Downing FOUR VCT plc : Publication of Prospectus a

Downing FOUR VCT plc ("the Company") 8 December 2016 Publication of prospectus and circular

The Company has today issued a prospectus ("Prospectus") and circular ("Circular") relating to two offers for subscription in respect of two new share classes; Generalist ordinary shares of 0.1p each in the Company ("Generalist Shares") to raise up to approximately £20 million and Healthcare ordinary shares of 0.1p each in the Company ("Healthcare Shares") to raise up to approximately £10 million (together the "Offers"), following the approval of the prospectus and circular by the UK Listing Authority. The Offers include an overallotment facility allowing the issue of up to a further £10 million worth of each of Generalist Shares and Healthcare Shares.

Because Downing LLP, as investment manager of the Company, is considered to be a related party under the Listing Rules, the new fee arrangements for the two new share classes described in the Prospectus and Circular, comprising a promoter's fee and the investment management and administration arrangements, and the performance incentive fees arrangements will constitute a related party transaction under the Listing Rules ("Related Party Transaction"). Shareholder approval of the Related Party Transaction will be sought at a General Meeting to take place on 16 January 2017.

The Offer is now open and will close at 3.00 pm on 5 April 2017 for the 2016/2017 tax year and 3.00 pm on 30 September 2017 for the 2017/2018 tax year, or earlier if the Offer is fully subscribed. The board of the Company reserves the right to close the Offer earlier or to extend the Offer (to no later than 30 November 2017).

The Prospectus and Circular have been approved by the UK Listing Authority and will shortly be available to view at the online viewing facility of the National Storage Mechanism at the following website address: www.morningstar.co.uk/uk/NSM .

Copies of the Prospectus and Circular will be available, free of charge from the Company's registered office, Ergon House, Horseferry Road, London SW1P 2AL and on Downing's website, www.downing.co.uk