Puma Alpha VCT plc

21 January 2022

Issue of Equity

The Directors of Puma Alpha VCT plc (the "Company") are pleased to announce that further to an offer for subscription (the "Offer") of ordinary shares of £0.01 each in the Company ("Ordinary Shares") to raise up to £15,000,000, together with an over-allotment facility for up to a further £5,000,000, as set out in a prospectus dated 9 November 2021 (the "Prospectus"), the Company has today made an initial allotment of 482,000 Ordinary Shares pursuant to the Offer.

In accordance with the allotment formula set out in the Prospectus, the offer prices at which the Ordinary Shares were allotted were in the range of £1.2086 to £1.2460 per Ordinary Share, calculated by reference to the most recently announced net asset value per Ordinary Share (being 120.86p (unaudited) as at 31 August 2021, as published in the half-year report).

Following this allotment, the total number of Ordinary Shares in issue is 12,604,822. Therefore, the total number of voting rights in the Company is 12,604,822. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Application will be made for the Ordinary Shares so allotted to be admitted to the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities, and dealings are expected to commence on or around 1 February 2022. Definitive documents of title are expected to be despatched within 10 business days of allotment.

For further information please contact:

Paul Frost

Company Secretary

Puma Alpha VCT plc

020 7408 4050