CLOSE BROTHERS

CLOSE BROTHERS PROTECTED VCT PLCTHE PORTFOLIO OF INVESTMENTS(continued)l) Wickenhall Mill VCT LimitedThe company is undertaking a development of nine houses on the site of a former mill on the edge of Saddleworth Moorbetween Manchester and Leeds.Date of initial investment: February 2005Developer partner:N20 Developments LimitedAmount invested at 31 March 2005:£0.875 millionFurther amount reserved for investment:£nilProportion of share capital and voting rights held: 27%As a newly incorporated company, Wickenhall Mill VCT Limited has not yet filed audited accounts.Healthcare & Leisure Property Fund PLC, which is advised by Close Venture Management Limited, has invested£725,000 in the company.The investment is valued at cost in view of the fact that Wickenhall Mill VCT Limited is a residential propertydevelopment company and distributes all its profits by way of dividend.m) Youngs VCT LimitedThe company has two apartments remaining at its 11 apartment scheme at Lee-on-the-Solent, overlooking the Isle ofWight, and has exchanged contracts on five of the 19 apartments in Southampton, where construction is not scheduled tocomplete until October 2005.Date of initial investment: March 2000Developer partner:Youngs Developments LimitedAmount invested at 31 March 2005:£1.00 millionFurther amount reserved for investment:£nilProportion of share capital and voting rights held: 25%Latest audited financial information 31 December 2004£’000Turnover for the year 2,755Profit before taxation for the year 240Accumulated retained profits 5Net assets 1,077Close Brothers Venture Capital Trust PLC and Healthcare & Leisure Property Fund PLC, which are managed or advisedby Close Venture Management Limited, have invested £1.2 million and £160,000 respectively in the company.The investment is valued at cost in view of the fact that Youngs VCT Limited is a residential property developmentcompany and distributes all its profits by way of dividend.15