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Downing Classic VCT (CAV)

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Thursday 15 April, 2004

Downing Classic VCT

AGM Statement

Downing Classic VCT PLC
15 April 2004

Downing Classic VCT plc
15 April 2004

At the Annual General Meeting of the Company earlier today Chris Kay, the
Chairman, announced the following:

'Downing Classic VCT plc announces the termination, on Tuesday 13 April 2004, of
the contract for the management of its funds by Classic Fund Management Ltd.
This termination was referred to in the recent Annual Report and required the
payment of less than £6,000.  Earlier on the same day, Richard Hargreaves
resigned from the Board.

The Board has appointed me as Managing Director of the Company with immediate
effect.  As a result of this change, I will cease to act as Chairman and Robert
Drummond will take over the role of non-executive Chairman of the Company.

The Board further announces the appointment of Julie Baddeley as non-executive
director of the Company. Julie's addition to the Board ensures that an
appropriate level of independent non-executive directors is maintained.  Julie
is also non- executive director of BOC Group plc and Yorkshire Building Society,
as well as i-Net VCT plc, Downing Classic VCT 2 plc and Downing Classic VCT 3

At the Annual General Meeting, all resolutions were passed.
In the next few weeks, the Company will update Shareholders on plans for its
interim management.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                            

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