Downing FOUR VCT plc commences share repurchases on December 7, 2015 under the program mandated by the shareholders in the Annual General Meeting held on September 29, 2015. As per the mandate, the company is authorized to repurchase up to 1,532,935 ordinary shares, representing approximately 14.9% of the issued Ordinary Share capital, 2,310,467 Class ‘A' shares, representing approximately 14.9% of the issued ‘A' Share capital, 2,966,749 class ‘B' shares, representing approximately 14.9% of the issued ‘B' Share capital, 4,458,984 class ‘C' shares, representing approximately 14.9% of the issued ‘C' Share capital and 1,173,751 class ‘D' shares, representing approximately 14.9% of the issued ‘D' Share capital of the company from time to time. The minimum price per ordinary share will be £0.01.

The maximum price which may be paid for any ordinary share shall be equal to 105% over the average of the middle market price of the ordinary shares as derived in the Daily Official List of the London Stock Exchange for the five business days immediately preceding the day on which the shares are contracted to be repurchased. The program will expire at the conclusion of the next Annual General Meeting in 2016 or after 15 months from this repurchase program, whichever is earlier, unless previously varied or revoked.