Interim Management Statement

Downing Distribution VCT 1 plc
Interim Management Statement
for the three months ended 31 December 2010

In  accordance with Rule 4.3 of the Disclosure  and Transparency Rules of the UK
Listing  Authority Downing Distribution VCT 1 plc presents an Interim Management
Statement for the three month period ended 31 December 2010.  The statement also
includes  relevant financial information  between the end  of the period and the
date of this statement.

Performance
                             31 Jan   31 Dec   30 Sep   30 Jun
                               2011     2010     2010     2010

                              Pence    Pence    Pence    Pence

 Unaudited Net Asset Value     98.9     96.9     93.4     96.5


Dividends paid or declared in the period
On 29 November 2010 the Company declared an interim dividend of 2.5p per share
for the year to 31 March 2011, payable on 31 March 2011 to shareholders on the
register at 25 February 2011.

Investment portfolio summary at 31 December 2010
                                                                     Valuation
                                                                      movement
                                                                       between
                                                                       30 Sept
                                                                          2010
                                                Cost Valuation and 31 Dec 2010

                                               £'000     £'000

Ten largest investments by value

Cadbury House Holdings Limited       Unquoted  2,518     2,546               -

Ludorum plc                                    2,161     2,213            (20)

Hoole Hall Country Club Holdings Ltd Unquoted  2,100     2,100               -

Doubletake Studios Limited           Unquoted  2,204     1,402               -

Hoole Hall Spa and Leisure Limited   Unquoted  1,020     1,020               -

Animalcare Group plc                             914       891             206

First Care Limited                   Unquoted    879       879               -

Tristel plc                                      631       708              90

Craneware plc                                    435       663              56

IS Pharma plc                                    392       567              91



Subtotal                                      13,354    12,989             423

Other venture capital investments              9,168     6,631             362

Listed fixed income securities                   558       364               7

Other investments                                207       187               7



Total                                         23,187    20,171             799


All investments are quoted on AIM unless otherwise stated.

Investment additions during the three month period ended 31 December 2010

                             Cost

                            £'000



 Accumuli plc                 250

 Leytonstone Pubs Limited     415

 Tristel plc                  165
                          --------
                              830


There have been no material additions since the period end.

Investment disposals during the three month period ended 31 December 2010
                                  Market
                                value at                Gain/(loss)      Total
                                 1 April    Disposal      in period   realised
                         Cost     2010 *    proceeds   against cost       gain

                        £'000      £'000       £'000          £'000      £'000



 Craneware plc             58         58          89             31         31

 Neutrahealth plc         240        145         199           (41)         54

 Printing.com plc         178        233         252             74         19

 Quadnetics Group plc      34         20          23           (11)          3

 The Kellan Group plc      75         75          42           (33)       (33)
                      ---------------------------------------------------------
                          585        531         605           (20)         74

*After accounting for purchases in the period

There have been no material disposals since the period end.

Changes to share capital
                                                      Ordinary Shares

                                                         Shares   £'000

 As at 1 October 2010 Ordinary shares of 1p each     21,467,497     215

 Shares issued in period                                      -       -

 Shares bought back and cancelled                     (267,886)     (3)
                                                   ---------------------
 As at 31 December 2010 Ordinary shares of 1p each   21,199,611     212


Between 1 January 2011 and the date of this announcement the Company purchased
211,184 Ordinary shares of 1p each for cancellation.

Material events
Other than described above, there were no material events during the period from
1 October 2010 to 31 December 2010 or in the period from 1 January 2011 to the
date of this announcement.






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(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Downing Distribution VCT 1 plc via Thomson Reuters ONE

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