Interim Management Statement

The Income & Growth VCT plc (the Company)

                         INTERIM MANAGEMENT STATEMENT                          

                      For the quarter ended 30 June 2009                       

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, The Income & Growth VCT plc presents an Interim Management
Statement for the quarter ended 30 June 2009. The statement also includes
relevant financial information between the end of the period and the date of
this statement.

NET ASSET VALUE AND TOTAL RETURN PER SHARE

                                  Ordinary Share Fund             S Share Fund
                                                                              
                              At 30 June  At 31 March  At 30 June  At 31 March
                                    2009         2009        2009        2009
                                                                                                                                         
Net assets attributable       25,993,224  £27,068,820  11,058,357   11,122,800
to shareholders                                                               
                                                                              
Shares in issue               34,946,257   35,055,303  11,806,467   11,806,467
                                                                              
Net asset value (NAV) per        74.38 p      77.22 p     93.66 p      94.21 p
share *                                                                       
                                                                              
Cumulative dividends             20.45 p      20.45 p      0.00 p       0.00 p
paid to date per share                                                        
                                                                              
Total return per share           94.83 p        97.67     93.66 p      94.21 p
since inception (NAV basis)*                                              
                                                                             
 
------------------------                                                                             
* NAV per share includes          0.47 p       0.38 p      0.21 p       0.38 p
current year income of                                                        

SHARE BUY-BACKS and ISSUES

During the quarter the Ordinary Share Fund bought back a total of 109,046
Ordinary Shares at an average price of 46.63 pence per share.

NEW INVESTMENTS

The Ordinary Share Fund and the S Share Fund invested £389,703 and £169,483
respectively to support the MBO of Westway Cooling which was completed in June
2009. Based in Greenford, Middlesex, Westway specialises in installing,
servicing and maintaining high quality air-conditioning systems and associated
building services plant in the refurbishment and maintenance market.

DIVESTMENTS

Just after the period end, at the beginning of July, the Ordinary Share Fund
sold its investment in Tottel Publishing Limited, the specialist publisher of
legal and tax titles to Bloomsbury Group, earning a fourfold gain on the
initial investment of £514,800 and returning total proceeds of £2.05 million.
The net asset value at 30 June 2009 includes the impact of this transaction.

The Fund's original investment of £514,800 had already been reduced to £325,182
in March of this year when Tottel repaid 50% of the Fund's loan stock.

DiGiCo Europe Limited also made a partial loan repayment to the Ordinary Share
Fund of £142,804 at a premium of £10,634 in May 2009.

For further information, please contact:

Sarah Penfold, for Matrix-Securities Limited, Company Secretary: 020 3206 7000