Risk Warning

The information on these pages relating to VCTs managed by Albion Capital Group LLP (Albion) is directed at United Kingdom residents only. Shares in venture capital trusts ("VCTs") referred to on this website will not be offered to non-residents.

No reliance is to be placed on the information contained on this website in making an application to subscribe for shares in VCTs managed by Albion.

Any such application may only be made on the basis of the relevant prospectus and/or offer document, which can be downloaded from this website or obtained from: Albion Capital Group LLP, 1 Benjamin Street, London EC1M 5QL (0207 601 1850). Prospective investors should ensure that they read the risk warnings set out in the prospectus and/or offer document. Albion does not provide financial advice and nothing on these web pages should be construed as investment or tax advice. An investment in a VCT should be considered a long-term investment and the tax treatment depends on the individual circumstances of each investor and may be subject to change in the future.

Under current legislation shares must be held for a minimum of five years for maximum tax benefits and may be affected by future legislation. If certain criteria are not met, for example if the investment is not held for five years or if the VCT does not invest 70% (80% for accounting periods beginning on or after 6 April 2019) of its funds in qualifying investments, the tax breaks will be withdrawn and you may be required to repay any tax relief which you have received upfront. No VCT can guarantee that its investors will qualify for tax relief. You should not invest in a VCT simply for the tax benefits.The market price of VCT shares may not reflect the full underlying net asset value ("NAV") of shares and shareholders may have difficulty in selling their shares and any sale is likely to be at a discount to the NAV. Potential investors in VCTs managed by Albion should consult their financial advisers.

The value of shares in a VCT and the income from them may fluctuate and investors may not get back the amount they invested. The market price of VCT shares is unlikely fully to reflect their underlying net asset value. It is possible that there may not be a liquid market in the shares of VCTs and shareholders may have difficulty in selling their shares. Any sale is likely to be at a discount to net asset value.

VCTs invest in a portfolio of small companies, which by their nature carry greater risk than larger, quoted companies.

The tax reliefs available to investors in a VCT are dependent on it maintaining HM Revenue & Customs approval. A failure to meet the qualifying requirements could result in adverse tax consequences to investors, including a requirement to repay the income tax relief obtained. Investors must retain their VCT shares for the minimum period required to retain their initial tax relief. The tax rules and regulations governing VCTs are subject to change.

The past performance of Albion Capital Group LLP as a fund manager is no guide to the future performance of its VCTs.

ALBION CAPITAL GROUP LLP Fraud Warning

Please be aware that shareholders are sometimes contacted in connection with increasingly sophisticated but fraudulent financial scams. Shareholders are contacted by a phone call or an email which normally originates from outside of the UK, often claiming or appearing to come from a corporate finance firm. The caller or emailer may sound professional and will typically offer to buy your VCT shares at an inflated price in connection with a possible take-over of that VCT and ask you to sign a non-disclosure agreement. Websites referred to in documents or emails appear, at first glance, to belong to credible corporate finance firms.

The claims made are false and are invariably an attempt to obtain more information from you with a view to extracting money. If you are contacted, we recommend that you do not respond with any personal information and say you are not interested. Your contact information has not been passed on by us.

We maintain a page on our website in relation to fraud advice: www.albion.capital/vct-hub/fraud-advice-risk-warning

If you are in doubt, we recommend that you seek financial advice before taking any action. You can also call Albion Capital on 020 7601 1850 if you wish to check whether any claims made are genuine.

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