Issue of Equity

Pembroke VCT plc (the "Company")

Issue of Ordinary Shares of 1p each ("Ordinary Shares") pursuant to the Top Up Offer for Subscription to raise up to £1,649,200 (the "Offer")

We are pleased to announce that the Offer has been fully subscribed and, consequently, an allotment of shares took place on 31 March 2014 in respect of 1,649,200 Ordinary Shares pursuant to the Offer. The Offer price at which the Ordinary Shares were allotted was 100p per share.

Following the allotment announced above, the total number of Ordinary Shares in issue (including 2 Ordinary Shares issued as subscriber shares) is 18,141,202 which represent the total voting rights of the Company.

Application for the Ordinary Shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's market for listed securities will be made shortly and dealings are expected to commence on or around 9 April 2014. CREST accounts are expected to be credited within five business days of allotment and definitive documents of title are expected to be dispatched within ten business days of allotment.

For further information please contact:

Pembroke VCT plc

+44 20 7766 6900

Peter Dubens / Andrew Wolfson

FTI Consulting

+44 20 7831 3113

Edward Bridges

Palmer Capital LLP (Promoter)

+44 20 7766 6900

James Bruce

The City Partnership (UK) Limited (Company Secretary)

+44 131 243 7215

Doreen Nic