Result of AGM

Downing Distribution VCT 1 plc
13 September 2011

At the Annual General Meeting of Downing Distribution VCT 1 plc held today, all
resolutions were passed.

Details of the proxy votes in respect of the resolutions passed at the Annual
General Meeting received as at 11.00am on 9 September 2011, 48 hours before the
time of the meeting (excluding weekends), at Downing LLP are set out below:

+--------------+----------+-------------+----------+--------+----------+
|              |   For    |Discretionary| Against  |Withheld|          |
+--------------+----------+-------------+----------+--------+----------+
|Resolution No.|  No. of  |   No. of    |  No. of  | No. of |  Total   |
|              |  Votes   |    Votes    |  Votes   | Votes  |  Votes   |
|              |          |             |          |        |          |
|              |% of votes| % of votes  |% of votes|        |% of votes|
+--------------+----------+-------------+----------+--------+----------+
|      1       | 443,622  |   15,565    |  12,394  | 1,560  | 471,581  |
|              |          |             |          |        |          |
|              |  94.07%  |    3.30%    |  2.63%   |        |  100.0%  |
+--------------+----------+-------------+----------+--------+----------+
|      2       | 411,044  |    3,082    |  55,427  | 3,588  | 469,553  |
|              |          |             |          |        |          |
|              |  87.54%  |    0.66%    |  11.80%  |        |  100.0%  |
+--------------+----------+-------------+----------+--------+----------+
|      3       | 457,576  |   15,565    |    -     |   -    | 473,141  |
|              |          |             |          |        |          |
|              |  96.71%  |    3.29%    |  0.00%   |        |  100.0%  |
+--------------+----------+-------------+----------+--------+----------+
|      4       | 424,476  |   15,565    |  23,151  | 9,949  | 463,192  |
|              |          |             |          |        |          |
|              |  91.64%  |    3.36%    |  5.00%   |        |  100.0%  |
+--------------+----------+-------------+----------+--------+----------+
|      5       | 409,806  |   17,125    |  32,954  | 13,256 | 459,885  |
|              |          |             |          |        |          |
|              |  89.11%  |    3.72%    |  7.17%   |        |  100.0%  |
+--------------+----------+-------------+----------+--------+----------+
|      6       | 400,866  |   17,125    |  45,201  | 9,949  | 463,192  |
|              |          |             |          |        |          |
|              |  86.54%  |    3.70%    |  9.76%   |        |  100.0%  |
+--------------+----------+-------------+----------+--------+----------+
|      7       | 411,138  |   19,153    |  31,341  | 11,509 | 461,632  |
|              |          |             |          |        |          |
|              |  89.06%  |    4.15%    |  6.79%   |        |  100.0%  |
+--------------+----------+-------------+----------+--------+----------+
|      8       | 420,946  |   15,565    |  32,987  | 3,643  | 469,498  |
|              |          |             |          |        |          |
|              |  89.66%  |    3.32%    |  7.03%   |        |  100.0%  |
+--------------+----------+-------------+----------+--------+----------+
|      9       | 406,385  |    3,082    |  60,031  | 3,643  | 469,498  |
|              |          |             |          |        |          |
|              |  86.56%  |    0.66%    |  12.79%  |        |  100.0%  |
+--------------+----------+-------------+----------+--------+----------+
|      10      | 393,545  |   15,565    |  62,471  | 1,560  | 471,581  |
|              |          |             |          |        |          |
|              |  83.45%  |    3.30%    |  13.25%  |        |  100.0%  |
+--------------+----------+-------------+----------+--------+----------+

A copy of the resolutions passed will be submitted to the National Storage
Mechanism and will shortly be available for inspection at
www.hemscott.com/nsm.do.






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Source: Downing Distribution VCT 1 plc via Thomson Reuters ONE

[HUG#1546225]