Final Results

Aberdeen Growth Opportunities VCT PLC Preliminary Announcement The Directors announce the preliminary results, subject to final audit, for the year ended 30 November 2004. Net Asset Value The Net Asset Value (NAV) per share at 30 November 2004, before payment of a dividend in respect of the year then ended, was 94.6p compared with 92.2p at 30 November 2003. This increase in NAV of 2.6% compares with the increase in stock market indices generally and, in particular, the FTSE SmallCap Index, which rose by 12.2% over the period, and the FTSE AIM Index, which rose by 22.8%. The performance of the portfolio is governed to a large extent by the investment in instruments designed to protect the capital while providing a measure of income, where typically the share price of such instruments does not follow general stock market indices. In addition, the valuation of unlisted holdings is normally held at cost for the first year irrespective of the underlying performance of the investment. The most important measures for a VCT are the long term record of income and capital gains dividend payments and the timing of these payments over the life of the Company. In the short term, the NAV on its own is a less important measure of performance as the underlying investments are long-term in nature and not readily realisable. The effect of paying the proposed dividend will be to reduce the NAV per share to 93.6p. Dividends and returns to date It was stated in the Company's Prospectus that in the early years dividends, if any, would be small until such time as capital realisations occurred. The Board did not declare an interim dividend but recommends a final dividend of 1.0p per share, to be paid on 29 April 2005 to Shareholders on the register on 1 April 2005. Income flow and the timing of realisations and resulting distributions of capital gains will be unpredictable and the dividend stream is likely to vary from year to year. Since the Company's launch, most Shareholders will have received 3.0pps in tax- free dividends. The total return since launch will be 96.6pps, being the sum of dividends paid plus current NAV. Investment Activity During the year to 30 November 2004, sixteen new unlisted and AIM investments were made at a total cost of œ£2,113,130. Since the period end, two further new investments and a follow-on investment have been made at a total cost of œ£575,000. Twenty nine investments totalling œ£3.88 million had been completed as at 30 November 2004. Since the period end, the number of investments has increased to thirty one and the total cost to œ£4.50 million. The following thirteen new investments have been made since the publication of the Interim Report (companies quoted on AIM are marked (*)):- Avanti Screen Media plc (*) (July 2004) - œ£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) - œ£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) - œ£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) - œ£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 œ£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) - œ£187,500. Based in Durham, Tanfield Group is a technical solutions and manufacturing group. Air Music & Media plc (*) (September 2004) - œ£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) - œ£250,000. Deckflat Limited (trading as Cash Bases Limited) is a designer and manufacturer of customised cash drawers used as part of an electronic point of sale ('EPOS') installation. The total fundraising was œ£2 million and Aberdeen Growth VCT I PLC and Aberdeen Development Capital PLC were co-investors. Driver Hire Limited (September 2004) - œ£100,000. Driver Hire Limited is a supplier of temporary professional drivers. The total fundraising was œ£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) - œ£150,000. Based in Preston, Begbies Traynor is a leading independent insolvency, corporate rescue and recovery specialist. Cello Group plc (*) (November 2004) - œ£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) - œ£200,015. Based in Hertfordshire, Careforce is a provider of domiciliary care services, primarily caring for the elderly and infirm in their own homes. Sanastro Limited (December 2004) - œ£275,000. Based in London, Sanastro is a B2B publishing company. The total fundraising was œ£6.75 million and Murray VCT PLC, Murray VCT 2 PLC, Murray VCT 3 PLC and Murray VCT 4 PLC were co- investors. Augean plc (*) (December 2004) - œ£210,000. Based in London, Augean is a group of companies in the UK waste, water management and supply services sectors. Portfolio developments Aberdeen Growth Opportunities VCT is still building its portfolio of qualifying investments. In this situation, exits are not being actively sought from the existing portfolio of investments. However, on an opportunistic basis, sales will be considered where they offer particularly attractive terms. Encouragingly, several portfolio companies are trading strongly which, if sustained, offers the prospect of meaningful medium term capital gains. Where companies are performing below plan, the Manager is working closely with the companies' executives to effect an improvement in performance. The Board The board announces the resignation of Mr Jonathan Diggines as a Director with effect from 31 January 2005 following his resignation from Aberdeen Asset Managers. We wish to record our gratitude to Mr Diggines for the advice and support he has provided to the Company since its inception. Outlook Aberdeen Growth Opportunities VCT will continue to invest in new unlisted and AIM investments. The regional network of Aberdeen Murray Johnstone Private Equity offices continues to see a steady and increasing flow of investment opportunities. The Manager will continue to work with the companies in which we have invested in order to maximise proceeds from eventual exits. The Company's prospectus anticipated that the investment portfolio would comprise 20% in AIM stocks. The Board has resolved to increase this to 25% in view of the opportunities that are currently available to the Company for additional investment. The Board and Manager remain confident that the wide spread of investments, which will widen further during the coming year, leaves the Company well positioned for the future. ABERDEEN GROWTH OPPORTUNITIES VCT PLC STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*) (unaudited) For the year ended 30 November 2004 Year ended Year ended 30 November 2004 30 November 2003 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments 255 255 - 51 51 - Income from investments 419 - 419 - 453 453 Other income 21 - 21 - 18 18 Investment management fees (52) (207) (259 (43) (171) (214 ) ) Other expenses (209) (209 (192) - (192 - ) ) Net return/(loss) on 179 48 227 (120) 116 ordinary activities 236 before taxation Tax on ordinary activities (29) 1 (42) 30 33 (9) Return attributable to 150 78 228 (87) 107 equity shareholders 194 Ordinary dividends on equity (104) (104 (207) (207 shares - ) - ) Transfer to/(from) reserves 46 78 124 (13) (87) (100 ) Return per Ordinary share 1.44 (0.84) 1.04 (pence) 0.75 2.19 1.88 * The revenue column of this statement is the profit and loss account of the Company. ABERDEEN GROWTH OPPORTUNITIES VCT PLC BALANCE SHEET (unaudited) As at 30 November 2004 As at As at 30 November 30 November 2004 2003 £'000 £'000 Fixed assets Investments 4,852 9,184 Current assets Debtors 149 247 Cash and overnight deposits 4,965 432 5,114 679 Creditors: amounts falling due within one year (250) (338) Net current assets 4,864 341 Total net assets 9,716 9,525 Capital and reserves Called up share capital 1,038 1,033 Share premium 4,676 4,570 Distributable reserve 4,157 4,209 Capital redemption reserve 8 - Capital reserve - realised (498) (171) Capital reserve - unrealised 273 (132) Revenue reserve 62 16 Equity shareholders' interest 9,716 9,525 Net asset value per ordinary share (pence) 93.6 92.2 ABERDEEN GROWTH OPPORTUNITIES VCT PLC CASH FLOW STATEMENT (unaudited) For the year ended 30 November 2004 Year ended Year ended 30 November 2004 30 November 2003 £'000 £'000 £'000 £'000 Operating activities Investment income received 632 524 Deposit interest received 19 17 Investment management fees paid (252) (199) Secretarial fees paid (61) (60) Cash paid to and on behalf of Directors (81) (75) Other cash payments (51) (95) Net cash inflow from operating 206 112 activities Taxation Corporation tax 31 - Financial investment Purchase of investments (5,413) (2,720) Sale of investments 9,849 2,781 Net cash inflow/(outflow) from financial investment 4,436 61 Equity dividends paid (207) - Net cash inflow before financing 173 4,466 Financing Issue of ordinary shares 119 - Share repurchases (52) - Net cash inflow from financing 67 - Increase in cash 4,533 173 ABERDEEN GROWTH OPPORTUNITIES VCT PLC SUMMARY OF INVESTMENT CHANGES DURING THE YEAR TO 30 NOVEMBER 2004 Valuation Appreciation Valuation 30 Nov 2003 Transactions (depreciaion) 30 Nov 2004 £'000 % £'000 £'000 £'000 % Unit Trusts 21.0 (1,306) 11 2,000 705 7.2 Equities - AIM 1,573 134 - - 1,707 17.6 Fixed income (5,584) (1) 5,585 58.6 - - Unlisted Investments Equities 172 114 467 4.9 753 7.7 Preference shares 13 1 121 1.3 135 1.4 Fixed Income 545 (4) 1,011 10.6 1,552 16.0 Total investments 9,184 (4,587) 255 4,852 96.5 49.9 Other net 4,523 assets/(liabilities 341 3.6 - 4,864 50.1 ) Total assets 9,525 100.0 (64) 255 9,716 100.0 Notes: This preliminary announcement has been prepared on the same basis as that set out in the statutory financial statements for the prior period. Returns per Ordinary share have been calculated using the weighted average number of share in issue during the period of 10,389,951. Net Asset Value per Ordinary share has been calculated using the number of shares in issue at 30 November 2004 of 10,375,268. A summary of investment changes for the period under review and an investment portfolio summary as at 30 November 2004 are attached. A full copy of the annual report and financial statements will be printed and issued to shareholders. The financial information contained within this Preliminary Announcement does not constitute the Company's statutory financial statements as defined in Section 240 of the Companies Act 1985. The statutory financial statements for the period ended 30 November 2003 have been delivered to the Registrar of Companies and contained an audit report which was unqualified and did not constitute statements under Sections 237(2) or (3) of the Companies Act 1985. Copies of this announcement will be available to the public at the office of Aberdeen Asset Managers Limited, 123 St Vincent Street, Glasgow and at the registered office of the Company, One Bow Churchyard, London. By Order of the Board ABERDEEN ASSET MANAGEMENT PLC SECRETARIES 2 February 2005 ABERDEEN GROWTH OPPORTUNITIES VCT PLC INVESTMENT PORTFOLIO SUMMARY As at year ended 30 November 2004 % of Valuatio Tota n l Unlisted Nature of business œ£ Asse Investments '000 ts PSCA Publisher of high quality local government 276 2.8 International publications Deckflat Design and manufacture of customised cash 250 2.6 drawers Axeon Developer of semiconductor intellectual 241 2.5 property rights Transrent Provider of trailer and transport solution 187 1.9 Holdings services Elam-T Developer of flat screen technologies 163 1.6 Palgrave Brown Manufacturer of timber products 150 1.6 (Hldgs) Essential Video streaming 150 1.6 Viewing Systems Enterprise Provider of supply chain and management 150 1.6 Food Group services to the bakery industry ScotNursing Provider of temporary and agency nursing 135 1.4 and care staff Room 2 Retailer of household textiles, furniture, 117 1.2 lighting & home accessories RMS Europe Ports operator 114 1.2 Inovas Software Developer 100 1.0 Llanllyr Water Extraction and bottling of mineral spring 100 1.0 Company water Driver Hire Supplier of temporary drivers 100 1.0 Group Albanet Software and services provider 82 0.8 AMGas Manufacturer of sensors for application in 75 0.8 oil and gas exploration PLM Dollar Operator of commercial helicopter fleet 50 0.5 Group 2,440 25.1 AIM Investments Careforce Provider of domiciliary care services 223 2.3 Avanti Screen Provider of screens and media advertising 215 2.2 Media content Begbies Independent insolvency and rescue recovery 179 1.8 Traynor Group specialist Imagesound Provider of background messaging services 179 1.8 Tanfield Technical solutions and manufacturing group 161 1.7 Cello Group Group of companies specialising in the 147 1.5 media and advertising industry Air Music & Producer and supplier of low-priced 126 1.3 Media entertainment products Public Supplier of doctors and teachers to the 125 1.3 Recruitment state sector Group Fountains Specialist environmental services company 114 1.2 Award Supplier of marketing and merchandising 100 1.0 International Holdings Business Serve Internet service provider 76 0.8 Asfare Manufacture and supply of equipment for the 62 0.7 emergency services 1,707 17.6 Unit Trusts Aberdeen International Fixed Interest 499 5.1 Aberdeen International Sterling Bond 206 2.1 705 7.2 Total 4,852 49.9 investments

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