Capital Reorganisation (Reissue)

Downing Distribution VCT 1 plc
Capital Reorganisation (Reissue)
20 April 2010

Downing   Distribution   VCT   1 plc  ("Company")  has  become  aware  that  the
announcement  released by the Company  at 07.01 on 6 April 2010 entitled Capital
Reorganisation  as HUG1400551 has not been  properly associated to the Company's
record  by some news vendors. Therefore, for clarity, the Company has decided to
reissue the announcement.

The full text of the original announcement is as follows:

"Company:         Downing Distribution VCT plc
Headline:            Capital Reorganisation
Released:            07:01  06 Apr 2010
Number:             HUG1400551

Further  to shareholder approval of the resolution at the general meeting of the
Company  which took  place on  24 March 2010 and  completion of the mergers with
Pennine AIM VCT 5 plc and Pennine AIM VCT 6 plc, the Share Consolidation has now
been implemented as follows:

Each  ordinary share  of 25p each  has been  redesignated as 0.34955038 ordinary
shares of 1p each and 24.65043262 deferred shares of 1p each.

In  respect of the mergers with Pennine AIM  VCT 5 plc and Pennine AIM VCT 6 plc
which  took place  on 1 April  2010, the equivalent  rate at which consideration
shares were issued to shareholders in those companies was as follows:

Each  Pennine AIM VCT 5 plc shareholder  now holds 0.30448703 ordinary shares of
1p each  in Downing Distribution VCT 1 plc in respect of each Pennine AIM VCT 5
ordinary share they previously held

Each  Pennine AIM VCT 6 plc shareholder  now holds 0.40564181 ordinary shares of
1p each  in Downing Distribution VCT 1 plc in respect of each Pennine AIM VCT 6
ordinary share they previously held

Admission  to the Official List of the ordinary shares of 1p each in the Company
is  expected to become  effective and trading  on the Main  Market of the London
Stock Exchange expected to commence on 6 April 2010.

Based  on valuations as at  31 March 2010, the unaudited net  asset value of the
ordinary shares of 1p each in the Company stood at 100.0p per share."

Any enquiries please contact:

Grant Whitehouse
Company Secretary
Downing Distribution VCT 1 plc
Tel: [phone]


[HUG#1405766]