Downing TWO VCT plc
LEI: 213800HJGTPW7F8YEY55
Cancellation of listing of D Shares and E Shares (together, "the Shares") and cessation of trading of the Shares
11 July 2018

Downing TWO VCT plc (the "Company") announces that, with respect to the above Share classes, the process of returning funds to Shareholders has been completed. The dividend payments, of 23.88p per D Share and 0.1p per E Share on 22 December 2017, represented the return of the residual capital associated with the Shares to Shareholders, marking the end of the life cycle of the Shares.

The Directors are authorised under the Company's articles of association ("Articles") to convert any Share class with a NAV of less than £25,000 into deferred shares, which may be bought back and cancelled by the Company for a nominal amount (a "Conversion"). As this threshold was met in respect of each of the above classes of Shares, the Directors resolved, in accordance with the Articles, to proceed with a Conversion of the D Shares and E Shares, and to repurchase all such Shares for cancellation. The conversion was carried out on 11 July 2018, and the resulting deferred shares were immediately repurchased and cancelled.

The Company will shortly write to the UKLA requesting the removal of the Shares from the Official List.

For further information, please contact:
Downing LLP
Telephone: 020 7416 7780