Interim Management Statement

Investec Structured Products Calculus VCT plc                 

                         Interim Management Statement                          

19 July 2010

The Investec Structured Products Calculus VCT plc ("the Company") announces its
Interim Management Statement for the period from incorporation to 31 May
2010. This Statement also includes relevant financial information between the
end of the period to the date of this Statement.

The Company is a tax efficient listed company which aims to achieve a regular
tax free dividend stream together with capital growth for private investors.

The Company brings together Investec's award winning expertise in structured
products and Calculus Capital's award winning expertise in venture capital.

The Company's offer for subscription closed on 30 April 2010 and a total of 
£3.87m (before expenses) was raised. The initial investment strategy has been
successfully undertaken and details of the investments made to date are listed
below.

Headlines

  * The Company launched its issue of Ordinary Shares on 3 March 2010. 
    £2,984,016 was raised net of expenses in respect of the tax year 2009/10 and
    £754,025 was raised net of expenses for the tax year 2010/11. The total
    amount raised net of expenses was £3,738,041.
   
  * The total number of Ordinary Shares in issue (and, therefore, the total
    number of voting rights in the Company) at 31 May 2010 was 3,867,917.
   
  * The unaudited net asset value ("NAV") per Ordinary Share as at 31 May 2010
    was 94.07 pence.
   
  * The Company made its first investments in structured products through
    Investec Structured Products.
   
The Company did not make any Qualifying Venture Capital Investments during the
period but has subsequently completed its first investment.

Investment in Structured Products

As at 31 May 2010, the following investments had been made in structured
products. The structured products will achieve their target return subject to
the Final Index Level of the FTSE 100 being higher than the Initial Index Level*.
The capital is at risk on a one for one basis ("CAR") if the FTSE 100 Index
falls by 50% or more at any time during the investment term and fails to
recover.

   Issuer      Strike       FTSE    No. of    Unit      Maturity     Return/     % of    
                Date         100     Units  Purchase      Date       Capital  Investable 
                           Initial            Price                  at Risk  Application 
                            Index                                    (CAR)      Money   
                            Level                                                    
                                                                                 
Royal Bank    05/05/2010    5342    275,000   £0.96    12/05/2016    162.5% if  7.06%      
of Scotland                                                          FTSE 100             
                                                                     higher*;             
                                                                     CAR if               
                                                                     FTSE 100             
                                                                     falls by             
                                                                     50%                  
                                                                                 
Investec      14/05/2010    5263    500,000   £0.9791  19/11/2010    185% if    13.10%     
Bank plc                                                             FTSE 100             
                                                                     higher*;             
                                                                     CAR if               
                                                                     FTSE 100             
                                                                     falls by             
                                                                     50%                  
                                                                                 
Abbey         25/05/2010    4941    350,000   £0.9898  18/11/2015    185% if    9.27%      
National                                                             FTSE 100             
Treasury                                                             higher*;             
Services                                                             CAR if               
                                                                     FTSE 100             
                                                                     falls by             
                                                                     50%                  
                                                                                 
Nomura Bank   28/05/2010    5188    350,000   £0.98    20/02/2013    137% if    9.18%      
International                                                        FTSE 100             
                                                                     higher*;             
                                                                     CAR if               
                                                                     FTSE 100             
                                                                     falls by             
                                                                     50%                  

Subsequent to the end of the period under review, the following additional
investments were made in structured products.

   Issuer      Strike       FTSE    No. Of    Unit    Maturity       Return/     % of    
                Date        100     Units   Purchase    Date         Capital   Investable 
                            Initial           Price                  at Risk   Application 
                            Index                                    (CAR)      Money   
                            Level                                                     
                                                                                 
Morgan        10/06/2010    5133    500,000   £1.00    17/12/2012    134% if    13.38%     
Stanley                                                              FTSE 100             
International                                                        higher*;             
                                                                     CAR if               
                                                                     FTSE 100             
                                                                     falls by             
                                                                     50%                  
                                                                                 
HSBC Bank plc 01/07/2010    4806    500,000   £1.00    06/07/2012    125.1% if  13.38%     
                                                                     FTSE 100             
                                                                     higher*;             
                                                                     CAR if               
                                                                     FTSE 100             
                                                                     falls by             
                                                                     50%                  

*The Final Index Level is calculated using 'averaging', meaning that we take
the average of the closing levels of the FTSE 100 on each Business Day over the
last 2 - 6 months of the structured product plan term (the length of the
averaging period differs for each plan).

The use of averaging to calculate the return can reduce adverse effects of a
falling market or sudden market falls shortly before maturity. Equally, it can
reduce the benefits of an increasing market or sudden market rises shortly
before maturity.

The total amount invested in structured products as at 31 May 2010 was £1,442,980
representing 38.60% of net funds raised. The total amount invested in
structured products including those made subsequent to the period is £2,442,980
as at today's date, representing 65.35% of net funds raised.

Qualifying Venture Capital Investment

Subsequent to the end of the period under review, £250,000 was invested in
Terrain Energy Limited ("Terrain"). Terrain was established in October 2009
to develop a portfolio of onshore oil and gas production and development
interests in areas of low political risk, with the current focus being the UK.
The balanced portfolio of licences includes currently oil producing, scheduled
for near term production and exploration or rejuvenation projects. Terrain
currently has interests in four licences, two of which are in production, one
on test production and one on which a drill or drop decision will be made in
2011.

The investment comprised 44,642 ordinary shares in Terrain at £1.12 per share
(representing a total investment in ordinary shares of £50,000) and £200,000 in
7% long term loan stock with a maturity of five years and one day. The
investment in ordinary shares represents 2.1% of the enlarged ordinary share
capital of Terrain. The total funding round in Terrain was £750,000 with the
remainder invested as ordinary shares at £1.12 per share by Calculus Capital on
behalf of Calculus Capital EIS Fund 10.

Fundraising Proposals

The Board intends to seek shareholder approval for a further offering of
Ordinary Shares which will rank pari passu with the Ordinary Shares currently
in issue, as well as an offering of C Shares which will be managed as a
separate fund to the Ordinary Shares. Assuming shareholder approval is
forthcoming, the Ordinary Share offering is expected to be launched in
September 2010 and the C Share offering is expected to be launched in December 
2010. A circular to shareholders convening a general meeting to seek such 
approvals will be sent out to shareholders shortly. Further details in relation 
to the offers will be given nearer to the time.

Other than as discussed above, the Board is not aware of any significant events
or transactions which have occurred in the period from incorporation and the
date of this Statement and which have a material impact on the financial
position of the Company.

For further information, please contact:

Gary Dale (Investec Structured Products) 020 7597 4065

John Glencross (Calculus Capital Limited) 020 7493 4940