Maven Income 1 Regulatory News (MIG1)

Maven Income and Growth VCT PLC

Minutes of a Meeting of Directors of the Company held by telephone on Friday 5 April 2013 at 4.30 p.m.

Present: Mr J D W Pocock (in the Chair)

Mr A G MacMillan

Sir C G Stuart-Menteth Bt

Mrs F E Wollocombe

In attendance: Maven Capital Partners UK LLP, Secretary, represented by Mr D Russell.

1. Quorum and Declaration of Interests

The Chairman announced the presence of a quorum and that in accordance with the Articles of Association of the Company a Director could participate in a Meeting of the Board by telephone. Accordingly, the Chairman declared the Meeting duly convened and competent to proceed to business.

Each of the Directors declared his interests in the matters to be transacted at the Meeting. The Chairman noted that in terms of the Articles of Association of the Company, each of the Directors could, following his declaration of interests, be counted in the quorum and vote on the matters to be transacted at the Meeting notwithstanding his interests.

2. Purpose of the Meeting

The Chairman explained that valid applications totalling £983,113.24 had been received from investors under the Offer for Subscription (the Offer) in respect of the 2012/2013 tax year. Under the terms of the Offers Document dated 23 January 2013, these applications represented 1,394,963 Ordinary Shares and it was proposed that such applications should be accepted and Ordinary Shares allotted to the successful applicants.

3. Allotment of Ordinary Shares under the Offer

A schedule (the Applications Schedule) prepared by Capita Registrars detailing those applicants who had applied to subscribe for Ordinary Shares under the Offer during the period from 5 March 2013 to 5 April 2013 (the Second Closure Period) was tabled to the Meeting. It was noted that during the Second Closure Period, the Company had received applications from investors to subscribe for 1,394,963 Ordinary Shares under the Offer (including in respect of commission waived by financial advisers on those applications and the early investment incentive) in respect of the 2012/2013 tax year.

It was noted that cheques and/or bankers' drafts in the appropriate amounts had been received by Capita Registrars in respect of the Applications, but that not all of such cheques and/or bankers' drafts had cleared as of the time and date of the Meeting. It was further noted that the Board had a general and unconditional authority to allot equity securities under the Offer up to a nominal amount of £411,663 as if section 561(1) of the Companies Act 2006 did not apply.

It was noted that these applications included those from partners or key employees of Maven Capital Partners UK LLP and, as such, represented related party transaction. However, it had been confirmed that appropriate checks had been carried out to verify that these applications were below the level that required prior approval by the UKLA or Shareholders.

Having carefully considered the Applications Schedule, it was agreed and resolved that, conditional in each case on the receipt of cleared funds under each Application:

3.1.1. the Applications in the names of the persons set out in the Applications Schedule be accepted in full with immediate effect;

3.1.2. 1,394,963 Ordinary Shares in aggregate be allotted to the successful applicants under the Offer;

3.1.3. Capita Registrars be and is hereby authorised and instructed to prepare and despatch share and tax certificates to the successful applicants or to instruct credits to the appropriate CREST accounts of the successful applicants and to insert details of each such applicant in the Register of Allotments and the Register of Members of the Company;

3.1.4. the Secretary be authorised to make applications to the UK Listing Authority and London Stock Exchange plc for such Ordinary Shares to be admitted to the Official List and to trading on the main market of London Stock Exchange plc and to arrange for any necessary announcements to be made to a Regulatory Information Service in connection with the allotment; and

3.1.5. the Secretary was instructed to file a Form SH01 at Companies House in respect of the allotment of Ordinary Shares under the Offer.

There being no further business, the Meeting then concluded.