INVESTEC STRUCTURED PRODUCTS CALCULUS VCT PLC

    RESULTS OF ANNUAL GENERAL MEETING AND SEPARATE CLASS MEETINGS

    Result of Annual General Meeting

    The Company is pleased to announce that at the Annual General Meeting held on
    21 July 2015 all resolutions were passed on a show of hands, including the
    following resolutions 9 to 11:

    Resolution 9 (special resolution): To authorise the Directors to allot shares
    for cash pursuant to Sections 570 and 573 of the Companies Act 2006 otherwise
    than in accordance with statutory pre-emption rights.

    Resolution 10 (special resolution): To authorise the Directors to make market
    purchases of the Company's own shares.

    Resolution 11 (special resolution): To hold general meetings (other than annual
    general meetings) on 14 clear days' notice.

    A copy of the full text of Resolutions 9 to 11 will be submitted to the
    National Storage Mechanism and will shortly be available for inspection at
    http://www.morningstar.co.uk/uk/nsm.

    The proxy votes received on each resolution were as follows:

                               For        Against At Chairman's     Withheld
                                                     discretion             
                                                                            
    Resolution 1            71,214            Nil           Nil          Nil
                                                                            
    Resolution 2            66,114          5,100           Nil          Nil
                                                                            
    Resolution 3            71,214            Nil           Nil          Nil
                                                                            
    Resolution 4            61,258            Nil         4,856        5,100
                                                                            
    Resolution 5            66,114            Nil           Nil        5,100
                                                                            
    Resolution 6            66,114            Nil           Nil        5,100
                                                                            
    Resolution 7            71,214            Nil           Nil          Nil
                                                                            
    Resolution 8            71,214            Nil           Nil          Nil
                                                                            
    Resolution 9            66,114            Nil           Nil        5,100
                                                                            
    Resolution 10           61,258          4,856           Nil        5,100
                                                                            
    Resolution 11           66,114            Nil           Nil        5,100

    Results of Separate Class Meetings

    The Company held Separate Meetings of the Holders of Ordinary Shares and C
    Shares on 21 July 2015 and the proposed resolutions were passed on a show of
    hands.

    A special resolution was passed at each Separate Meeting obtaining the approval
    and consent of holders of ordinary shares and C shares to resolution 10 passed
    at the Company's Annual General Meeting held on 21 July 2015 (which had been
    subject to approval at the Separate Meetings) and any variation of class rights
    resulting therefrom. 

    The proxy votes received on the resolution at the Separate Meeting of the
    Holders of Ordinary Shares were as follows:

                               For        Against At Chairman's     Withheld
                                                     discretion             
                                                                            
    Resolution              79,358          4,856           Nil          Nil

    The proxy votes received on the resolution at the Separate Meeting of the
    Holders of C Shares were as follows:

                               For        Against At Chairman's     Withheld
                                                     discretion             
                                                                            
    Resolution              60,287            Nil           Nil          Nil

    A copy of the full text of the Resolutions will be submitted to the National
    Storage Mechanism and will shortly be available for inspection at
    http://www.morningstar.co.uk/uk/nsm.

    21 July 2015