Tranche Update on Downing Two VCT Plc's Equity Buyback Plan announced on May 14, 2015.

Downing TWO VCT plc is a venture capital trust. The Company's principal objective is to provide shareholders with an attractive level of tax-free capital gains and income generated from a portfolio of investments in a range of different sectors. The Company's strategy for achieving this objective is to invest in a portfolio of venture capital investments across a range of differing sectors, primarily in the United Kingdom and European Union, and comply with the venture capital trust regulations to enable shareholders to retain the initial income tax relief and ongoing tax reliefs. The Company is focused on asset-backed investments in order to seek capital preservation. It holds over 70% of its investments in qualifying companies. Approximately 30% of the Company's qualifying investments are held in eligible shares for funds. Approximately 10% of each investment in a qualifying company is held in eligible shares. Downing LLP is the Company's investment manager.