Offer Update

Investec Structured Products Calculus VCT plc

Supplementary Prospectus in relation to the Offer for subscription

The Directors of Investec Structured Products Calculus VCT plc announce that
they have today published a supplementary prospectus ("Supplementary
Prospectus") relating to the offer for subscription of new ordinary shares to
raise up to £10,000,000 ("the Offer"). This Supplementary Prospectus is
supplemental to the prospectus dated 20 September 2010 containing the Offer and
clarifies the description of the structured products in which the Company
invests.

Copies of the Supplementary Prospectus have been submitted to the Financial
Services Authority and will shortly be available for inspection at the National
Storage Mechanism, which is located at:

http://www.hemscott.com/nsm.do

Copies of the Supplementary Prospectus are also available free of charge from
the offices and websites of each of the Company's investment managers:

  * Investec Structured Products, 2 Gresham Street, London EC2V 7QP
    www.investecstructuredproducts.com
   
  * Calculus Capital, 104 Park Street, London W1K 6NF www.calculuscapital.com
   
For further enquiries please contact:

Gary Dale (Investec Structured Products)       
                                               
Tel: [phone]                             
                                               
Email: [e-mail]                

Susan McDonald (Calculus Capital)           
                                            
Tel: [phone]                          
                                            
Email: [e-mail]             

20 October 2010