Interim Management Statement

The Income & Growth VCT plc ("the Company")                  

                         INTERIM MANAGEMENT STATEMENT                          

                      For the quarter ended 30 June 2011                       

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 2011. 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

                                               At 30 June 2011 At 31 March 2011
                                                                               
Net assets attributable to shareholders            £42,089,235      £39,518,614
                                                                               
Shares in issue                                     40,959,238       39,479,195
                                                                               
Net asset value (NAV) per share *                      102.8 p          100.1 p
                                                                                  
Cumulative dividends paid to date per share              4.5 p            4.5 p
                                                                               
Total return per share since inception (NAV            107.3 p          104.6 p
basis)*                                                                        
                                                                                
--------------------------------------                                         
                                                                               
* NAV per share includes current year income of          1.8 p            0.6 p
                                                                            

NEW INVESTMENTS AND DIVESTMENTS

The VCT received final loan stock repayments of £166,667 from Camwood
Enterprises Limited and £204,654 plus a premium of £51,164 from MachineWorks
Software Limited in April 2011.

No new investments or further divestments were made during the quarter. The
following investment activity has however taken place after the period-end in
July 2011:-

A further loan stock investment of £106k into Monsal Holdings Limited has been
committed by the Company, alongside other Matrix VCTs and other shareholders,
to provide £1.75 million to fund a working capital need resulting from
completion delays in an existing contract and in obtaining new contracts. The
first tranche of this new investment, £28,297, was drawn down in July and a
further tranche of £14,149 is due to be drawn down shortly.

The VCT completed an investment of £1,718,189 to support the MBO of Motorclean
Group, the UK's leading provider of vehicle cleaning and valet services to the
car dealership market, partly using the Company's existing investment of £1
million in the acquisition vehicle Fullfield Limited.

The Company has fully realised its investment in Amaldis (2008) Limited, the
holding company for the Original Additions Group. The VCT's investment was sold
to LDC, for net proceeds of £2.3 million, comprising capital proceeds of £1.9
million (including £538k of loan stock issued by the acquirer) and interest of
£427k, on 18 July 2011. This realisation contributed to total proceeds of £4.2
million to the Company over the life of the investment, representing a 4.2
times return on the Company's original investment of £1 million.

A final loan stock repayment of £166,667 was received from AppDNA Limited.

SHARE BUY-BACKS

During the quarter the VCT bought back a total of 323,875 of the Company's own
shares at an average price of 89.0 pence per share. No further shares have been
bought back by the Company since the period-end.

MATRIX VCTs' JOINT OFFER FOR SUBSCRIPTION

During the quarter, the Company issued and allotted a total of 1,803,918
ordinary shares at a price of £1.058 per share, raising net proceeds of £1.8
million.

Since the quarter end the Company has allotted a further 153,791 ordinary
shares at a price of £1.06 per share, raising further net proceeds of £154k.

The Offer closed on 30 June 2011 having raised a total of 5.2 million (net) for
the Company.

For further information, please contact:

Sarah Penfold, for Matrix Private Equity Partners LLP, Company Secretary: 020
3206 7000