Re. Net Asset Value

Proven VCT PLC
08 October 2003

ProVen VCT plc
8 October 2003

The Board announces an update on the previously announced agreement for
portfolio company eSpotting to merge with NASDAQ listed FindWhat.com.
FindWhat.com has announced that its ongoing review of eSpotting's historic and
projected results may result in FindWhat seeking to negotiate to modify the
terms of the merger.  If such a renegotiation does take place it is possible
that the merger may not complete before the end of the 4th quarter, or that
mutually agreeable terms may not be reached and the merger may not be
consummated.

The previous announcement regarding the Espotting transaction noted the effect
that the merger of Espotting with FindWhat would have on the NAV of ProVen VCT,
based on the FindWhat share price at the date the merger was announced.  If the
terms of the transaction are renegotiated, the effect on the ProVen NAV may be
different from that previously announced.  If the merger of Espotting and
FindWhat does not complete, the potential increase in the ProVen NAV previously
announced will not take place.


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