AMATI AIM VCT PLC

Earnings Release • Nov 30, 2010

Invesco Perpetual AiM VCT plc

Unaudited Half-Yearly Financial Report for the Six Months to 30 November 2010

KEY FACTS

Invesco Perpetual AiM VCT plc ('the Company') is a Venture Capital Trust ('VCT'). It was launched in August 2004 and is listed on the London Stock Exchange.

Objective of the Company

The objective of the Company is to provide a tax free dividend return to shareholders primarily through the realisation of capital gains while maintaining the capital value of the shares. The Company is managed as a VCT in order that shareholders may benefit from the tax reliefs available.

Investment Policy

The intention is that substantially all of the funds will be invested in a spread of AIM-traded stocks and unquoted companies, with approximately 80% of the Company's Qualifying Holdings comprising AIM-traded stocks, subject to availability of suitable investment opportunities and market conditions. The remaining investments will be split between PLUS Markets' stocks, fully listed stocks, AIM-traded non-qualifying stocks or unquoted companies and cash.

The Manager adopts an active investment strategy and seeks to moderate risk by careful stock selection and portfolio construction. The Manager tends to invest relatively small amounts across a wide range of companies, to achieve the appropriate balance between risk and reward for the overall portfolio.

Investment Limits

The Board has prescribed limits on investment policy, including:

• no investment will exceed 12.5% of gross assets when it is made;
• the Company will not invest more than 15% of the Company's gross assets in collective investment schemes or investment companies; and
• borrowings are limited to 15% of gross assets.

Tax Benefits

Income tax relief of 40% was available on VCT shares subscribed for before 5 April 2006, provided these were held for three years. For the tax year 2006/07, the income tax relief for shares acquired by subscription was decreased to 30%, provided these were held for five years. This benefit was available on a maximum aggregate investment in VCTs of £200,000 for each of the tax years 2004/05 to 2006/07. In addition, dividends are tax free and profits from the disposal of VCT shares are exempt from capital gains tax.

Share Capital

The Company's issued share capital on 30 November 2010 consisted of 43,526,171 ordinary shares of 10p each.

AT AT

Financial Highlights

	30 NOVEMBER 2010	31 MAY 2010	% CHANGE
Assets
Net assets (£'000)	14,170	13,881	+2.1
Net asset value per share – total return* Net asset value per share	32.6p	31.9p	+12.5 +2.2
Share price	25.5p	27.0p	–5.6
Discount	21.8%	15.4%
	SIX MONTHS ENDED 30 NOVEMBER 2010	SIX MONTHS ENDED 30 NOVEMBER 2009
Returns per Share
Revenue return	(0.1)p	(0.1)p
Capital return	3.8p	2.8p
Total return	3.7p	2.7p
Interim dividend	2.0p	2.0p

^* Source: Thomson Financial Datastream

Historical Record Since Launch on 2 August 2004

PERIOD ENDED 31 MAY	DIVIDEND RATE	NET ASSETS £'000	SHARE PRICE
2005	–	25,228	95.0p
2006	5p	45,790	101.0p
2007	5p	48,366	97.5p
2008	5p	28,350	46.0p
2009	5p	15,965	27.5p
2010	5p	13,881	27.0p
to 30 Nov 2010	2p	14,170	25.5p

INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT

Financial Markets and Performance

The six months under review have seen a degree of continued recovery in confidence amongst financial market participants. That said, the market has in large part been driven by the mining sector, and by companies exposed to Emerging Market growth, many of which have become highly valued. The ongoing fiscal consolidation in the UK and Europe, which will no doubt be repeated in the US in due course, continues to weigh heavily on both government and consumer spending – two sectors which together account for almost 90% of UK GDP.

Over the six months, the FTSE All-Share rose by 7.1% and the FTSE AIM Index gained 24.1%, benefiting from resource stocks in particular. Over the period, the Company's total return to shareholders was 12.5%.

Dividend

An interim dividend for the period ended 30 November 2010 of 2p per share will be paid on 11 March 2011 to ordinary shareholders on the register on 4 February 2011. The shares will be quoted ex-dividend on 2 February 2011.

Portfolio

The Company has easily met the hurdle of 70% invested in VCT-qualifying investments for some time, and therefore there has been relatively modest turnover in the portfolio. New investments during the period included: Easydate, which is an online dating business with a wide range of both mainstream and niche brands, both in the UK and overseas; EKF Diagnostics, which manufactures medical diagnostic products; Hangar8 which charters private jets and Proteome Sciences which identifies protein markers for use in diagnostic tests. The Company participated in follow-on fund raisings by existing investments Antenova, Byotrol, Green Compliance, Tristel and Managed Support Services.

Reference was made in the Annual Financial Report to the Board's confidence in the prospects for holdings in the portfolio and it is pleasing to be able to report that there were a number of strong returns from portfolio holdings in the first half of the year. The Company benefited from the takeovers of Mount Engineering, Innovision Research & Technology, Neutrahealth, and Telephonetics. Holdings exited during the period were @UK, Invocas, Plethora Solutions, Shieldtech and Synchronica. Additionally there were strong share price performances over the six months from Staffline (+166%) and Software Radio Technology (+86%) benefiting from strong trading. Performance was negatively impacted by Sabien Technology, which fell 38.7% due to a number of orders for its efficient boiler firing technology being delayed earlier in the period, although trading has since improved. Inditherm struggled to generate sales for its industrial heating polymers, and although the medical applications of its technology made good progress, the business remains loss making and the stock declined 49.9% over the period. A number of the larger holdings in the portfolio are unquoted and have not been revalued during the year and have thus not contributed to performance.

Change of Manager

Following the departure of the Company's portfolio manager from Invesco Perpetual in November 2010, the Board announced on 17 December that it had reviewed the Company's management arrangements and decided, subject to finalisation of the necessary contracts, to appoint Amati Global Investors Limited ('Amati') as the Company's new investment manager. In reviewing the options the Board has been in contact with a number of potential fund managers, and has taken into consideration the proposed investment strategy and the options which might be put to shareholders at the time of the continuation vote in October this year. We have concluded that shareholders' interests would be best served by the appointment of Amati, and we look forward to working with them over the coming months. Amati is working with Invesco Perpetual to oversee the portfolio and it is expected that the transfer of the Company's management and administration will be completed around mid-February. At the same date City Partnership will be appointed to act as Company Secretary.

Notice of General Meeting

Accompanying this Half-Yearly Financial Report is a Letter from the Chairman and Notice of a General Meeting to be held on Thursday 17 February 2011 at 12 noon at the offices of Amati Global Investors Limited, 76 George Street, Edinburgh, EH2 3BU. At the General Meeting a special resolution will be put to shareholders to change the Company's name to Amati VCT 2 plc.

Julian Avery

Chairman

25 January 2011

Related Parties

Invesco Asset Management Limited ('IAML'), a wholly owned subsidiary of Invesco Limited, acts as Manager, Company Secretary and Administrator to the Company. Details of IAML's services and fees are given in the latest annual financial report, which is available on the Company's website at www.invescoperpetual.co.uk/investmenttrusts.

As indicated in the Chairman's Report, Amati Global Investors Limited will shortly be appointed as the Company's new manager.

Principal Risks and Uncertainties

The principal risks and uncertainties that could affect the Company's business can be divided into various areas:

• Investment Objective and Policy;
• Market Movements and Portfolio Performance;
• Regulatory and Tax Related; and
• Ordinary Shares.

A detailed explanation of these principal risks and uncertainties can be found on pages 14 and 15 of the latest annual financial report, which is available on the Manager's website.

In the view of the Board, these principal risks and uncertainties are equally applicable to the remaining six months of the financial year as they were to the six months under review.

GOING CONCERN

The financial statements have been prepared on a going concern basis. The Directors consider that this is appropriate as they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future which, under accounting standards, is deemed to be 12 months after the signing date of the balance sheet.

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors are responsible for preparing the half-yearly financial report using accounting policies consistent with applicable law and UK Accounting Standards.

The Directors confirm that to the best of their knowledge:

• the condensed set of financial statements contained within the halfyearly financial report have been prepared in accordance with the Accounting Standards Board's Statement 'Half-Yearly Financial Report';
• the interim management report includes a fair review of the information required by the FSA's Disclosure and Transparency Rules; and
• the interim management report includes a fair review of the information required on related party transactions.

The half-yearly financial report has not been audited or reviewed by the Company's auditors.

Signed on behalf of the Board of Directors.

Julian Avery

Chairman

25 January 2011

TOP FIFTY INVESTMENTS AT 30 NOVEMBER 2010
All investments are ordinary shares and quoted on AIM unless otherwise indicated.
		COST	VALUATION	NET ASSETS
COMPANY	NATURE OF BUSINESS	£'000	£'000	%
Oxford Nanopore Technologies UQ PQ	Healthcare, Equipment and Services	550	1,027	7.2
Software Radio Technology	Marine Radio Communications	1,013	999	7.1
Brooks Macdonald	Financial Services	126	862	6.1
Tristel	Infection Control in Hospitals	423	628	4.4
Energetix	Alternative Energy Products	540	513	3.6
A J Bell UQ NQ	Financial Services	251	500	3.5
Ilika Technologies	Science Led Material Discovery	750	493	3.5
Kiotech International	Pharmaceuticals	550	490	3.5
Staffline Recruitment	Blue Collar Recruitment	180	472	3.3
Landkom International NQ	Food Producer/Processor	721	455	3.2
Green Compliance	Support Services	280	390	2.8
Byotrol PQ	Infection Control Products	680	370	2.6
Brainjuicer	Online Market Research	189	341	2.4
Futura Medical	Innovative Products for the Consumer Healthcare Market	150	328	2.3
Easydate	Recreational Services	175	300	2.1
Infrared Integrated Systems	Digital Recognition System	300	300	2.1
Proximagen Neuroscience	Biotechnology	296	296	2.1
Proactis	Software and Computer Services	344	288	2.0
Brulines	Beer Pump Monitors	323	284	2.0
Cohort PQ	Defence Technical Services	443	274	1.9
Sabien Technology	Energy Efficient Boiler Technology	416	270	1.9
Antenova UQ - ordinary and preference shares	High Performance Antennae	625	269	1.9
Hangar8	Transportation Services	250	258	1.8
FfastFill	Application Services Provider for Trading	182	221	1.6
EKF Diagnostics	Medical Equipment	150	220	1.6
System C Healthcare	Healthcare Software	324	219	1.5
Publishing Technology	Publishing Technology	442	217	1.5
Proteome Sciences	Biotechnology	150	203	1.4
Hasgrove	Marketing and PR Consultancy	440	202	1.4
Managed Support Services	Suppliers of Quality Building Solutions	225	177	1.2
Cyan PQ	Semi-conductor	830	170	1.2
Mears NQ	Housing Maintenance and Domiciliary Care	140	166	1.2
Bglobal	Next Generation Electricity and Gas Meters	175	163	1.2
DM	Premium Rate Phone Based Games	357	141	1.0
Syntopix	Drug Research	416	125	0.9
Netcall	Software	268	125	0.9
Altona Energy NQ	Coal to Liquids	104	125	0.9
Inditherm	Manufacturer of High Technology Temperature
	Control Materials	400	120	0.8
Sanderson	Information Technology	200	104	0.7
Mission Marketing PQ	Regionally Based Advertising Services	760	88	0.6
Oxford Catalysts	Clean Fuels Research	250	85	0.6
Getech PQ	Oil Services	254	85	0.6
Adept Telecom PQ	Telecom Services	397	65	0.5
Datong	High Performance Surveillance Equipment	169	63	0.5
Sarantel PQ	Antennae for Mobile Devices	438	63	0.5
Angle	Consulting	242	57	0.4
Zamano	Mobile Telecommunication Services	398	50	0.4
Augean	Hazardous Waste Management	300	44	0.3
Enfis PQ	Manufacturer of High Power LEDs	485	43	0.3 0.3
Synairgen	Biotechnology	214	40
Top fifty investments		18,285	13,788	97.3
Other investments		7,322	60	0.4
Total value of all investments		25,607	13,848	97.7
Net current assets less provisions			322	2.3
Net assets			14,170	100.0
NQ: Non-qualifying investments

PQ: Part-qualifying investments

UQ: Unquoted (excluding stocks listed on AIM)

CONDENSED INCOME STATEMENT
	REVENUE £'000	SIX MONTHS TO 30 NOVEMBER 2010 CAPITAL £'000	TOTAL £'000	REVENUE £'000	SIX MONTHS TO 30 NOVEMBER 2009 CAPITAL £'000	TOTAL £'000	YEAR TO 31 MAY 2010 TOTAL £'000
Losses on realisation of investments Movement in investment holding gains	— —	(3,664) 5,392	(3,664) 5,392	— —	(1,904) 3,197	(1,904) 3,197	(1,861) 2,185
UK dividends	56	—	56	66	—	66	131
Overseas dividends	3	—	3	4	—	4	8
	59	1,728	1,787	70	1,293	1,363	463
Investment management fee – note 2 Other expenses	(22) (98)	(66) (6)	(88) (104)	(29) (87)	(84) (10)	(113) (97)	(166) (205)
	(120)	(72)	(192)	(116)	(94)	(210)	(371)
Return on ordinary activities before taxation Tax on ordinary activities – note 3	(61) —	1,656 —	1,595 —	(46) —	1,199 —	1,153 —	92 —
Return on ordinary activities after tax for the period	(61)	1,656	1,595	(46)	1,199	1,153	92
Return per share basic – note 4	(0.1)p	3.8p	3.7p	(0.1)p	2.8p	2.7p	0.2p

The total column of this statement represents the Company's profit and loss account. The supplementary revenue and capital columns are both prepared on a memorandum basis by applying the principles of the Statement of Recommended Practice, published by the Association of Investment Companies. All items in the above statement derive from continuing operations. The Company has no other gains or losses, hence no statement of total recognised gains and losses is presented. No operations were acquired or discontinued in the period.

CONDENSED BALANCE SHEET
Registered Number 5121438	AT 30 NOVEMBER 30 NOVEMBER	AT	AT 31 MAY
	2010 £'000	2009 £'000	2010 £'000
Fixed assets
Investments held at fair value	13,848	14,802	13,222
Current assets
Amounts due from brokers	—	2	68
Prepayments and accrued income	23	25	27
Cash and short-term deposits	492	1,309	1,006
	515	1,336	1,101
Creditors: amounts falling due
within one year
Amounts due to brokers	—	(48)	(185)
Accruals and deferred income	(104)	(99)	(119)
Trail commission payable	(11)	(11)	(49)
	(115)	(158)	(353)
Net current assets	400	1,178	748
Total assets less current liabilities	14,248	15,980	13,970
Provisions – note 5	(78)	(168)	(89)
Net assets	14,170	15,812	13,881
Capital and reserves
Share capital	4,353	4,353	4,353
Capital redemption reserve	23	23	23
Special reserve	31,791	33,967	33,097
Profit and loss account	(21,997)	(22,531)	(23,592)
Total Shareholders' funds	14,170	15,812	13,881
Net asset value per share
– note 6	32.6p	36.3p	31.9p

CONDENSED CASH FLOW STATEMENT
	SIX MONTHS ENDED 30 NOVEMBER 30 NOVEMBER 2010 £'000	SIX MONTHS ENDED 2009 £'000	FOR THE YEAR ENDED 31 MAY 2010 £'000
Net return before finance costs
and taxation	1,595	1,153	92
Gains on investments	(1,728)	(1,293)	(324)
Decrease in debtors	4	41	39
(Decrease)/increase in creditors and
provisions (excluding trail commission)	(15)	5	(5)
Net cashflow from operating
activities	(144)	(94)	(198)
Capital expenditure and financial investment
Purchase of investments	(1,293)	(698)	(1,389)
Sale of investments	2,278	2,377	3,750
Equity dividends paid	(1,306)	(1,306)	(2,176)
(Decrease)/increase in cash before
financing	(465)	279	(13)
Financing
Trail commission paid to IFAs	(49)	(49)	(60)
Management of liquid resources	520	(235)	65
Movement in net funds in period Cash (outflow)/inflow from	6	(5)	(8)
movement in liquid resources	(520)	235	(65)
Net funds at beginning of period	1,006	1,079	1,079
Net funds at end of period	492	1,309	1,006
Analysis of changes in net funds Brought forward:
Cash	1	9	9
Short term deposits	1,005	1,070	1,070
Net funds brought forward Movements in the period:	1,006	1,079	1,079
Cash outflow from bank Cash (outflow)/inflow from short	6	(5)	(8)
term deposits	(520)	235	(65)
Net funds at end of period	492	1,309	1,006

CONDENSED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
	SHARE CAPITAL £'000	CAPITAL REDEMPTION RESERVE £'000	SPECIAL RESERVE £'000	PROFIT AND LOSS ACCOUNT £'000	TOTAL £'000
For the six months ended 30 November 2009
At 31 May 2009	4,353	23	35,273	(23,684)	15,965
Final dividend paid	—	—	(1,306)	—	(1,306)
Return for the period from the income statement	—	—	—	1,153	1,153
At 30 November 2009	4,353	23	33,967	(22,531)	15,812
For the year ended 31 May 2010
At 31 May 2009	4,353	23	35,273	(23,684)	15,965
Dividends paid	—	—	(2,176)	—	(2,176)
Return for the year from the income statement	—	—	—	92	92
At 31 May 2010	4,353	23	33,097	(23,592)	13,881
For the six months ended 30 November 2010
At 31 May 2010	4,353	23	33,097	(23,592)	13,881
Final dividend paid	—	—	(1,306)	—	(1,306)
Return for the period from the income statement	—	—	—	1,595	1,595
At 30 November 2010	4,353	23	31,791	(21,997)	14,170

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

1. Accounting Policies

The condensed financial statements use the same accounting policies as those adopted in the 2010 annual financial report. They have been prepared under the historical cost convention and are consistent with applicable UK Accounting Standards. To reflect better the activities of the Company as a venture capital trust, they are also consistent, wherever possible, with the Statement of Recommended Practice: 'Financial Statements of Investment Companies and Venture Capital Trust Companies'.

2. Management Fees

The investment management fee is allocated 75% to capital and 25% to revenue.

3. Tax

The Company pays no UK tax.

4. Basis of Returns

	SIX MONTHS ENDED	SIX MONTHS ENDED	YEAR ENDED
Returns after tax:	30 NOVEMBER 2010	30 NOVEMBER 2009	31 MAY 2010
Revenue Capital	(£61,000) £1,656,000	(£46,000) £1,199,000	(£93,000) £185,000
Total	£1,595,000	£1,153,0000	£92,000
Number of ordinary shares in issue throughout the period	43,526,171	43,526,171	43,526,171

5. Provisions

a) Trail commission payable on the issue of the ordinary shares:

	SIX MONTHS	SIX MONTHS	YEAR
	ENDED	ENDED	ENDED
	30 NOVEMBER	30 NOVEMBER	31 MAY
	2010	2009	2010
	£'000	£'000	£'000
Opening provision	89	149	149
Charge for period	(11)	(11)	(60)
Closing provision	78	138	89

b) Deferred management fee:

	SIX MONTHS ENDED 30 NOVEMBER 2010 £'000	SIX MONTHS ENDED 30 NOVEMBER 2009 £'000	YEAR ENDED 31 MAY 2010 £'000
Opening provision Charge for period	— —	19 11	19 (19)
Closing provision	—	30	—
Total provisions	78	168	89

As discussed in the 2010 annual financial report, no provision for deferred management fees has been made as it is unlikely that this will become payable.

6. Basis of Basic Net Asset Values:

	30 NOVEMBER 2010	30 NOVEMBER 2009	31 MAY 2010
Shareholders' funds	£14,170,000	£15,812,000	£13,881,000
Ordinary shares in issue	43,526,171	43,526,171	43,526,171

7. Dividends

An interim dividend of 2p per share will be paid on 11 March 2011 to shareholders on the register on 4 February 2011. A final dividend of 3p for the year ended 31 May 2010, totalling £1,306,000, was paid on 22 October 2010.

8. Status of Half-Yearly Financial Report

The financial information contained in this half-yearly report, which has not been audited nor reviewed by the auditors, does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 November 2010 and 30 November 2009 has not been audited. The figures and financial information for the year ended 31 May 2010 are extracted and abridged from the latest published accounts. Those accounts have been delivered to the Registrar of Companies and include the Report of the Independent Auditors, which was unqualified and did not include a statement under section 498 of the Companies Act 2006.

By order of the Board Invesco Asset Management Limited, Secretary 25 January 2011

DIRECTORS, INVESTMENT MANAGER AND ADMINISTRATION

Directors

Julian Avery (Chairman)

Professor James MacLeod (Chairman of the Audit Committee)

Christopher Macdonald

Richard Martin

Manager, Company Secretary and Registered Office

Invesco Asset Management Limited

30 Finsbury Square

London EC2A 1AG

☎ 020 7065 4000

Company Secretarial contact: Kelly Nice

Company Number

Registered in England and Wales: No. 5121438

Stockbroker

Matrix Corporate Capital LLP

One Vine Street

London

W1J 0AH

Registrars

Capita Registrars

Northern House

Woodsome Park

Fenay Bridge

Huddersfield

West Yorkshire HD8 0LA

If you have any queries relating to your shareholding you should contact the Registrars' call centre on:

☎ 0871 664 0300 between 8.30am and 5.30pm every working day. Calls cost 10p per minute plus network extras

Shareholders can also access their holding details via Capita's website www.capitaregistrars.com or www.capitashareportal.com.

The Registrars provide an on-line and telephone share dealing service to existing shareholders who are not seeking advice on buying or selling. This service is available at www.capitadeal.com or ☎ 0871 664 0364. Calls cost 10p per minute plus network extras. Lines are open from 8am to 4.30pm every working day.

The contents of websites referred to in this document, or accessible from links within those websites are not incorporated into, nor do they form part of this document.

Invesco Asset Management Limited 30 Finsbury Square London EC2A 1AG ☎ 020 7065 4000

Invesco Asset Management Limited is a wholly owned subsidiary of Invesco Limited and is authorised and regulated by the Financial Services Authority

Invesco Perpetual is a business name of Invesco Asset Management Limited