MOLTEN VENTURES VCT PLC

LEI: 2138003I9Q1QPDSQ9Z97

PUBLICATION OF OFFER DOCUMENT

7 October 2026

The Directors of Molten Ventures VCT plc (the "VCT" or the "Company") are pleased to announce the publication of an offer document (the "Offer Document") relating to an offer for subscription by the Company which seeks to raise £10 million (with an over-allotment facility of up to an additional £20 million if required), and in any event subject to a maximum of 80 million new ordinary shares, through the issue of new ordinary shares of 5p each (the "Offer").

As set out in the Offer Document, the VCT aims to provide investors with an attractive and tax efficient opportunity to participate in the growth of innovative UK technology companies, and the proceeds of the Offer will be used to continue that strategy of further investment in high-growth technology companies.

The Offer Document is not a prospectus. No prospectus has been, or will be, approved by the Financial Conduct Authority (the "FCA") or by any other regulatory authority in connection with the Offer. The Company, being a closed-ended investment fund, is permitted under the UK Prospectus Rules to issue such number of new ordinary shares as would represent, over a period of 12 months, less than 100% of the ordinary shares then in issue, without having to publish a prospectus.

The Offer Document constitutes a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 and has been approved as such by Paxiot Limited, which is authorised and regulated by the FCA. A short summary brochure further highlighting the distinctive aspects of the VCT and its investments will also be published shortly by the Company, although potential investors are reminded that any investment decision should be based solely on the information contained in the Offer Document and they should pay particular attention to the risk factors set out therein.

Introducing the Offer, David Brock, Chairman of the VCT, comments:

"At Molten Ventures VCT, we believe in the power of visionary founders and transformative technology to reshape our world for the better. As we open our offer for the 2026/27 and 2027/28 tax years, I am pleased to invite you to join us as shareholders backing some of the UK's most promising early-stage technology businesses and enjoying the tax benefits that a VCT offers.

A series of recent investments made by the Company reflect the execution of this strategy. These include General Index, delivering commodity price transparency to trading markets through digital data services; Polymodels, with ModelFlow the digital backbone for pharmaceutical process development; and Maia Technology, enabling portfolio management for hedge funds and multi-asset managers. The Company also provided further support to portfolio companies, including Focal Point (enhanced GPS technology) and IMU Biosciences (AI driven immune powered precision medicine).

The Company's close association with Molten Ventures plc provides retail investors with access to pioneering, early stage technology venture deals, co-investing with Molten Ventures plc and its EIS funds. The Company benefits from the Manager's distinctive abilities in technology investment as well as diversification across enterprise and consumer technology, deep tech and digital health. The investment team has the specialist experience and skills to seek, analyse and structure early-stage investments and engage with founders, management and advisers to determine and execute on the right success factors to drive value creation.

The top five investments made alongside Molten Ventures plc by value (including one legacy holding) are:

• Riverlane, which is developing and deploying real time quantum error correction (QEC) technology to make quantum computers more reliable and help unleash the power of quantum computing;

• Thought Machine, a fintech company providing core banking and payment platforms to Tier 1 financial services clients, which has secured over $500 million of funding to date and reported revenue of over $100 million for 2025;

• Form3, a real-time payment technology business which completed a $60 million Series C extension round in September 2024;

• Expanding Circle (trading as AltruistIQ), selling Product Carbon Footprint (PCF) measurement capability to a client base of major companies in food and beverage, retail, logistics, fashion, and sustainability focused sectors; and

• Global Satellite Vu, providing high resolution thermal data from space and building out industry-leading features as well as projects to deliver AI-driven insights.

The Company maintained its commitment to Shareholders during the year, paying tax free dividends in line with the Board's target and continuing an active buyback policy, with all shares offered for repurchase bought back in stages to provide Shareholders with liquidity. The Company realised £5.5 million in exits, comprising cash plus shares in the acquirors' businesses.

Over 89% of the VCT's portfolio companies by value have sufficient cash runway for at least the next 12 months. The Company's dividend record and its past performance are set out in full in the Offer Document, which investors should read before making any investment decision."

Offer opening and closing dates

The Offer will be open for applications from 12 noon on 7 October 2026. The Offer will remain open until the earlier of 5.00 p.m. on 30 June 2027 (unless previously extended, or closed early, by the Directors) and the date on which the relevant Maximum Subscription (as defined in the Offer Document) is reached. Applications specifying that some or all new ordinary shares are to be allotted in the 2026/27 tax year must be received, together with cleared funds, by 5.00 p.m. on 1 April 2027.

Early investment incentive

For valid applications received and accepted with cleared funds received into the Receiving Agent's account on or before the dates set out below, and subject to the maximum aggregate subscription amounts set out below, the discount set out below will be applied to the applicant's Offer costs through the pricing formula described in the Offer Document:

30 October 2026, or the first £2.5 million subscribed - 2.5%

30 November 2026, or the next £5 million subscribed - 2.0%

31 December 2026, or the next £5 million subscribed - 1.5%

31 January 2027, or the next £5 million subscribed - 1.0%

28 February 2027, or the next £5 million subscribed - 0.5%

Applications received from 1 March 2027 onwards, or after the first £22.5 million has been subscribed, will not attract any discount. The incentive is allocated on a first come, first served basis, and because each tier is subject to both a date and a maximum aggregate subscription amount a tier may be exhausted before the date shown.

NOTE: applications made via platforms or intermediaries using delivery versus payment (DvP) settlement processes are not eligible for the discount. Full details are set out in the Offer Document.

Related Party Transaction

In relation to the Offer, the Company's manager, Elderstreet Investments Limited, has been appointed as promoter of the Offer. Pursuant to a Promoter Agreement dated 7 October 2026 relating to the Offer, Elderstreet Investments Limited will receive a fee of 3.0% of the amount subscribed under the Offer by investors applying through an authorised financial intermediary and 3.5% of the amount subscribed by investors applying direct. Elderstreet Investments Limited is regarded as a related party of the Company under the UK Listing Rules ("UKLR") and accordingly the terms of this appointment constitute a related party transaction under UKLR 11.5.4R.

The Board considers that the transaction is fair and reasonable as far as the Shareholders of the Company are concerned, and the Directors have been so advised by SPARK Advisory Partners Limited, which has provided the written confirmation required by UKLR 8.2.1R(3) in its capacity as sponsor for that purpose. Richard Marsh, being an employee of Molten Ventures plc, the parent company of Elderstreet Investments Limited, has not participated in the Board's consideration or approval of the arrangements under the Promoter Agreement and is excluded from the Directors' fair and reasonable opinion set out below. SPARK Advisory Partners Limited is not acting as sponsor in relation to the Offer generally and has no responsibility for the contents of the Offer Document.

Offer Document availability

The Offer Document is available to download at https://investors.moltenventures.com/investor-relations/vct.

The Offer Document will also shortly be available to view at the online viewing facility of the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Investors should read the Offer Document in full before making any investment decision. An investment in a VCT is a high risk investment and the value of an investment, and any income from it, may fall as well as rise. Investors may not get back the amount invested, even taking into account the available tax reliefs. Past performance is not a reliable indicator of future results. Tax reliefs depend on individual circumstances, on the new ordinary shares being held for at least five years, and on the Company maintaining its status as a venture capital trust; tax rules and rates may change.

Enquiries:

For further information please contact the Manager on 020 7931 8800 or via email to [email protected].

Sales enquiries should be directed to RAM Capital on 020 3006 7530 or via email to [email protected].

Administrative queries should be directed to the company secretary, ISCA Administration Services Limited, on 01392 487056.