Director/PDMR Shareholding

Investec Structured Products Calculus VCT plc (the "Company")

Director Dealing

The Company announces that Ms Kate Cornish-Bowden, a Director of the Company,
was allotted 10,000 C Shares of 1p each in the Company at a price of 100p per
share on 4 May 2011 through the offer for subscription that opened on 7 January
2011.

Mr Cornish-Bowden's interests in the securities of the Company are now as
follows:

                      Number of shares         % of class of capital    
                                                                        
Ordinary Shares       0                        0%                       
                                                                        
C Shares              10,000                   0.52%                    
                                                                        

As a result Ms Cornish-Bowden's total holding in the Company amounts to 0.15%
of the total voting rights.

5 May 2011