Merger Update

Downing Distribution VCT 1 plc
Pennine Aim VCT 5 plc
Pennine AIM VCT 6 plc

Merger Update
Joint Announcement

1 April 2010

This  announcement is  made by  the Company  in connection  with the  schemes of
reconstruction  in  relation  to  the  merger  of Downing Distribution VCT 1 plc
(formerly  The AIM Distribution Trust plc) ("AIMDIT") with Pennine AIM VCT 5 plc
("P5")  and Pennine AIM VCT 6 plc ("P6")  details of which were contained in the
Company's  prospectus  (the  "Prospectus")  and  circular  to  shareholders (the
"Circular") both dated 26 February 2010.

The  board of  directors of  AIMDIT, P5  and P6  are pleased  to advise that the
resolutions  proposed at the general meetings of  P5 and P6 held today were both
duly passed unanimously.

In implementating the Schemes, the assets and liabilities of P5 and P6 have been
transferred  to AIMDIT, in consideration for the  issue of ordinary shares of 1
pence  each in the capital  of the AIMDIT Company  (the "Shares"), as summarised
below.

The  total number of Shares issued to  P5 shareholders in connection with the P5
Scheme was 6,478,439.

The  total number of Shares issued to  P6 shareholders in connection with the P6
Scheme was 10,792,547.

Application will shortly be made for all the Shares issued to be admitted to the
Official  List and to trading  on the main market  of the London Stock Exchange.
 It  is  expected  that  admission  will  become effective and that trading will
commence on 6 April 2010.

For further enquiries please contact:

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


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