Downing FOUR VCT plc : Publication of Supplementar

Downing FOUR VCT plc ("the "Company") 22 December 2016 Publication of Supplementary Prospectus

The board of the Company announces that it has published a supplementary prospectus ("the Supplementary Prospectus") relating to a Prospectus issued by the Company on 8 December 2016 setting out details of offers for subscription of Generalist and Healthcare Shares in the capital of the Company to raise up to approximately £30,000,000 in aggregate, with over-allotment facilities of a further £20,000,000 in aggregate (the "Offers").

The Supplementary Prospectus refers to an error in relation to the prospectus published on 8 December 2016, being the inclusion of an inaccurate statement in Part II - Healthcare Shares in the section entitled "Investment Adviser's Track Record" on page 26 of the Prospectus relating to BioScience Managers Pty Limited's track record.

The Supplementary Prospectus has 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 Supplementary Prospectus 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