Issue of Equity

Pembroke VCT plc (the "Company")

Issue of B Ordinary Shares of 1p each ("B Ordinary Shares") pursuant to an Offer for Subscription of up to 15 million B Ordinary Shares (the "Offer")

On 4 August 2016 757,913 B Ordinary Shares (the "Shares") were allotted pursuant to the Offer. In accordance with the terms and conditions of the Offer, the offer prices at which the Shares were allotted were calculated by reference to the audited net asset value of a B Ordinary Share in the Company as at 31 March 2016 (as announced in the Annual Financial Report released on 1 August 2016), being 105.44p per B Ordinary Share. The offer prices at which the shares were issued and allotted ranged from 105.44p to 108.70p per B Ordinary Share.

Following this allotment, the Company's issued share capital is as follows:

· 18,091,202 Ordinary Shares (including 2 Ordinary Shares issued as subscriber shares)

· 11,959,546 B Ordinary Shares

Therefore, the total number of voting rights in the Company is 30,050,748. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of interest in, the Company under the FCA's Disclosure and Transparency Rules.

Application for the Shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities will be made shortly and dealings are expected to commence on or around 10 August 2016. CREST accounts are expected to be credited as soon as practicable following the allotment and definitive documents of title are expected to be dispatched within ten business days of allotment.

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

Simon Male

The City Partnership (UK) Limited (Company Secretary)

+44 131 243 7215

Doreen Nic