Investment Mgt Agreement

RNS Number:6736X
Pennine Downing Ethical VCT PLC
15 April 2004

Pennine Downing Ethical VCT plc
15 April 2004

The Company announces the early termination, on Tuesday 13 April 2004, of the
contract for the management of the "unquoted portfolio" of the Company by
Classic Fund Management Ltd .  This termination required a payment of
approximately #10,000.

In addition, Dennis Hallahane and Giles Chitty have today resigned from the
Board.  The Company would like to thank both of them for their contribution
since the Company's launch.

Chris Kay has agreed to join the Board with immediate effect.   Chris has
significant experience in the VCT sector being chairman of Downing Healthcare
Protected VCT plc, a director of Downing Classic VCT plc, i-Net VCT plc, and
Elderstreet Millennium Venture Capital Trust plc.  He was also previously an
executive of Elderstreet Private Equity Limited.
In the next few weeks, the Company will update Shareholders on plans for the
interim management of its "unquoted portfolio".

The management of the Company's "AIM portfolio" continues to be undertaken by
Rathbone Investment Management Limited and is unaffected by the above.


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