CLOSE BROTHERS

CLOSE BROTHERS PROTECTED VCT PLC4. Investment management feesNOTES TO THE FINANCIAL STATEMENTS(continued)31 March 2005 31 March 2004Revenue Capital Total Revenue Capital Total£’000 £’000 £’000 £’000 £’000 £’000Investment management fees 88 264 352 102 176 278Further details of the Management Agreement under which the investment management fees are paid are given in the Report of theDirectors on page 18, along with details of the management performance incentive fee.The fees are attributable to the net asset value of the Company as follows:AIM Loan Other Asset-backedinvestments investments investments investments Total£’000 £’000 £’000 £’000 £’00031 March 2005 115 9 17 211 35231 March 2004 133 47 11 87 2785. Expenses31 March 31 March2005 2004£’000 £’000Secretarial and administrative fee 33 33Directors’ fees 58 58Auditors’ remuneration - audit fees 14 14Other expenses 61 60Total expenses 166 1656. Directors’ feesThe amounts paid on behalf of Directors during the year were as follows:31 March 31 March2005 2004£’000 £’000Directors’ fees 51 51National insurance and VAT 6 6Expenses 1 1Total 58 5831