- Investment Update

ABERDEEN GROWTH OPPORTUNITIES VCT PLC

Investment Activity

Since the publication of the interim report in July 2004 a further total of
£1,790,750 has been invested which is made up of eleven new & four follow-on
investments. The following eleven new investments were made at a total cost of
£1,641,880 :-

Avanti Screen Media plc (*) (July 2004) - £150,000. Based in London, Avanti is a
provider of screens and media advertising content to retailers, pub, clubs and
leisure facilities.

Fountains plc (*) (July 2004) - £100,000. Based in Banbury, Oxfordshire,
Fountains is a provider of environmental services to a number of diverse
clients, from public bodies to utility companies operating in the United
Kingdom, Ireland and United States.

Imagesound plc (*)  (July 2004) - £150,000. Based in London, Imagesound
(formerly Advance Capital Invest) is based in Chesterfield and provides
background messaging services, almost exclusively to branded retail and leisure
outlets.  It offers client specific, profiled music content promoting brand
enhancement and/or product promotion at the point of sale.  The company
currently provides background music and messaging services to over 6,500 retail
and leisure outlets.

RMS Europe Limited (July 2004) - £113,865. RMS operates ports at Goole, on the
Humber Estuary and at Flixborough and Gunness on the River Trent, providing
stevedoring and ships agency services together with the storage and onward
transport of materials. The total fundraising was £3.6 million and Murray VCT
PLC, Murray VCT 2 PLC, Murray VCT 3 PLC, Murray VCT 4 PLC, Aberdeen Growth VCT I
PLC, Aberdeen Development Capital PLC and West Yorkshire Pension Fund were co-
investors.

Tanfield Group plc (*) (August 2004) - £150,000. Based in Durham, Tanfield Group
is a technical solutions and manufacturing group.

Air Music & Media plc (*) (September 2004) - £150,000. Based in Berkhamsted,
Hertfordshire, Air Music & Media's core activities are the development and
acquisition of music and film copyrights, the licensing in of third party music
and film copyrights and the exploitation of those rights through the production
and sale of budget priced audio compact discs and DVD films.

Deckflat Limited (September 2004) - £250,000. Deckflat Limited (trading as Cash
Bases Limited) is a designer and manufacturer of customized cash drawers used as
part of an electronic point of sale ('EPOS') installation. The total fundraising
was £2 million and Aberdeen Growth VCT I PLC and Aberdeen Development Capital
PLC were co-investors.

Driver Hire Limited (September 2004) - £100,000. Driver Hire Limited is a
supplier of temporary professional drivers. The total fundraising was £8.875
million and Aberdeen Murray Johnstone Private Equity Fund, Murray VCT PLC,
Murray VCT 2 PLC, Murray VCT 3 PLC, Murray VCT 4 PLC, Aberdeen Growth VCT I PLC,
South Yorkshire Pensions Authority and West Yorkshire Pension Fund were co-
investors.

Begbies Traynor Group plc (*) (October 2004) - £150,000. Based in Preston,
Begbies is a leading independent insolvency, corporate rescue and recovery
specialist.

Cello Group plc (*) (November 2004) - £128,000. Based in Cheltenham, Edinburgh
and London, Cello is a group of companies involved in the marketing
services/communications sector.

Careforce plc (*) (November 2004) - £200,015. Based in Hertfordshire, Careforce
is a provider of domiciliary care services, primarily caring for the elderly and
infirm in their own homes.

 (*) Quoted on AIM

The portfolio now stands at 29 unquoted & AIM investments totaling £3.78
million.