Director/PDMR Shareholding

1.

Details of PDMR / person closely associated with them ("PCA")

a)

Name

Mrs Valerie Marshall

b)

Position / status

Non-Executive Director

c)

Initial notification / amendment

Initial Notification

2.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument

Ordinary Shares of £0.10 each

ISIN: GB0002631934

b)

Nature of the transaction

Dividend Reinvestment Plan

c)

Price(s) and volume(s)

d)

Aggregated information

Aggregated volume

Price

N/A

e)

Date of the transaction

30-09-2016 (London)

f)

Place of the transaction

London Stock Exchange

Michael Probin, VCT Investor Relations Livingbridge VC LLP

0207 506 5796