Interim Management Statement

Matrix Income & Growth VCT plc (the Company)                  

                         INTERIM MANAGEMENT STATEMENT                          

                      For the quarter ended 31 March 2012                      

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 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 March 2012   At 31 December 2011
                                                                               
Net assets attributable to shareholders       £41,915,672           £40,726,175
                                                                               
Shares in issue                                43,444,512            42,606,052
                                                                               
Net asset value per Ordinary Share                96.48 p               95.59 p
                                                                                                          
Cumulative dividends paid                         26.80 p               26.80 p
                                                                               
Total return (net asset value basis)             123.28 p              122.39 p
per share since inception                                               
                                                                               
% return on opening net asset value               30.46 %               29.51 %
per share of 94.5 pence                                                  

The net asset value per share has risen by 0.89 pence over the quarter. This is
primarily due to a positive income return in the quarter.

CUMULATIVE DIVIDENDS

A final dividend of 6.25 pence per share comprising 1.25 pence from income and
5.00 pence from capital in respect of the year ended 31 December 2011 was
approved by shareholders at the Annual General Meeting of the Company held on
10 May 2012. The dividend will be payable on 22 May 2012 to Shareholders who
are on the Register on 11 May 2012. This dividend, once paid, will increase
cumulative dividends paid since inception to 33.05 pence per share.

NEW INVESTMENTS

The Company continued its Operating Partner programme, which resulted in
further new investment in the quarter of £4 million, with a further £3 million
invested after the quarter-end.

LOAN STOCK REPAYMENTS

In January, Fullfield Limited made a partial repayment of its loan stock of 
£122,692 and Focus Pharma Holdings Limited repaid £269,708 of its loan stock,
together with a premium of £121,045.

SHARE BUYBACKS

The Company bought back 925,000 of its own Ordinary Shares at an average price
of 82.78 pence during the quarter ended 31 March 2012. Since the end of the
period, it has bought back a further 247,320 of its own shares at a price of
85.84 pence.

MATRIX VCTs' LINKED OFFER FOR SUBSCRIPTION

During the quarter ended 31 March 2012, the Company issued and allotted a total
of 1,763,460 ordinary shares at a price of £1.012 per share, raising net
proceeds of £1,690,204 (after deducting initial costs).

Since the quarter end the Company has allotted a further 3,118,113 ordinary
shares at a price of £1.012 per share, raising further net proceeds of £2,985,810 
(after deducting initial costs).

Applications totalling £14.5 million have been received to date under the Offer
of which £4.8 million has been received for Matrix Income & Growth VCT plc.

The Offer remains open until 30 June 2012.

For further information, please contact:

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