Interim Management Statement

Matrix Income & Growth VCT plc (the Company)                  

                         INTERIM MANAGEMENT STATEMENT                          

                      For the quarter ended 31 March 2010                      

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Matrix Income & Growth VCT plc presents an Interim
Management Statement for the quarter ended 31 March 2010. 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 March 2010   At 31 December 2009
                                                                               
Net assets attributable to                    £18,009,473           £16,979,370
shareholders                                                                   
                                                                        979,370
                                                                               
Shares in issue                                20,339,989            20,373,514
                                                                               
Net asset value per Ordinary                       88.5 p                83.3 p
Share                                                                          
                                                                               
Cumulative dividends paid                          16.3 p                16.3 p
                                                                               
Total net asset value return per                  104.8 p                99.6 p
share since inception                                                          
                                                                               
% return on opening net asset                      10.9 %                 4.3 %
value of 94.5 pence per share                                                  

CUMULATIVE DIVIDENDS

An interim dividend of 5 pence per share in respect of the year ended 31
December 2009 was declared by the Board on 16 March 2010 and paid to
Shareholders on 21 April 2010 after the quarter-end bringing cumulative
dividends paid per share to 21.3 pence per share. This has no impact on total
net asset value return per share shown above.

NEW INVESTMENTS AND DIVESTMENTS

The Company has made no new investments or divestments during the quarter.

Recommended proposals for the merger of the Company with Matrix Income & Growth
3 VCT plc

At Extraordinary General Meetings held on 12 May 2010 the resolutions proposed
in connection with the proposed merger of the Company with Matrix Income &
Growth 3 VCT plc ("MIG 3 VCT") as set out in separate circulars to shareholders
dated 14 April 2010 were approved by shareholders of both companies. The merger
is to be completed by way of a scheme of reconstruction of MIG 3 VCT pursuant
to Section 110 of the Insolvency Act 1986 and the transfer by MIG 3 VCT of all
its assets and liabilities to the Company. The effective date of the merger is
anticipated to be 20 May 2010 subject to the passing of a resolution to be put
to shareholders of MIG 3 VCT at a second EGM to be held on 20 May 2010 for MIG
3 VCT to be put into liquidation.

SHARE BUY-BACKS

The Company bought back 33,525 of its own Ordinary Shares at a price of 54.81
pence during the quarter ended 31 March 2010 and has not made any buy-backs
since the end of the quarter.

For further information, please contact:

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