NAV Update

Seneca Growth Capital VCT Plc (the "Company")

25 March 2022

Updated Ordinary Share Net Asset Value

Since the Company’s financial year end, the Board has reviewed the carrying value of both the Ordinary share pool investments and the B share pool investments.

AIM quoted investments made up 94% of the Ordinary share pool’s NAV as at 31 December 2021. The Ordinary share pool’s NAV fluctuates largely in line with the movement in its two AIM quoted investments and following the year end there has been a sustained decrease in the share price of the Ordinary share pool’s largest investment by value, Scancell Holdings Plc (“Scancell”). The share price of Scancell decreased significantly from 19.5p at 31 December 2021 to 11.5p at 23 March 2022 (a decrease of 41%) and the share price of Arecor Therapeutics Plc also decreased from 370p at 31 December 2021 to 350p at 23 March 2022 (a decrease of 5%). As a result, the Ordinary share pool’s unaudited NAV was 29.2p per Ordinary share at 23 March 2022, a decrease of 9.7p per Ordinary share from the audited NAV of 38.9p per Ordinary share as at 31 December 2021. This decrease is primarily driven by the movement in Scancell’s share price, net of the associated performance fee accrual and running costs.

The Board has also reviewed the carrying value of all B share pool investments as at 23 March 2022. As the value of those investments has not changed materially from the values as at 31 December 2021, the Board has not issued a revised NAV per B share (the audited NAV per B share as at 31 December 2021 was 100.1p per B share). The Board will issue a revised unaudited NAV of a B share for the quarter ended 31 March 2022 before the next allotment on or before 5 April 2022.

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, this information is now considered to be in the public domain.

For further information, please contact:

John Hustler, Seneca Growth Capital VCT Plc at john.hustler@btconnect.com

Richard Manley, Seneca Growth Capital VCT Plc at Richard.Manley@senecapartners.co.uk

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