Half-yearly Report

Half-yearly Report

NEW CENTURY AIM VCT PLC

New Century AIM VCT plc

For the six months to 31 August 2008

Chairman's Statement

Shareholders will be well aware of the financial turmoil over the past six months and this has had a heavy bearing on the smaller company sector, particularly AIM. As a result, I regret to say that the net asset value per share has declined from 115p to 89p. Qualifying investments as a percentage minimum of total cost amounted to 78.6%, ie well above the 70% requirement for VCTs. Income from securities amounts to 86.3% of the total, thus meeting the requirement that the bulk of income must be derived from securities.

Since the end of August, AIM shares have continued to decline and as at the 12th November, the net asset value of your fund had fallen to 65.3p per share. There are now signs that the market is beginning to stabilise and with most of the fund's holdings and their ratings at very low levels, we are optimistic for the future.

John Brice resigned as Chairman on 28th August due to heavy work commitments overseas. On behalf of the board, I would like to thank John for his valuable contribution over the past three years.

Geoffrey Charles Gamble

Chairman

2008