Pembroke VCT PLC commences share repurchases on February 8, 2016 under the program mandated by the shareholders in the Annual General Meeting held on September 24, 2015. As per the mandate, the company is authorized to repurchase up to 14.99% of its issued share capita of Ordinary and B Ordinary sharesl. The minimum price which may be paid for each ordinary and B ordinary share shall be 25p and the maximum price which may be paid for an ordinary share and B ordinary shall be the higher of 105% of the average of the middle market quotations as derived from the Daily Official List of the London Stock Exchange for the ordinary shares and B Ordinary share for the five business days immediately preceding the date of purchase and the higher of the price of the last independent trade and the highest current independent bid relating to an ordinary share and B ordinary share on the trading venue where the purchase is carried out.

The program shall expire at the conclusion of the next Annual General Meeting in 2016 or 15 months from the date of AGM.