Interim Management Statement

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

                         INTERIM MANAGEMENT STATEMENT                          

                    For the quarter ended 31 December 2012                     

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 31 December 2012. 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 31 December At 30 September
                                                                         2012            2012
                                                                                             
Net assets attributable to shareholders                           £52,849,793     £50,551,985
                                                                                             
Shares in issue                                                    46,005,656      46,115,656
                                                                                             
Net asset value (NAV) per share 1                                     114.88p         109.62p
                                                                                             
Net cumulative dividends paid per share 2                              28.50p          28.50p
                                                                                             
Cumulative total return per share (NAV basis) since launch 1          143.38p         138.12p
                                                                                             
---------------------------------------------------------------                              
                                                                                             
1 NAV per share includes current year income of                         0.65p          2. 26p

2 A further dividend of 6 pence per share was paid on 8 February 2013 (see
below for further details).

The total return per share (NAV basis) for the quarter ended 31 December 2012
has increased by 4.80% due mainly to uplifts in the valuations of a number of
investments in the portfolio.


INVESTMENTS AND DIVESTMENTS

The Company has not completed any investments during the quarter to 31 December
2012, but has made disposals as follows:

The Company fully realised its investment in Brookerpaks Limited in November
2012 for proceeds of £600k through a sale to the company's management team.
Over the time the VCT held this investment, a return of 3.84 times the cost of
the investment was returned.

Loan stock repayments were received from Duncary 8 Limited of £125k, Blaze
Signs Holdings Limited of £609k and Tessella Holdings Limited of £25k during
the quarter.

1,250,000 shares in IDOX plc were disposed of during the quarter realising
proceeds of £514k.

12,500 shares in Tikit Group plc were realised for proceeds of £41k.

Tikit Group plc was acquired by British Telecommunications plc in January 2013
at a price of 416 pence per share, realising £322k for the VCT's remaining
investment compared to the valuation at 30 September 2012 of £247k. Thus the
total gain realised after the quarter end was £116k.

Espial Group Inc, a company listed on the Toronto Stock Exchange, announced a
recommended offer for ANT plc at 20.5 pence per share, valuing the VCT's
investment at £135k compared to the valuation at 30 September 2012 of £131k.

DIVIDENDS

The Company paid an additional interim dividend of 6 pence per share
(comprising 3 pence from capital and 3 pence from income) to shareholders on 8
February 2013 in respect of the year ended 30 September 2012.

This dividend brings cumulative dividends paid to 34.50 pence per share (48.20
pence per share, for those shareholders who invested in 2000/01). Further, it
has reduced the NAV per share announced above to 108.88 pence per share.

As stated the Annual Report of the Company for the year ended 30 September
2012, no final dividend in respect of that year was recommended to shareholders
at the Annual General Meeting of the Company held on 13 February 2013.

SHARE BUY-BACKS

The Company bought back 110,000 of its own shares on 20 December 2012 at 96.00
pence per share.

MOBEUS VCTs' JOINT OFFER FOR SUBSCRIPTION

The Company launched a further linked fundraising with Mobeus Income & Growth
VCT plc and Mobeus Income & Growth 4 VCT plc on 29 November 2012 to raise up to
£21 million across the three VCTs of which up to £7 million will be allocated
to the VCT ("the Offer").

The Offer will remain open until 12.00 noon on 30 April 2013 (5 April 2013 in
respect of the current tax year) although the Directors of the three VCTs
reserve the right to extend the closing date at their discretion.

Applications totalling £2.8 million have been received under the Offer to date
in respect of this Company.

ISSUE OF EQUITY

The Company allotted 1,701,451 shares under the Mobeus VCTs' Linked Offer at a
price of 116.00 pence per share on 14 January 2013.

The Company allotted a further 359,828 shares under the Company's Dividend
Investment Scheme in relation to the interim dividend in respect of the
year-ended 30 September 2012 paid on 8 February 2013 at a price of 92.75 pence
per share on 11 February 2013.

ENHANCED BUYBACK FACILITY (EBF)

The VCT offered an Enhanced Buyback Facility (EBF) to Shareholders in January
2013 by way of a tender offer to purchase from Shareholders up to 50% of the
issued capital of the Company. A General Meeting to approve the Scheme will be
held at 12.00 noon on 22 February 2013. If approved, the Scheme will remain
open until 12.00 noon on 20 March 2013.

For further information, please contact:

Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616.