Growth Capital

2007 VCT III Interim Report

Highlights

Undiluted net asset value per share of 104.19p, a 2.7% increase from year-end. Fullydiluted net asset value of 103.35p, an increase of 2.2%.
Continued growth from alternative asset investments with qualifying investments now contributing
Two qualifying investments made in the period
Larger qualifying investments in pipeline expected to complete in coming months