Quester announces possible merger of VCTS 1, 2 & 3

The independent venture capital company, Quester, has announced that the boards of Quester VCTs 1, 2 and 3 are in discussions regarding the possible merger of the three VCTs. This follows the introduction of the new VCT tax regulations in September 2004 permitting VCT mergers. The boards believe that a merger would achieve a number of benefits including cost savings, enhanced operational efficiency and an increase in the range and diversity of the investment portfolio and hence an improved spread of risk. The net asset values of Quester VCTs 1, 2 and 3 at their respective year ends, subject to any appropriate subsequent adjustments, will be used as the basis for merger discussions. Publication of the annual reports of Quester VCTs 1, 2 and 3 is expected to be in May 2005.

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