Net Asset Value

ProVen VCT
Net Asset Value
26 March 2008

Further to  the announcement  made  on 20  March 2008  regarding  the
reduction in Net Asset  Value of ProVen VCT,  the board has  released
additional information,  which  is  set  out below  in  the  form  of
Questions and Answers.

Why has the NAV (net asset value)  of the Ordinary shares in the  VCT
been reduced?
The board of the VCT  has decided to reduce  the valuation of one  of
the companies in  the Ordinary share  portfolio and this  has had  an
effect on the NAV per share.  The company involved is called Espresso
Group Limited.  The  valuation of Espresso  was increased in  January
2008 because the company made  a significant upwards revision to  its
forecast profit for the current financial  year.    Espresso has  now
discovered a  flaw in  its forecasting  model and  has reversed  this
change.  The valuation of the  VCT's investment in Espresso has  been
adjusted accordingly and is now at  a similar level to the  valuation
in August 2007.

Why is the reduction in NAV so large?
Espresso represents a significant proportion of the value of the  VCT
and therefore any change  in its value has  a material effect on  the
NAV of the VCT.

Does this mean that there is a problem at Espresso?
No.  Espresso is the leading UK provider of digital video content for
schools.   Over 10,000  primary  schools, or  around  60% of  all  UK
primary schools, subscribe to its Espresso Education service and  the
company is growing rapidly.  The  only reason for the revaluation  is
the flaw which  has been  identified in the  complex financial  model
used for  forecasting sales  and  profit.   This  flaw has  now  been
corrected.

Has the valuation of any of the other companies in the VCT changed?
No.   The  normal year-end  valuation  of  the VCT  is  currently  in
progress and an NAV as at 29 February will be issued on or around  31
March.

What does this change mean for the performance of the VCTs?
ProVen VCT  is still  among  the best  performing  VCTs.   After  the
reduction in  the NAV,  the  NAV total  return (NAV  plus  cumulative
dividends paid) on the initial subscription price of £1 per  Ordinary
share (before tax reliefs) is 163.6p (dividends of 76.7p).

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