Issue of Equity and Correction

Calculus VCT plc

11 December 2019

Issue of Equity and Correction of Previous Announcement

The Board of Calculus VCT plc is pleased to announce that, in connection with the offer for subscription for Ordinary Shares of 1p each that opened on 24 September 2019 ("Offer"), an allotment of 2,764,563 Ordinary Shares ("New Shares") in respect of the 2019/2020 tax year has taken place today at an average issue price of 72.3p per share. Application for the New Shares to be admitted to the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities has been made and it is expected that admission will take place on or around 13 December 2019.

Following this allotment, the issued share capital and total voting rights of the Company comprises:

The above total number of voting rights should be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

It was announced on 5 April 2019, that 2,076,361 Ordinary shares in Calculus VCT plc had been issued and were to be admitted to trading. Due to a clerical error, 6,416 shares were incorrectly included in that issue and, accordingly, the correct number of Ordinary Shares issued on that date was in fact 2,069,945. The Company has requested that the FCA correct the Official List as at that date as part of the listing application for the New Shares. The application for the 2,764,563 New Shares includes shares issued in replacement of erroneous allotment referred to above.

Calculus Capital

Company Secretary