Issue of Equity

Elderstreet VCT PLC
04 April 2005

Elderstreet VCT PLC ('Elderstreet' or 'the Company')
Offer for subscription of 'C' Shares ('the Offer')

4 April 2005

The Directors of Elderstreet are pleased to announced that they have issued and
allotted a further 783,597 'C' ordinary shares of 5 pence each (bringing the
total issued and allotted to 1,370,000 'C' ordinary shares), conditional only on
admission ('Admission') of these 'C' shares to the Official List of the UK
Listing Authority and to trading on the main market of the London Stock
Exchange, with the remaining ordinary shares to be issued and allotted before
the end of the 2004/2005 tax year or during the 2005/2006 tax year.

It is expected that Admission will take place at 8.00 am on 5 April 2005.
Dealings in the 'C' shares are expected to commence on 5 April 2005 and
definitive documents of title are expected to be dispatched within 10 business
days of allotment.  The Offer is expected to remain open until 27 May 2005.

The Directors also announce that, included within the above, are the following
allotments to Directors of the Company:

Luke Johnson, a Director, was allotted 50,000 'C' Shares in the Company at a
price of £1 per share representing 3.6 per cent. of the issued 'C' share
capital.

Barry Dean, a Director, was allotted 10,000 'C' Shares in the Company at a price
of £1 per share representing 0.7 per cent. of the issued 'C' share capital.


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