Downing THREE VCT plc commences share repurchases on June 20, 2018 under the program mandated by the shareholders in the Annual General Meeting held on June 7, 2018. As per the mandate, the company is authorized to repurchase up to 1,486,887 ‘D’ shares, 2,234,234 ‘E’ shares, 1,612,427 ‘F’ shares, 1,997,965 ‘H’ shares and 1,593,593 ‘J’ shares, representing 14.99% of its respective issued shares. The minimum price which may be paid for a ‘D’ share, ‘E’ share, ‘F’ share, ‘H’ share or a ‘J’ share is its respective nominal value and the maximum price which may be paid for a ‘D’ Share, ‘E’ Share, ‘F’ Share, ‘H’ Share or a ‘J’ Share is an amount, exclusive of all expenses, equal to 105% of the average of the middle market quotations of the ‘D’ Shares, ‘E’ Shares, ‘F’ Shares, ‘H’ Shares and ‘J’ Shares as derived from the Daily Official List of the London Stock Exchange, for each of the five business days immediately preceding the day on which the ‘D’ Share, ‘E’ Share, ‘F’ Share, ‘H’ Share or ‘J’ Share is contracted to be purchased.