EAV Ethical

    Merger
             



The Ethical AIM VCT plc
Merger plans
30 October 2007

The Board of  The Ethical AIM  VCT plc announces  that it has  agreed
head  of  terms  with  two  other  VCTs,  also  managed  by  Rathbone
Investment Management  Limited,  with a  view  to merging  the  three
companies together.

The proposals are for the Company  to merge with Pennine Downing  AIM
VCT plc and  Pennine Downing AIM  VCT 2 plc  by way of  a "Scheme  of
Reconstruction" using a relative net asset basis for each company  to
create one larger VCT.   This should produce a significant  reduction
in running costs as well as other benefits.

The proposed transaction will  require Shareholder approval.   Formal
documents are currently being  prepared and are  expected to be  sent
out to Shareholders within the next few weeks.

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