Downing Two VCT Plc (LSE:DP2A) commences share repurchases on May 14, 2015 under the program mandated by the shareholders in the Annual General Meeting held on June 17, 2014. As per the mandate, the company is authorized to repurchaseup to 1,062,572, representing 14.99% of the issued ‘C' shares, 1,597,880, representing 14.99% of the issued ‘A' shares, 1,490,000, representing 14.99% of the issued ‘D' shares, 2,235,000, representing 14.99% of the issued ‘E' shares, 1,612,501, representing 14.99% of the issued ‘F' shares, 3,036,074, representing 14.99% of the issued ‘G' shares. The minimum price which may be paid for a ‘C' share, ‘A' share, ‘D' share, ‘E' share, ‘F' share or a ‘G' share is its respective nominal value.

The maximum price which may be paid for a ‘C' share, ‘A' share, ‘D' share, ‘E' share, ‘F' share or a ‘G' share, is an amount, exclusive of all expenses, equal to 105% of the average of the middle market quotations of the ordinary shares, ‘C' shares, ‘A' shares, ‘D' shares, ‘E' shares, ‘F' shares and ‘G' shares as derived from the Daily Official List of the London Stock Exchange, for each of the five business days immediately preceding the day on which the ordinary share, ‘C' share, ‘A' share, ‘D' share, ‘E' share, ‘F' share or ‘G' share is contracted to be purchased. The share repurchase program will expire at the conclusion of the next Annual General Meeting of the company, or on the expiry of 15 months from the passing of this resolution, whichever is earlier, unless previously renewed, varied or revoked by the company in a general meeting.