RNS Number:8413R
Pennine Downing Ethical VCT PLC
07 November 2003

Pennine Downing Ethical VCT plc
7 November 2003

Pennine Downing Ethical VCT plc has today given notice to Classic Fund
Management Limited to terminate their Investment Management Agreement on 10
April 2005, being the earliest date on which such contract can be terminated.
Classic Fund Management Limited manages the Company's unquoted venture capital
portfolio, in which approximately 40% of the net funds raised by the Company
were invested.

Rathbone Investment Management Limited continues to manage the Company's AIM and
fixed income portfolios, in which approximately 60% of the net funds raised by
the Company were invested.  The investment management agreements in respect of
these portfolios are unaffected.

For further information, please contact:

Andrew Davison             Chairman                          07973 155175
Grant Whitehouse           Company Secretary                 020 7416 7780


                      This information is provided by RNS
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