Issue of Equity

Proven Growth and Income VCT plc
23 March 2010

Issue of Equity

The  Directors announce that the Company  has made the following allotment under
the Linked Offer for Subscription made on 20 November 2009 ('the Offer').

On 23 March 2010, 948,930 D Shares of 1p each were allotted under the Offer at a
price of £1 per share.

Application  for the new  shares to be  admitted to the  Official List of the UK
Listing  Authority  and  to  trading  on  the London Stock Exchange's market for
listed securities will be made at the earliest practical opportunity.

D  Shares issued to Directors (and  connected persons)/PDMRs included within the
above allotment, are summarised as follows:


                         D shares
                         issued on       %  of
  Director/PDMR          23 March 2009   class

  Stuart Veale    PDMR   2,637           0.04%


These allotments are in addition to the following shares already held by the
PDMRs above:


                        Ordinary   % of        D        % of
                        Shares     class       Shares    class

  Stuart Veale   PDMR   -          -           3,165    0.05%
                                                                

[HUG#1396876]