiant Building, 14 South Parade, Leeds LS1 5QS. Registered No: 03134749. Corporate Governance: A full section on corporate governance is available in the latest BSC Annual Report which can be found in the Investor Information section of this website.

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Venture Capital Trusts
Investors must retain their VCT shares for five years to retain the up-front income tax relief. Please remember that the tax rules and regulations governing VCTs are subject to change. The tax reliefs available to certain investors in VCTs are dependent on individual circumstances as well as the VCT maintaining HM Revenue & Customs approval. If this approval is withdrawn, a VCT will lose its status and all tax reliefs are likely to be cancelled.

The share price of a VCT may not reflect its net asset value. There is only a limited secondary market for shares in VCTs which may render such shares difficult to sell as they may not be readily marketable. VCTs invest in unquoted and AIM-quoted companies which are therefore smaller and carry a higher level of risk than shares which are listed on the main market of the London Stock Exchange. The shares of VCT investee companies may not be readily marketable. Before making an investment, ensure that you have read and understood the risk warnings set out in the VCT prospectus. An investment in a VCT should be regarded as a long-term investment. Please read our Risks section for more details on the risks involved in investing in our VCTs.

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