THAMES VENTURES VCT 2 PLC

Net Asset Value • Sep 22, 2021

National Storage Mechanism | Additional information

Downing FOUR VCT plc (the “Company”)

LEI: 21380035MV1VRYEXPR95

22 September 2021

Net Asset Values

Further to the announcement entitled Net Asset Value, made by the Company at 6:26pm on 20 September 2021, the Directors of the Company note that there has been a further increase in the quoted share price of investee company, Arecor Therapeutics plc (“Arecor”), of approximately 47% today. As at the close of the market today (22 September 2021), the Arecor share price is approximately 86% above the level included in the 31 July 2021 NAVs, published on 3 August 2021.

This increase in the quoted bid price, along with the movements in the bid prices of the other quoted investments held by the Ventures and Healthcare Share classes, has resulted in total increases in value equivalent to 2.1p (3.2%) per Generalist (Ventures) Share and 13.3p (16.3%) per Healthcare Share, in NAV terms, from the 31 July 2021 positions.

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 now increased to 68.6p per Ventures Share and 94.8p 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.