Investment management agreement

Pembroke VCT plc (the "Company")

Investment management agreement

The board of the Company is pleased to confirm that Oakley Investment Managers LLP, the Company's investment manager, has unilaterally offered to shorten the notice period which would be required to be given by the Company to terminate the investment management agreement from 10 years to one year in order to bring the notice period in line with industry standard.

The board is grateful to the investment manager for offering to amend the investment management agreement, as it is understood that the reduction in the notice period is in the interests of all shareholders. The board is pleased with the investment manager's performance and has no current intention of exercising the right to terminate.

For further information please contact:

Pembroke VCT plc

+44 20 7766 6900

Peter Dubens / Andrew Wolfson

FTI Consulting

+44 20 7831 3113

Edward Bridges

Oakley Investment Managers LLP (Manager)

+44 20 7766 6900

Tristan Manuel

The City Partnership (UK) Limited (Company Secretary)

+44 131 243 7215

Doreen Nic