Issue of Equity

Pembroke VCT plc (the "Company")

Issue of Ordinary and B Ordinary Shares of 1p each

pursuant to the Dividend Investment Scheme

The Company announces that on 31 October 2019 it allotted 2,360 Ordinary Shares at a price of 135.27p per Ordinary Share and 176,327 B Ordinary Shares at a price of 108.90p per B Ordinary Share (the 'Shares') to certain shareholders under the Company's Dividend Investment scheme.

Following this allotment, the Company's issued share capital is as follows:

·; 18,099,948 Ordinary Shares (including 2 Ordinary Shares issued as subscriber shares)

·; 54,756,750 B Ordinary Shares

Therefore, the total number of voting rights in the Company is 72,856,698. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of interest in, the Company under the FCA's Disclosure and Transparency Rules.

Application for the Shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities will be made shortly and dealings are expected to commence on or around 8 November 2019. CREST accounts are expected to be credited as soon as practicable following the allotment and definitive documents of title are expected to be dispatched within ten business days of allotment.

For further information, please contact:

Pembroke Investment Managers LLP (Manager)

020 7766 2836

Andrew Wolfson

The City Partnership (UK) Limited (Company Secretary)

0131 243 7215

Doreen Nic

Cornerstone Communications

07917 080 365

Richard Acworth