Oxford Technology 2 Venture Capital Trust PLC · LSE:OT1

Oxford Technology 2 Venture Capital Trust — Oxford Technology VCTs — Shareholder Meeting (August 2015)

12 slides from Oxford Technology 2 Venture Capital Trust's shareholder meeting presentation, Aug 26, 2015

  1. Slide 1: OTVCTs 2015 AGM overview

    OTVCTs 2015 AGM overview  11am Welcome and Agenda for day  OTVCTs 2015 overview and Q&A  NAV, dividends, total return  Management fee now reduced to 1%  Performance fee threshold now escalated  New boards and corporate structure  Directors’ fees  The future  VCT1-4 AGMs and Q&A  Investee p

  2. Slide 2: OTVCTs Important notice

    OTVCTs Important notice  Past performance is not a guide to the future and you should be aware that share values and income from them may go down as well as up and that you may not get back the amount you originally invested.  Potential investors are strongly urged to seek independent professional

  3. Slide 3: NAV, dividends, total return

    NAV, dividends, total return OT1 OT2 OT3 OT4 Launch year 1997 2000 2002 2004 NAV/share p 65 28 96 66 Earnings/share p 0 1 (3) (3) Dividends for year p 0 0 0 0* Dividends to date p 53 11 10 17 Total return/share p 118 38 106 83 * OT4 Interim dividend of 10p for 2015/16 was paid on 7 August 2015 1st Q

  4. Slide 4: Management fee now reduced to 1%

    Management fee now reduced to 1% OT1 OT2 OT3 OT4 Total Old Mgt fee (% NAV) 1.5 2.0 2.0 2.0 Mgt fee 2014 £k 53 36* 133 159 381 Deferred fee % Nil 0.5 0.5 0.5 Cum deferred fee £k 0 53 141 80 274^ New fee as % NAV 1.0 1.0 1.0 1.0 New fee 2015 £k 35 19 65 76 195 * Later rebated by OTM by £17k as fee Cos

  5. Slide 5: Performance fee threshold now escalated

    Performance fee threshold now escalated OT1 OT2 OT3 OT4 Old perf fee threshold p 125 100 100 100 OT Manager % 13* 14 15 15 Directors^ % 6 6 5 5 New threshold @ 1/3/15 169 124 111 100 Escalation % pa compound 6 6 6 6 Start of escalation 2008 2011 2013 2015 * VCT promoter also gets 1% ^ Shared between

  6. Slide 6: New boards and corporate structure

    New boards and corporate structure  Previously 2 man boards with the Chairman having a casting vote  Other 3 VCT funds’ directors were observers  3 directors, L Cary, M O’Regan & R Vessey retiring after long service  Remaining 4 directors forming a common board across the VCTs  Separate Chairma

  7. Slide 7: Directors' fees

    Directors’ fees  Old fees on 2 man boards: £7.5k per NED, £2.5k for L Cary.  M O’Regan had waived his fees for OT2  New fees on 4 man boards: Base £3.5k, Supplement of £2k for Chairman  Supplements of £3k or £1.5k for Audit Committee chairman or member  Directors have agreed to waive £1.5k of b

  8. Slide 8: The future

    The future  Focus on investee performance & attractive exits  Use exit proceeds to pay dividends to shareholders  Continue to fund existing investees selectively  SP discount to NAV?  Share market liquidity?  Reduce bid to offer spread?  Continued compliance with VCT and other rules 8 Oxford

  9. Slide 9: OT1 – Proxy Votes

    OT1 – Proxy Votes Resolution Votes in Favour Votes Against Votes Withheld 1 1,328,613 0 10,000 2 1,129,649 196,524 12,440 3 1,132,089 196,524 10,000 4 1,146,697 0 191,916 5 1,146,697 0 191,916 6 1,338,613 0 0 7 1,338,613 0 0 8 1,338,613 0 0 9 1,338,613 0 0 10 1,196,673 141,940 0 11 1,321,573 7,040 1

  10. Slide 10: OT2 – Proxy Votes

    OT2 – Proxy Votes Resolution Votes in Favour Votes Against Votes Withheld 1 1,560,875 0 0 2 1,367,499 190,936 2,440 3 1,373,554 187,321 0 4 1,415,323 0 145,552 5 1,415,323 0 145,552 6 1,560,875 0 0 7 1,417,763 0 143,112 8 1,560,875 0 0 9 1,560,875 0 0 10 1,560,875 0 0 11 1,558,435 2,440 0 12 1,558,4

  11. Slide 11: OT3 – Proxy Votes

    OT3 – Proxy Votes Resolution Votes in Favour Votes Against Votes Withheld 1 1,883,401 0 5,000 2 1,675,641 202,760 10,000 3 1,677,701 200,700 10,000 4 1,696,683 5,000 186,718 5 1,696,683 5,000 186,718 6 1,883,401 5,000 0 7 1,696,683 5,000 186,718 8 1,866,401 0 22,000 9 1,883,401 5,000 0 10 1,883,401

  12. Slide 12: OT4 – Proxy Votes

    OT4 – Proxy Votes Resolution Votes in Favour Votes Against Votes Withheld 1 2,382,905 0 0 2 2,151,536 207,619 23,750 3 2,170,286 202,619 10,000 4 2,377,905 5000 0 5 2,158,574 10,155 214,176 6 2,163,729 5000 214,176 7 2,177,324 10,155 195,426 8 2,367,699 10,206 5,000 9 2,376,405 6500 0 10 2,371,405 6

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