Chrysalis VCT PLC 31 January 2005 Not for release, distribution or publication, in whole or in part, in or into the United States, Canada, Australia or Japan 31 January 2005 Merger by way of recommended offers by Smith & Williamson Corporate Finance Limited on behalf of Chrysalis VCT plc ("Chrysalis") for each of Chrysalis A VCT plc ("Chrysalis A"), Chrysalis B VCT plc ("Chrysalis B") and Chrysalis C VCT plc ("Chrysalis C") (together the "Chrysalis Companies") Posting of Offer Document and Listing Particulars Smith & Williamson on behalf of Chrysalis announces that the Offer Document in relation to the recommended offers for the Chrysalis Companies has been posted to Chrysalis Companies Shareholders together with the Forms of Acceptance and Listing Particulars. Forms of Acceptance should be returned in accordance with the instructions thereon so as to be received as soon as possible and, in any event, by not later than 3.00 pm on 18 February 2005. The Listing Particulars, which include a notice convening the EGM to be held at 10.00 am on 1 March 2005 to approve the Offers, has been posted together with the Offer Document to Chrysalis Shareholders. Copies of the Listing Particulars have been submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. Enquiries: Smith & Williamson Tel: 020 7637 5377 Dr A Basirov David Jones Terms used in this announcement shall have the same meaning as those in the Offer Document and Listing Particulars. This announcement does not constitute an offer or an invitation to purchase or subscribe for any securities. The Offers are being made solely by the Offer Document and the Forms of Acceptance, which contain the full terms and conditions of the Offers, including details of how the Offers may be accepted. Smith & Williamson Corporate Finance Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Chrysalis VCT plc and no one else in connection with the Offers and will not be responsible to anyone other than Chrysalis VCT plc for providing the protections afforded to customers of Smith & Williamson Corporate Finance Limited nor for providing advice in relation to the Offers or any other matter referred to herein. The Offers are not being made, directly or indirectly, in or into the United States, Canada, Australia or Japan and the Offer Document and the Forms of Acceptance are not being, and should not be, mailed or otherwise distributed or sent in or into the United States, Canada, Australia or Japan or any other jurisdiction if, in the latter case, to do so would constitute a violation of the relevant laws in such jurisdiction. The New Chrysalis Shares have not been, and will not be, registered under the United States Securities Act of 1933 (as amended) or under any relevant securities laws of any state or jurisdiction of the United States, Canada, Australia or Japan and no regulatory clearances in respect of the New Chrysalis Shares have been, or will be, applied for in any jurisdiction. Accordingly, unless an exemption under the United States Securities Act of 1933 (as amended) or other relevant securities laws is applicable, the New Chrysalis Shares will not be, and may not be, offered, sold, resold, delivered or distributed, directly or indirectly, in or into the United States, Canada, Australia or Japan or to, or for the account or benefit of, any United States person or person resident in Canada, Australia or Japan. This information is provided by RNS The company news service from the London Stock Exchange