We are aware that a number of shareholders of VCTs managed by both Downing and other VCT managers regularly receive unsolicited telephone calls from persons purporting to be acting on behalf of a client who is looking to acquire their VCT shares at an attractive price. We believe these calls to be part of a "Boiler Room Scam".

The FCA has published information about such scams. Details can be found here: www.fca.org.uk/scamsmart

‍The callers purport to be representing a variety of fictitious firms. Examples of firm names being used are as follows:

• Thomas McCain Group (May 2021) - thomasmccaingroupinc.com
• Gorman-Reeve & Associates (May 2021) - gormanreeve.com
• Limestone International asset Management LLC (April 2021)Greenberg Securities LLC (January 2021) - greenbergsecuritiesllc.com
• Stanwood Corporate Partners (December 2020) - stanwoodcorporatepartners.com
• Cranstonfield Associates LLC (October 2020)Charleston Corporation (September 2020)
• Lane Capital Group (September 2020)
• Coolbaugh Securities LLC (September 2020)
• M&G Capital (February/March 2020)
• Meredith & Gellar Capital Partners (February 2020)
• Ellenfield Securities LLC (November 2019)
• Thompson-Russo Securities LLC (November 2019)
• Delmer Consulting Group (June 2019)
• West Capital Partners Inc
• West Consulting
• Watts Corporate Services
• Stansell Corporate Services
• Pacific Ventures Consultancy
• Northern Capital Consultants
• Codd and Fisher

Shareholders are warned to be very suspicious if they receive any similar type of telephone call. Typically these firms will have websites which, on first inspection, appear authentic.

If you have any concerns, please contact Downing on 020 7416 7780.

Downing does not release shareholder details to any third party and seeks to limit to the maximum extent permissible under the Companies Act 2006 access by third parties to the share registers of its VCTs.