Quarterly Report

3 March 2015

PEMBROKE VCT PLC

Quarterly Report

for the period from 1 October to 31 December 2014

Pembroke VCT plc (the "Company") presents its quarterly report for the period from 1 October to 31 December 2014.

· £2.9 million invested in the quarter to 31 December

· £15.8 million committed with £15.1 million invested to date

· New B Ordinary Share offer launched

This interim management statement contains information that covers the period up to the date of its publication.

Performance

The net asset value of the Company at 31 December 2014 was £17.8 million, broadly in line with the half-year report. In total, an additional £2.9 million was invested in the quarter in follow-on investments into the existing portfolio and into two new investments. Investments are held at fair value, with all but four still held at cost. No further revaluations have taken place since the half-yearly report was published in November 2014.

Investments made in the period

In the quarter ended 31 December 2014, the Company invested a total of £2.9 million comprising follow-on investments in seven portfolio companies amounting to £1.3 million and £1.6 million in two new investments.

Follow-on investments in the quarter ended 31 December 2014:

· Boom Cycle: Investment of £22,250 in new equity as part of the original committed capital

· Chucs Limited: Investment of £200,000 in new loan notes

· Bella Freud: Investment of £50,000 in new loan notes as part of the original committed capital

· Premium fast-food restaurant chain: Investment of £694,400 in loan notes as part of the original committed capital

· Penfield: Investment of £250,000 in new loan notes as part of the original committed capital

· Dilly & Wolf (formerly B Healthy Snacks): Investment of £50,000 in new loan notes as part of the original committed capital

· Bella Freud Perfume: Investment of £50,000 in new loan notes as part of the original committed capital

New investments in the quarter ended 31 December 2014:

· BLAZE: Commitment of £490,000, of which £100,000 was invested in new equity in the period (Media & Technology sector)

BLAZE, founded in 2012, designs, develops and manufactures hardware products which can predominantly be used in bicycles, using innovative technology and high quality materials. BLAZE's first product is the world's first laserlight, re-designing the classic bicycle light. The Company has invested £100,000 in the form of new ordinary equity, principally to fund ongoing working capital and the development of new products.

· Stillking Films: Commitment of $2,320,220 (£1,451,770), all of which was invested in new equity in the period (Media & Technology sector)

Stillking Films is a prolific producer of commercials, TV series, feature films and music videos. The company has created commercials for almost all Dow Jones and FTSE advertisers. They have co-produced a number of successful feature films including Casino Royale, Narnia, Mission Impossible 4 and The Bourne Identity and created music videos for artists including Beyoncé, Kanye West, Blur, Madonna and One Direction. The Company has invested $2,320,220 in the form of new equity, principally to grow the business through potential acquisition opportunities.

Investments made post-period end

Post the period end, the Company invested a total of £0.4m in follow on investments. These investments comprised:

· Plenish: Investment of £50,000 in new loan notes

· Chucs Bar & Grill: Investment of £130,000 in new loan notes

· Boom Cycle: Investment of £22,250 in new equity as part of the original committed amount

· Kat Maconie: Investment of £100,000 in new loan notes

· BLAZE: Investment of £100,000 in new equity as part of the original committed amount

New B Ordinary Share Offer

Following the success of its first offer of Ordinary Shares, the Company launched a new B Ordinary Share offer in October 2014. The B Ordinary Shares are a separate class of share, distinct from the existing Ordinary Shares, and with distinct rights to a separate pool of assets and liabilities.

The B Ordinary share offer has been positively received by the VCT market, with the Company receiving subscriptions and interest from existing shareholders and new investors alike. The Company has built a solid pipeline of new investments which are currently undergoing due diligence.

About the Company

Pembroke VCT plc (the "Company") is a generalist VCT focused on private equity style investments in the leisure and premium brands sectors. The Company seeks to invest in a diversified portfolio of small, principally unquoted companies, selecting those which Oakley Investment Managers LLP believes provide the opportunity for value appreciation.

The Company is not aware of any significant event or transaction which has occurred between 1 October 2014 and 27 February 2015 which has had a material effect on the financial position of the Company and has not been detailed above.

For further details about the Company please either visit the Company's website,

Pembroke VCT plc

www.pembrokevct.com,

or contact:

Oakley Investment Managers LLP (Manager)

+44 20 7766 6900

Peter Dubens / Andrew Wolfson

The City Partnership (UK) Limited (Company Secretary)

0131 243 7210

Doreen Nic