Maven Income and Growth VCT 5 PLC

Final results for the year ended 30 November 2025

The Directors report the Company's financial results for the year ended 30 November 2025.

Highlights

•    NAV total return at the year end of 86.21p per Ordinary Share (2024: 85.39p)

•    NAV at the year end of 30.96p per Ordinary Share (2024: 32.39p)

•    £5.5 million deployed in new and follow-on investments

•   Two profitable private company exits completed with a further partial realisation completing shortly after the period end

•    Enhanced interim dividend of 1.25p per Ordinary Share paid on 29 August 2025

•    Second interim dividend of 0.50p per Ordinary Share paid on 16 January 2026

•    Final dividend of 0.30p per Ordinary Share proposed for payment on 15 May 2026

•    Offer for Subscription launched in September 2024 closed early, fully subscribed raising £10 million

•    New Offer for Subscription launched in October 2025

Strategic Report

Chairman's Statement

On behalf of your Board, I am pleased to present the 2025 Annual Report. During the year to 30 November 2025, your Company made further positive progress in line with its long term investment objective and it is encouraging to report an increase in NAV total return. This reflects the strength and resilience of the private equity portfolio, where an increasing number of earlier stage companies have recorded good revenue growth and are achieving scale, which has warranted uplifts to the valuations of certain holdings. After a high level of realisation activity in 2024, it is pleasing to report that a further two profitable private company exits completed during the year. Consistent with the Board's commitment to make regular tax free payments, the majority of the cash proceeds from these exits were distributed to Shareholders through the two, previously announced, interim dividends. After the period end, the partial exit from Summize also completed with your Company achieving an initial cash return, while retaining a significant equity stake in this ambitious and successful software business, with a new VCT qualifying investment also completing. This transaction structure aligns with the Board's preferred approach of remaining invested in the strongest and most promising portfolio companies for longer to enable your Company to participate in their next phase of growth, with the objective of delivering enhanced future returns. The Directors are pleased to propose a final dividend of 0.30p per Ordinary Share for payment in May 2026, which takes the annual yield to 6.33% and exceeds the 6% target for the second year running.

Overview

The financial year has been another period of macroeconomic and geopolitical instability with domestic inflation remaining above the Bank of England's target level. As a result, business confidence and economic growth rates continue to be subdued.

The 2025 Autumn Budget Statement introduced a number of amendments to the rules governing the VCT scheme. Positively, and consistent with industry campaigning, the Chancellor announced that the annual and lifetime investment limits, and the gross assets test, for VCT qualifying companies would be doubled. The Board welcomes this recalibration as it more accurately reflects the funding requirements of modern UK SMEs. Importantly, increasing the investment limits enables your Company to provide a greater level of financial support to those businesses that are making commercial progress and achieving scale. In addition, the expansion of the gross assets test widens the potential pool of VCT qualifying companies in which your Company can invest. However, the Statement also announced that the initial income tax relief available for VCT shares issued on or after 6 April 2026 would be reduced from 30% to 20%. The reduction in tax relief is disappointing, and the Manager has actively contributed to the Government's call for evidence making the case that this change should be reversed. The Manager will also remain actively involved in discussions with policy makers and industry bodies, providing evidence to support the important role that VCT funding plays in financing ambitious and entrepreneurial SMEs across the UK, as a vital component of the wider capital markets infrastructure.

During the year, your Company made encouraging progress, which validates the strength of the investment strategy. The core focus remains on steadily expanding the portfolio through the selective addition of private companies with high growth potential, that operate across a diverse range of sectors with limited direct exposure to discretionary or consumer spending.

The Manager has continued to see good demand for growth capital across its network of regional offices and, during the year, invested a total of £2.6 million into five new private companies. The portfolio now extends to over 100 companies providing access to a wide range of dynamic and emerging sectors such as Software-as-a-Service (SaaS), cyber security, data analytics, regtech and advanced manufacturing. Although a number of the companies in the portfolio are at an earlier stage of development, there is a growing proportion that are maturing with 35% of the private companies in the portfolio now profitable, compared to 23% as at 30 November 2024. While the growth path for earlier stage businesses can take longer and may be less predictable than for established companies, which has resulted in a small number of failures this year, this has been compensated by those portfolio companies that are scaling rapidly and increasing market share, and which represent the largest opportunity for significant future value creation.

The ability to provide additional capital to support existing portfolio companies as they scale is an important element of the investment strategy and, during the year, £2.9 million of follow-on funding was provided to 18 portfolio companies. In most cases this was where businesses were making commercial progress and additional funding was required to help accelerate growth. For others, where progress was behind plan, funding was structured in tranches and released subject to the achievement of specific milestones, to help protect value.

This has been another challenging year for AIM, with investor appetite for smaller listed companies remaining subdued and limited new VCT qualifying investment opportunities. Your Company's AIM quoted portfolio now accounts for 6% of NAV, compared to 6.9% as at 30 November 2024, and, although selective exposure to certain more established AIM quoted businesses will continue to form part of the portfolio diversification strategy, the Board does not anticipate making any significant new AIM investments until there is demonstrable evidence of a recovery in this market.

There continues to be a good level of M&A interest across the private equity portfolio and during the year two profitable private company realisations completed. In early July 2025, the exit from crematoria operator Horizon Ceremonies completed, generating an initial return of 2x cost and cash proceeds of over £1.8 million, with the potential for a further deferred element, contingent on the receipt of planning approval at two identified sites. The exit from specialist mechanical and electrical maintenance contractor DPP completed in November 2025, generating a total return of 2.1x cost including all yield payments. In both cases, the majority of the cash proceeds received were paid out to Shareholders through two interim dividends, reinforcing the Board's commitment to maintain a programme of regular Shareholder payments, particularly following significant profitable exits.

Post the period end, a partial realisation of artificial intelligence (AI) enabled contract software specialist Summize was achieved through a transaction supported by a syndicate of UK private equity investors who provided £40 million to support the business through its next phase of growth. The syndicate included Maven's Regional Buyout Fund II, alongside two new institutional investors with your Company also completing a new VCT qualifying investment. Since your Company first invested in 2022, Summize has quickly become a high performing portfolio asset with annual recurring revenue (ARR) increasing by 100% year on year over the past five consecutive years. Having gained significant scale in the UK, the business successfully launched in North America and subsequently attracted acquisition interest which resulted in a transaction completing in early January 2026. As part of this transaction, and consistent with the Board's objective of maintaining an equity position in the most promising portfolio companies, the Manager negotiated a partial exit which generated an initial return for your Company of 3.8x cost, comprising cash alongside a retained equity stake.

The ability to achieve a partial exit in high performing companies is a strategy that the Manager has previously successfully utilised with MirrorWeb, Novatus Global and Quorum Cyber, all of which achieved rapid growth during the period of investment and secured significant third party funding to help accelerate their business plans. This enabled your Company to achieve a partial exit and generate a healthy initial cash return while retaining an equity stake. The Board is fully supportive of this model as it provides the opportunity to generate liquidity to support dividends while remaining invested in those companies that have the ability to become larger and more valuable assets.

Since moving to a cycle of annual fundraisings in 2023, your Company has consistently sought to raise an appropriate level of funds to enable the Manager to continue to carefully expand and develop the portfolio in line with the investment strategy. Following the success of the 2024 fundraising, which closed early, fully subscribed, after raising £10 million, in early October 2025 the Board was pleased to launch a new Offer for Subscription, alongside Offers by the other Maven Income and Growth VCTs. Your Company has a target raise of £12.5 million, including the ability to utilise an over-allotment facility of up to £5 million, which was opened in early February 2026 and, as at the date of the Annual Report, has attracted subscriptions in excess of its £12.5 million target. The Offers close to new applications on 2 April 2026 for the 2025/26 tax year and 24 April 2026 for the 2026/27 tax year, unless fully subscribed ahead of these dates. Further information about the Offers, including the Prospectus and Application Form, can be found at mavencp.com/vctoffer.

Shareholders will find details of the key developments across the portfolio, including new investment activity and realisations completed, in the Investment Manager's Review in the Annual Report.

Treasury Management Strategy

The Board and the Manager maintain a proactive treasury management strategy, where the objective remains to optimise the income generated from cash held prior to investment in VCT qualifying companies, whilst meeting the requirements of the Nature of Income condition. This is a mandatory part of the VCT legislation which stipulates that not less than 70% of a VCT's income must be derived from shares or securities, as opposed to bank interest income.

Your Company has a well established approach to treasury management, which focuses on maintaining a diversified portfolio of permitted non-qualifying holdings that have strong fundamentals and attractive income characteristics. The core holdings include carefully selected money market funds (MMFs), open-ended investment companies (OEICs) and London Stock Exchange listed investment trusts, with the remaining cash held on deposit across several UK banks to minimise counterparty risk. This approach ensures ongoing compliance with the Nature of Income condition, whilst also providing your Company with a healthy stream of income that currently generates a blended annualised yield of over 3% across the combined treasury management portfolio and uninvested cash.

It is worthwhile highlighting that this is a dynamic portfolio, which remains under close and regular review. Over time, the size and structure of this portfolio may vary depending on your Company's rate of investment, the quantum of cash proceeds realised through exits and the overall liquidity level, whilst also taking into consideration relevant macroeconomic or market factors. Full details of the treasury management holdings at the year end can be found in the Investment Portfolio Summary in the Annual Report.

Dividend Policy

The Directors understand the importance of regular tax free distributions to Shareholders and, as announced in the 2024 Annual Report, enhanced the dividend policy by increasing the target annual yield from 5% to 6% of NAV per Ordinary Share at the immediately preceding year end.

Shareholders should be aware that this remains a target and that decisions on distributions take into consideration a number of factors including the realisation of capital gains, the adequacy of distributable reserves, the availability of surplus revenue and the VCT qualifying level, all of which are kept under close and regular review. As the portfolio continues to expand and the proportion of younger companies increases, the timing of distributions will be closely linked to realisation activity, whilst also reflecting the requirement to maintain the VCT qualifying level.

Interim Dividends and Proposed Final Dividend

In line with the dividend policy and following the realisation of Horizon Ceremonies in early July 2025, the Directors were pleased to announce an enhanced interim dividend of 1.25p per Ordinary Share, for the year ended 30 November 2025, which was paid on 29 August 2025 to those Shareholders on the register at 25 July 2025. In addition, following the sale of DPP in November 2025, a second interim dividend of 0.50p per Ordinary Share, for the year ended 30 November 2025, was paid on 16 January 2026 to those Shareholders on the register at 12 December 2025.

The proposed final dividend of 0.30p per Ordinary Share, in respect of the year ended 30 November 2025, will be paid on 15 May 2026 to Shareholders who are on the register at 17 April 2026. This will bring the annual dividend to 2.05p per Ordinary Share, representing a yield of 6.33% based on the NAV at the immediately preceding year end. Since the Company's launch, and after receipt of the proposed final dividend, a total of 56.05p per Ordinary Share will have been paid in tax free distributions. It should be noted that payment of a dividend reduces the NAV by the total amount of the distribution.

The Board is aware that there are a number of unclaimed dividends and wishes to remind Shareholders that it is their responsibility to ensure that the Company's Registrar (The City Partnership) has the correct contact and bank account details to allow for the timely payment of dividends. Shareholders are advised to check that they have received dividends and to contact the Registrar if they have not.

Dividend tax vouchers are available to download from the Registrar's investor hub at maven-cp.cityhub.uk.com, with hard copies being posted to those Shareholders who have not opted to receive communications from the Company electronically.

Dividend Investment Scheme (DIS)

Your Company operates a DIS, through which Shareholders can, at any time, elect to have their dividend payments utilised to subscribe for new Ordinary Shares issued under the standing authority requested from Shareholders at Annual General Meetings. Ordinary Shares issued under the DIS are free from dealing costs and should benefit from the tax reliefs available on new Ordinary Shares issued by a VCT in the tax year in which they are allotted, subject to each individual Shareholder's particular circumstances.

Shareholders can elect to participate in the DIS in respect of future dividends by completing a DIS mandate form and returning it to The City Partnership. In order for the DIS to apply to the 2025 final dividend, to be paid on 15 May 2026, the mandate form must be received by the Registrar before 1 May 2026, this being the relevant dividend election date. The mandate form, terms and conditions and full details of the scheme (including tax considerations) are available on the Company's webpage at mavencp.com/migvct5. Shareholders can also elect to participate in the DIS through the Registrar's online investor hub at maven-cp.cityhub.uk.com/login.

If a Shareholder is in any doubt about the merits of participating in the DIS, or their own tax status, they should seek advice from a suitably qualified adviser.

Distributable Reserves

At a general meeting of the Company, held on 13 November 2025, Shareholders approved special resolutions to cancel the share premium account and the capital redemption reserve, pursuant to the Companies Act 2006, to create a further pool of distributable reserves that could be used for future dividends or any other applicable purpose. On 28 January 2026, it was confirmed by an Order of the High Court of Justice that the share premium account and the capital redemption reserve had been cancelled. The Court Order was registered by the Registrar of Companies on 31 January 2026.

Fund Raising and Offer for Subscription

On 27 March 2025, the Offer for Subscription, which was launched in September 2024, closed early, fully subscribed, raising a total of £10 million for the 2024/25 and 2025/26 tax years. All new Ordinary Shares in relation to that Offer have now been allotted and further details can be found in Note 12 to the Financial Statements in the Annual Report.

On 2 October 2025, a new Offer for Subscription was launched, alongside Offers by the other Maven Income and Growth VCTs, accepting applications for the 2025/26 and 2026/27 tax years with a target raise of £12.5 million. As at the date of the Annual Report, your Company has attracted subscriptions in excess of its £12.5 million target.

The Board is committed to making regular allotments of new Ordinary Shares. The first allotment for the 2025/26 tax year completed on 16 December 2025, with further allotments taking place on 17 February and 24 March 2026. Applications for the 2025/26 tax year will close on 2 April 2026, unless fully subscribed ahead of this date, with an allotment expected to complete later that day. Applications for the 2026/27 tax year will close on 24 April 2026, unless fully subscribed ahead of this date, with an allotment completing shortly thereafter.

The Directors are confident that Maven's regionally based team of investment executives has the resource and capability to continue sourcing attractive VCT qualifying companies across a range of dynamic sectors throughout the UK, and that this additional liquidity will facilitate further expansion and development of the portfolio in line with the investment strategy. In addition, the funds raised will allow your Company to maintain its active share buyback policy, whilst also spreading costs over a wider asset base, with the objective of maintaining a competitive OCR for the benefit of all Shareholders.

Share Buy-backs

The Directors acknowledge the need to maintain an orderly market in the Company's shares and have delegated authority to the Manager to enable the Company to buy back its own shares in the secondary market for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders.

It is intended that the Company will seek to buy back shares with a view to maintaining a share price that is at a discount of approximately 5% to the latest published NAV per Ordinary Share. Any purchase of the Company's own shares will be subject to various factors including market conditions, available liquidity, the maintenance of the Company's VCT qualifying status and, when appropriate, will also take into consideration any period when the shares are trading ex-dividend. It should be noted that the Company cannot buy back shares whilst it is in a closed period, which is the time from the end of a reporting period until either the announcement of the relevant results or the release of an unaudited NAV. Additionally, a closed period may be introduced if the Directors or the Manager are in possession of price sensitive information.

Shareholders should note that neither the Company nor the Manager can execute a transaction in the Company's shares. If a Shareholder wishes to buy or sell shares on the secondary market, they should direct their instruction through a stockbroker of their choice. To discuss a transaction, the Shareholder's stockbroker should contact the Company's stockbroker, Shore Capital Stockbrokers, on 020 7647 8132.

VCT Regulatory Developments

During the year, your Company has remained fully compliant with the complex conditions and requirements of the VCT scheme.

As previously outlined, the 2025 Autumn Budget Statement included amendments to the rules governing the VCT scheme with respect to investment limits and the tax relief available for VCT shares issued on or after 6 April 2026.

During the year, the VCT Association (VCTA), of which the Manager is a founding member, launched the Growth Beyond Limits campaign specifically focused on promoting the benefits of increasing the investment limits for VCT qualifying companies, which have been frozen for almost a decade. The VCTA, which represents 14 of the largest VCT fund managers, highlighted the case for increasing the limits to assist certain younger and higher growth companies. This is particularly relevant for those businesses that operate in sectors that have an extended investment cycle, such as life sciences, technology and other knowledge intensive sectors. The Board welcomed the announcement that, from 6 April 2026, the investment limits would be doubled. The annual amount that a VCT can invest in a qualifying company will increase to £10 million (£20 million for knowledge intensive companies) while the lifetime allowance for a VCT qualifying company will increase to £24 million (£40 million for knowledge intensive companies). In addition, the gross assets test will also double, which means that larger companies can now potentially qualify for VCT investment. These changes are welcome and should help to ensure that your Company, and the VCT industry more widely, can continue to provide funding to the UK's most ambitious and entrepreneurial SMEs as they scale.

The Autumn Statement also announced that the initial income tax relief available for VCT shares, issued on or after 6 April 2026, would be reduced from 30% to 20%. The reduction in tax relief for investors is disappointing, and through the VCTA, the Manager will also continue to provide evidence to reinforce the importance of VCT investment as part of the wider funding ecosystem. This will focus on highlighting specific cases where Maven has supported high growth businesses across the regions as they grow and create local employment opportunities.

Valuation Methodology

The Board and the Manager continue to apply the International Private Equity and Venture Capital Valuation (IPEV) Guidelines as the central methodology for all private company valuations. The IPEV Guidelines are the prevailing framework for fair value assessment in the private equity and venture capital industry. The IPEV Guidelines are updated periodically to ensure that they continue to reflect best practice and remain aligned with evolving accountancy standards and regulatory guidance, as well as reflecting developments within the wider market. The most recent update (December 2025) provided limited changes to the existing valuation framework. It added specific points for clarification alongside guidance on the impact of ESG and sustainability on valuation methodologies, and the use of AI-enabled valuation models. With respect to the use of AI models for valuing unlisted investments, IPEV concluded that while they can be a useful tool to augment the valuation process, they do not replace human professional judgement and scepticism. It should be noted that the Manager does not currently utilise any such AI tools when valuing the unlisted portfolio.

In accordance with normal market practice, investments quoted on AIM or another recognised stock exchange, are valued at their closing bid price at the period end.

Further details on your Company's approach to valuing portfolio companies can be found in the Business Report ort and in Note 1 (e) to the Financial Statements in the Annual Report. The principal Key Performance Indicators (KPIs) are outlined in the Business Report and a summary of the Alternative Performance Measures (APMs) is included in tables in the Financial Highlights in the Annual Report, with definitions of terms contained in the Glossary in the Annual Report.

Environmental, Social and Governance (ESG) Considerations

While your Company's investment policy does not incorporate specific ESG objectives, and portfolio companies are not required to meet any related targets, the Board and the Manager recognise the importance of considering ESG matters as an integral part of the investment process. Maven's ESG and Responsible Investment Policy ensures that ESG related risks and opportunities are identified during pre-investment due diligence and can be carefully considered as part of the investment process. Maven's post investment ESG framework provides a structure for regular engagement with companies to ensure that ESG metrics are monitored throughout the period of investment.

The Manager continues to be an active member of The United Nations Principles for Responsible Investment and submitted its second public investor report in July 2025. The Board is aware of the proactive work that Maven is doing to support social initiatives that promote diversity in the investment sector, such as Future Asset, the Investing in Women Code, the Lifted Project and Maven's own Female Founders Programme. Further details on Maven's approach to ESG and developments across the portfolio are included in the Investment Manager's Review in the Annual Report.

Maven Capital Partners UK LLP

In early 2026, as part of a carefully planned succession, Maven announced that its long standing Fund Manager Bill Nixon would be stepping back from his role as Investment Manager of the Maven managed VCTs and retiring as Maven's Managing Partner, and moving to a new role as Chair of Maven. Alongside senior colleagues, Bill founded Maven in 2009 and as its Managing Partner for over 17 years has grown Maven's business, and particularly its VCT focus, establishing its position as a leading Manager in the sector. Bill has been the Investment Manager of your Company since Maven was appointed in 2011 and has been instrumental in implementing the turnaround strategy, which has transformed performance by reducing the exposure to AIM and rebuilding the portfolio through the selective addition of growth focused private equity investments. This strategy has resulted in the construction of the broad and well diversified portfolio that your Company holds today, which has delivered a significant improvement in performance and value creation for Shareholders.

As part of that planned succession, the role of Investment Manager of the Maven managed VCTs and Managing Partner at Maven have transitioned to Ewan MacKinnon, who has been co-managing Maven's VCT portfolio, alongside Bill, for several years. Ewan has more than 20 years of private equity and corporate finance experience and has been with Maven since 2009, initially originating and completing VCT investments in Scotland before becoming joint Investment Manager of the Maven VCTs. Ewan is chair of Maven's valuation committee and, for the past few years, has been leading Maven's VCT fundraising programme. The Board has an excellent working relationship with Ewan and looks forward to building on this in the future.

On behalf of my fellow Directors, I would like to take this opportunity to record our sincere thanks to Bill for the pivotal role that he has played in developing and delivering your Company's investment strategy, and enhancing Shareholder value, whilst navigating an evolving and increasingly complex VCT regulatory landscape. We wish Bill all the very best in his future role.

Annual General Meeting (AGM)

The 2026 AGM will be held at Maven's Glasgow office, which is located at Kintyre House, 205 West George Street, Glasgow G2 2LW on Tuesday, 28 April 2026. The AGM will commence at 11:30am and the Notice of Annual General Meeting can be found in the Annual Report.

The Future

With good levels of liquidity, your Company is well placed to continue to deliver growth in the year ahead. The portfolio's breadth and diversity provides exposure to a wide range of dynamic and high growth businesses, which operate in attractive markets across the UK and have the potential to achieve scalable growth and attract premium valuations at exit. The priority for the year ahead will focus on further expanding and developing the portfolio, while progressing those exits that optimise Shareholder value and generate cash proceeds to support the dividend policy.

Graham Miller

Chairman

24 March 2026

Business Report

This Business Report is intended to provide an overview of the strategy and business model of the Company, as well as the key measures used by the Directors in overseeing its management. The Company is a VCT and invests in accordance with the investment objective set out below.

Investment Objective

The Company aims to achieve long-term capital appreciation and generate income for Shareholders. Maven Capital Partners UK LLP (Maven or the Manager) was appointed in February 2011.

Business Model and Investment Policy

Under an investment policy approved by the Directors, the Company intends to achieve its objective by:

•    investing the majority of its funds in a diversified portfolio of shares and securities in smaller, unquoted UK companies and AIM/AQSE quoted companies which meet the criteria for VCT qualifying investments and have strong growth potential;

•    investing no more than £1.3 million in any company in one year and no more than 15% of the Company's assets by cost in one business at any time; and

•    borrowing up to 15% of net asset value, if required and only on a selective basis, in pursuit of its investment strategy. The Board has no intention of approving any borrowing at this time.

Principal and Emerging Risks

The Board maintains an ongoing process for identifying, evaluating, and monitoring both principal and emerging risks facing the Company. The risk register and risk dashboard are integral components of the Company's risk management framework and support a robust assessment of these risks, with particular emphasis on the effectiveness of mitigating controls.

The Board reviews the Company's risk profile on a regular basis, and risk ratings are updated throughout the year to reflect any changes. Given the dynamic nature of these updates, the Board, in agreement with the Manager, has determined that including a direction of travel indicator would not provide meaningful benefit. Any material changes to principal and emerging risks will be clearly disclosed in this Business Report.

In 2025, the Board focused on ensuring compliance with the enhanced requirements of the 2024 UK Corporate Governance Code regarding internal controls. The Board has been working with the Manager in the period to identify material controls as they apply to the Company's principal risks and are confident that the material controls are operating effectively.

The current principal and emerging risks facing the Company are considered to be as follows:

In addition, an explanation of certain economic and financial risks and how they are managed can be found in Note 16 to the Financial Statements in the Annual Report.

Statement of Compliance with Investment Policy

The Company is adhering to its stated investment policy and managing the risks arising from it. This can be seen in various tables and charts throughout the Annual Report, including in the Chairman's Statement, and in the Investment Manager's Review. A review of the Company's business, its financial position as at 30 November 2025, and its performance during the year then ended is included in the Chairman's Statement, which also includes an overview of the Company's business model and strategy.

The management of the investment portfolio has been delegated to Maven, which also provides company secretarial, administrative and financial management services to the Company. The Board is satisfied with the breadth and depth of the Manager's resources and its nationwide network of offices, which supply new deals and enable it to monitor the geographically widespread portfolio of companies effectively.

The Investment Portfolio Summary in the Annual Report discloses the investments in the portfolio and the degree of co-investment with other clients of the Manager. The Portfolio Analysis charts in the Annual Report show the profile of investee companies by industry sector and demonstrate the broad market exposure across the portfolio, and provide insight into the age of the investments within the portfolio. The level of VCT qualifying investment is monitored continually by the Manager and reported to the Risk Committee quarterly or as otherwise required.

Key Performance Indicators (KPIs)

During the year, the net return on ordinary activities before taxation was £1,881,000 (2024: £4,137,000), the gain on investments was £2,330,000 (2024: £5,320,000) and the earnings per share were 0.83p (2024: 2.00p). The Directors also consider a number of APMs in order to assess the Company's success in achieving its objectives, and these also enable Shareholders and prospective investors to gain an understanding of its business. The APMs are shown in the tables in the Financial Highlights in the Annual Report and definitions of the APMs can be found in the Glossary on in the Annual Report. In addition, the Board considers the following to be KPIs:

• NAV total return;

• cumulative dividends paid;

• share price discount to NAV;

• share price total return; and

• the ongoing charges ratio (OCR).

The NAV total return is the principal measure of Shareholder value as it includes both the current NAV per share and the sum of dividends paid to 30 November 2025. Cumulative dividends paid is the total amount of both capital and income distributions paid since the launch of the Company. Following the adoption in 2025 of an enhanced dividend policy, the Directors seek to pay dividends to provide an annual yield which represents 6% of the NAV per share at the immediately preceding year end, subject to always complying with the VCT rules, and taking into consideration the level of distributable reserves, profitable realisations in each accounting period, and the Company's future cash flow projections. The share price discount to NAV is the percentage by which the mid-market share price is lower than the NAV per share. Share price total return is the theoretical return, including reinvesting each dividend in additional shares in the Company at the closing mid-market price on the day that the shares go ex‑dividend. The OCR is a measure of the total cost to an investor and is the total recurring annual expenses of the Company, including management fees, but excluding performance fees, charged to the capital reserve, expressed as a percentage of the average net assets attributable to Shareholders. The Company's OCR for the year ended 30 November 2025 was 2.37% (2024: 2.33%) and is detailed in Note 4 to the Financial Statements in the Annual Report. A historical record of these measures is shown in the Financial Highlights, and the profile of the portfolio is reflected in the Summary of Investment Changes in the Annual Report. The Board also reviews the Company's operational expenses on a quarterly basis as the Directors consider that this is an important component in the generation of Shareholder returns. Further information can be found in Notes 2 and 4 to the Financial Statements in the Annual Report.

Your Board continues to believe that a portfolio of private companies and selected AIM quoted holdings optimises the portfolio diversification strategy and provides the structure for delivering long term growth in Shareholder value. However, as detailed in the Chairman's Statement, the Manager will remain cautious on any new AIM investments.

There is no market standard VCT index against which to compare the financial performance of the Company. However, for reporting to the Board and Shareholders, the Manager uses comparisons with the most appropriate index, being the FTSE AIM All‑Share Index, and the graphs in the Annual Report compare the Company's performance against that Index. The Directors, on a quarterly basis, carry out a review of peer group NAV total return numbers to assess the relative performance against the most appropriate peer group VCT competitors. The Directors also consider non‑financial performance measures such as the flow of investment proposals and the Company's ranking within the VCT sector.

In addition, the Directors consider economic, regulatory and political trends and factors that may impact on the Company's future development and performance.

Valuation Process

Investments held by the Company in unquoted companies are valued in accordance with the IPEV Guidelines, being the prevailing framework for fair value assessment in the private equity and venture capital industry. The most recent update (December 2025) provided limited changes to the existing valuation framework adding points for clarification on specific items, alongside guidance on the impact of ESG and sustainability on valuation methodologies, and the use of AI enabled valuation models. The Directors and the Manager continue to follow these industry guidelines and adhere to the IPEV Guidelines in all private company valuations. Investments quoted or traded on a recognised stock exchange, including AIM, are valued at their closing bid price at the year end.

Share Buy-backs

At the forthcoming AGM, the Board will seek the necessary Shareholder authority to continue to conduct share buy-backs in accordance with the Company's share buy back policy as outlined in the Annual Report.

The Board's Duty and Stakeholder Engagement

The Directors' Section 172 statement should be read in conjunction with the other contents of the Strategic Report and in the context of the Company's regulatory status as a small registered, internally managed, alternative investment fund under the AIFMD. Under the Companies Act, the Directors have a duty to promote the success of the Company for the benefit of its members as a whole and in doing so, have regard to several matters including, for example, the likely consequences of any decision in the long term, the need to foster business relationships and maintain a reputation for high standards of business conduct when dealing with third parties and the need to act fairly between Company members.

Given the nature of the Company, its day-to-day management and administration is outsourced to third party service providers, the most material being the Manager. The Company does not have any customers in the traditional sense, neither does it appoint executive directors nor have any other employees. The Board, therefore, identifies the Company's key stakeholders as: its Shareholders, the Manager, portfolio companies, other service providers, regulatory and industry bodies, and the environment and wider society. In discharging the Section 172 duty and aligned to Provision 5 of the AIC Corporate Governance Code, the Directors acknowledge the importance of achieving positive outcomes for, and engaging effectively with each of these stakeholder groups as an integral part of the Board's decision making processes, aligned to the Company's purpose and investment policy and in the promotion of the long-term success of the Company. An illustration of how the Board approaches stakeholder engagement and looks to achieve positive outcomes for its stakeholders can be seen in the table below.

Employee, Environmental and Human Rights Policy

The Company has no direct employee or environmental responsibilities, nor is it directly responsible for the emission of greenhouse gases. The Board's principal responsibility to Shareholders is to ensure that the investment portfolio is managed and invested properly. The Company has no employees and, accordingly, has no requirement to report separately on employment matters. The Board comprises two male Directors and one female Director and delegates responsibility for diversity to the Nomination Committee, as explained in the Statement of Corporate Governance in the Annual Report.

The management of the portfolio is undertaken by the Manager through members of its portfolio management team. The Manager engages with the Company's underlying investee companies in relation to their corporate governance practices and in developing their policies on social, community and environmental matters and further information can be found in the Investment Manager's Review and in the Statement of Corporate Governance in the Annual Report. The Manager has continued with its focus on developing its ESG framework and oversight capabilities and further details can be found in the Chairman's Statement. The Manager oversees the collation of the information received from the investee companies for the benefit of the Board and helps support individual companies to identify ESG risks and opportunities and, where potential improvements are identified, will work jointly with investee businesses to make positive changes.

In light of the nature of the Company's business, there are no relevant human rights issues and, therefore, the Company does not have a human rights policy.

Auditor

The Company's Auditor is required to report if there are any material inconsistencies between the content of the Strategic Report and the Financial Statements. The Independent Auditor's Report can be found in the Annual Report.

Future Strategy

The Board and Manager intend to maintain the policies set out above for the year ending 30 November 2026, as it is believed that these are in the best interests of Shareholders.

Approval

The Business Report, and the Strategic Report as a whole, was approved by the Board of Directors and signed on its behalf by:

Graham Miller

Director

24 March 2026

Income Statement

For the year ended 30 November 2025

* Further details of the restatement can be found in Note 19 in the Annual Report.

All gains and losses are recognised in the Income Statement.

The total column of this statement is the Profit & Loss Account of the Company. The revenue and capital return columns are prepared in accordance with the AIC SORP. All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year.

There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.

The Notes are an integral part of the Financial Statements and can be found in full in the Annual Report.

Statement of Changes in Equity

For the year ended 30 November 2025

*DIS represents the Dividend Investment Scheme as detailed in the Chairman's Statement.

The capital reserve unrealised is generally non-distributable other than the part of the reserve relating to gains/(losses) attributable to readily realisable quoted investments which are distributable. The capital reserve unrealised contains £606,000 (2024: £6,633,000) of losses in relation to level 1 and level 2 investments, which could be crystallised, and as such, could be deemed realised losses.

Where all, or an element of the proceeds of sales have not been received in cash or cash equivalent (as noted on the Realisations table in the Annual Report), they do not qualify as realised gains for the purposes of distributable reserves calculations and, therefore, do not form part of distributable reserves. The split of unrealised gains/(losses) for the year is detailed within the portfolio valuation section of Note 8 in the Annual Report.

The Notes are an integral part of the Financial Statements and can be found in full in the Annual Report.

Balance Sheet

As at 30 November 2025

*Further details of the restatement can be found in Note 19 in the Annual Report.

The Financial Statements of Maven Income and Growth VCT 5 PLC, registered number 04084875, were approved and authorised for issue by the Board of Directors and were signed on its behalf by:

Graham Miller

Director

24 March 2026

The Notes are an integral part of the Financial Statements and can be found in full in the Annual Report.

Cash Flow Statement

For the year ended 30 November 2025

*further details of the restatement can be found in Note 19 in the Annual Report.

The prior year investment purchases have been reduced by £3,500,000, and investment sales £4,000,000 as a result of the reclassification of MMFs from investments to cash and cash equivalents.

The Notes are an integral part of the Financial Statements and can be found in full in the Annual Report.

Notes to the Financial Statements

For the year ended 30 November 2025

1.    Accounting policies

The Company is a public limited company, incorporated in England and Wales and its registered office is shown in the Corporate Summary in the Annual Report.

(a)   Basis of preparation

The Financial Statements have been prepared on a going concern basis, further details can be found in the Directors' Report in the Annual Report. The Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of investments and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, and in accordance with the Statement of Recommended Practice for Investment Trust Companies and Venture Capital Trusts (the SORP) issued by the AIC in July 2022.

(b)   Income

Equity Income

Dividends receivable on quoted equity shares are recognised on the ex-dividend date. Dividends receivable on unquoted equity shares are recognised when the Company's right to receive payment is established and there is no reasonable doubt that payment will be received.

Unquoted loan stock and other preferred income

Fixed returns on non-equity shares and debt securities are recognised when the Company's right to receive payment and expected settlement is established. Where interest is rolled up and/or payable at redemption, it is recognised as income unless there is reasonable doubt as to its receipt.

Redemption Premiums

When a redemption premium is designed to protect the value of the instrument holder's investment rather than reflect a commercial rate of revenue return the redemption premium should be recognised as capital. The treatment of redemption premiums is analysed to consider if they are revenue or capital in nature on a company by company basis. A revenue redemption premium of £85,200 (2024: £nil) was received in the year ended 30 November 2025.

Bank Interest

Deposit Interest is recognised on an accruals basis using the rate of interest agreed with the bank. Income from unquoted loan stock and deposit interest is included on an effective interest rate basis.

(c)   Expenses

All expenses are accounted for on an accruals basis and charged to the income statement. Expenses are charged through the revenue account, except as follows:

•      expenses which are incidental to the acquisition and disposal of an investment are charged to capital;

•      expenses are charged to the special distributable reserve where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In this respect, the investment management fee and performance fee have been allocated 25% to revenue and 75% to the special distributable reserve to reflect the Company's investment policy and prospective income and capital growth; and

•      share issue costs are charged to the premium account.

(d)   Taxation

Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or right to pay less tax in the future have occurred at the balance sheet date. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company's taxable profits and its results as stated in the Financial Statements which are capable of reversal in one or more subsequent periods.

Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

The tax effect of different items of income/gain and expenditure/loss is allocated between capital reserves and revenue account on the same basis as the particular item to which it relates using the Company's effective rate of tax for the period.

UK Corporation tax is provided at amounts expected to be paid/recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

 (e)       Investments

In valuing unlisted investments, the Directors follow the criteria set out below. These procedures comply with the revised IPEV Guidelines for the valuation of private equity and venture capital investments.

Investments are recognised at their trade date and are designated by the Directors as fair value through profit and loss. At subsequent reporting dates, investments are valued at fair value, which represents the Directors' view of the amount for which an asset could be exchanged between knowledgeable and willing parties in an arm's length transaction. This does not assume that the underlying business is saleable at the reporting date or that its current shareholders have an intention to sell their holding in the near future.

A financial asset or liability is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expires.

1.   For early stage investments completed during the reporting period, fair value is determined using the price of   recent investment, calibrating for any material change in the trading circumstances of the investee company. Other investments are valued on a multiples basis by applying a multiple to the investee's revenue or, for companies with sustainable earnings, to their maintainable earnings to derive the enterprise value of each company. Where relevant, an investee may be valued on a discounted cashflow basis.

2.    Whenever practical, recent investments will be valued by reference to a material arm's length transaction or a quoted price.

3.    All unlisted investments are valued individually by Maven's portfolio management team and discussed by Maven's valuation committee. The resultant valuations are subject to detailed scrutiny and approval by the Directors of the Company.

4.    In accordance with normal market practice, investments listed on AIM or a recognised stock exchange are valued at their closing bid price at the year end.

(f)    Fair value measurement

Fair value is defined as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or the most advantageous market of the investment.

A three-tier hierarchy has been established to maximise the use of observable market data and minimise the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.

Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on best information available in the circumstances.

The three-tier hierarchy of inputs is summarised in the three broad levels listed below.

•    Level 1 - the unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date;

•    Level 2 - inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly; and

•    Level 3 - inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

(g)   Gains and losses on investments

When the Company sells or revalues its investments during the year, any gains or losses arising are credited/charged to the Income Statement.

(h)   Critical accounting judgements and key sources of estimation uncertainty

Disclosure is required of judgements and estimates made by the Board and the Manager in applying the accounting policies that have a significant effect on the Financial Statements. The area involving the highest degree of judgement and estimates is the valuation of unlisted investments recognised in Note 8 and 16 in the Annual Report and explained in Note 1(e) above. Contingent consideration is valued based on the expected proceeds recoverable.

In the opinion of the Board and the Manager, there are no critical accounting judgements.

Reserves

Share premium account

The share premium account represents the premium above nominal value received by the Company on issuing shares net of share issue costs, including £355,205 trail commission (2024: £247,609). This reserve is non-distributable.

Capital redemption reserve

The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve. This reserve is non-distributable.

Capital reserve - unrealised

Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the capital reserve unrealised account. This reserve is generally non-distributable other than the part of the reserve relating to gains/(losses) attributable to readily realisable quoted investments which are distributable.

Capital reserve - realised

Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal. This reserve is distributable.

Special distributable reserve

The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable reserve account. The special distributable reserve also represents capital dividends, capital investment management fees and the tax effect of capital items.

Revenue reserve

The revenue reserve represents accumulated profits retained by the Company that have not been distributed to Shareholders as a dividend. This reserve is distributable.

Return per Ordinary Share

Net asset value per Ordinary Share

The net asset value per Ordinary Share as at 30 November 2025 has been calculated using the number of Ordinary Shares in issue as at that date of 2025: 229,455,909 Ordinary Shares (2024: 208,074,650 Ordinary Shares).

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:

•     the Financial Statements have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as at 30 November 2025 and for the year to that date;

•     the Directors' Report includes a fair review of the development and performance of the Company, together with a description of the principal risks and uncertainties that it faces; and

•     the Annual Report and Financial Statements taken as a whole is fair, balanced and understandable and provides the information necessary for Shareholders to assess the Company's position and performance, business model and strategy.

Other information

The Annual General Meeting will be held on Tuesday, 28 April 2026, commencing at 11.30am, at the offices of Maven Capital Partners UK LLP, Kintyre House, 205 West George Street, Glasgow, G2 2LW.

Copies of this announcement and copies of the Annual Report and Financial Statements for the year ended 30 November 2025, will be available to the public at the offices of Maven Capital Partners UK LLP, Kintyre House, 205 West George Street, Glasgow G2 2LW; at the registered office of the Company, 6^th Floor, Saddlers House, 44 Gutter Lane, London, EC2V 6BR; and on the Company's webpage at mavencp.com/migvct5.

The Annual Report and Financial Statements for the year ended 30 November 2025 will be issued to Shareholders and filed with the Registrar of Companies in due course.

The financial information contained within this Announcement does not constitute the Company's statutory Financial Statements as defined in the Companies Act 2006. The statutory Financial Statements for the year ended 30 November 2024 have been delivered to the Registrar of Companies and contained an audit report which was unqualified and did not constitute statements under S498(2) or S498(3) of the Companies Act 2006.

Neither the content of the Company's webpage nor the contents of any website accessible from hyperlinks on the Company's webpage (or any other website) is incorporated into, or forms part of, this announcement.

The 2025 Annual Report will be submitted to the National Storage Mechanism and will be available for inspection at: www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.

By order of the Board

Maven Capital Partners UK LLP

Secretary

24 March 2026