THAMES VENTURES VCT 2 PLC

Net Asset Value • Sep 20, 2021

National Storage Mechanism | Additional information

Downing FOUR VCT plc (the “Company”)

LEI: 21380035MV1VRYEXPR95

20 September 2021

Net Asset Values

The Directors of the Company note that the quoted share price of investee Company, Arecor Therapeutics plc, has today (at the close of the market) increased by approximately 30% on the previous close. This increase in the quoted bid price, along with the movements in the bid prices of the other quoted investments held by the Generalist (Ventures) and Healthcare Share classes, has resulted in increases in value equivalent to 1.2p per Generalist (Ventures) Share and 6.3p per Healthcare Share, in NAV terms.

The valuation of the unquoted investments remain at their 31 July 2021 levels, but will be reviewed again prior to the publication of the Half-Yearly Report for the six months to 30 September 2021.

Adjusting the unaudited 31 July 2021 NAVs for the movements noted above, the unaudited NAVs of the Generalist (Ventures) and Healthcare Share classes have increased to 67.7p per Generalist (Ventures) Share and 87.8p per Healthcare Share. These unaudited NAVs are stated prior to the payment of the forthcoming dividends, of 2.75p per Generalist (Ventures) Share and 2.75p per Healthcare Share, which are due to be paid on Friday 24 September 2021.