Pembroke VCT plc (LSE:PEMB) commences share repurchases on April 14, 2023, under the program mandated by the shareholders in the Annual General Meeting held on September 29, 2022. As per the mandate, the company is authorized to repurchase its B ordinary shares, representing 14.99%% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is 1 pence and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is to be purchased and the amount stipulated by Article 5(6) of the Market Abuse Regulation.

The authority shall expire on the earlier of the AGM of the company to be held in 2023 and the date which is 15 months after the date on which this resolution is passed