Downing FOUR VCT plc LEI 21380035MV1VRYEXPR95 17 July 2018 Top-up Offer for Subscription

The Company announces that it has published an Investment Memorandum relating to a Top-Up Offer for Subscription in respect of its Generalist Shares (the "Top-Up Offer").

The Top-Up Offer opened on 17 July 2018 and will close on no later than 3.00 p.m. on 5 April 2019 in the case of the 2018/19 Offer and not later than 3.00 p.m. on 30 April 2019 in the case of the 2019/20 Offer (unless extended or fully subscribed earlier). The Top-Up Offer is for up to 6,000,000 Generalist Shares and 1,500,000 Management Shares. The Top-Up Offer is intended to facilitate the allotment and listing of existing regular investments.

A downloadable version of the Investment Memorandum can be obtained from https://www.downing.co.uk/d4gentopup2

The Investment Memorandum will also be submitted to the National Storage Mechanism and will shortly be available for inspection at https://www.morningstar.co.uk/uk/NSM