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ADVENT VCT plc

OFFER FOR SUBSCRIPTION AND PLACING RAISE Ł31.5 MILLION

As at 12:00 noon on the 1st April 1966, the closing date for the offer for subscription, applications had been received for a total of 32,224,545 shares. Applications in respect of 30 million shares have been accepted under the offer for subscription. In addition a further 1.5 million shares have been allocated under powers granted by a special resolution of the company passed on 15th February 1966 as detailed in Part III of the prospectus.

Accordingly, under the terms of the prospectus, applications totalling 724,545 shares received by 12:00 noon on Monday 1st April 1966 have been satisfied, following a ballot.

Graham Ross Russell, Chairman of Advent VCT plc said:

"The Advent VCT has been comfortably oversubscribed, making it the largest venture capital trust to date, and by a considerable margin. We were always confident of a successful launch but we have been delighted at the quality of support received, especially from the leading professional advisers.

Our investment team is looking forward to justifying our investors' confidence and making the Advent VCT a flagship for the new venture capital trust sector."

Sir David Cooksey, a director of Advent VCT plc and Chairman of Advent Limited added:

"As a venture capital management firm our reputation and client base has, to date, been drawn from the institutional investment community. We are delighted by the private investor response to our first fundraising effort in the retail market. A number of investment opportunities for the trust are already being reviewed and we will be keeping investors in touch with progress."

Contacts

Advent VCT plc
Allan Speirs
(0171) 630-9811

UBS Limited
Philip Stephens/Gavin Kelly
(0171) 901-3333

Matrix-Securities Ltd
Donald Mackinnon
(0171) 734-8334