Interim Management Statement

HARGREAVE HALE AIM VCT 1 PLC

Interim Management Statement

This statement covers the period from 1 October 2010 to the date of the release
of the statement on 15 February 2011.

As at close of business on 11 February 2011, the unaudited Net Asset Value (NAV)
for

Hargreave Hale AIM VCT 1 plc was as follows:

NAV per Ordinary share of 1p - 68.17 pence.

Trading Statement (Qtr to December 2010)

In  the first quarter of the financial year the NAV rose from 62.67p to 68.61p,
an  increase of 5.94p or 9.5%.  The FTSE All-Share rose 6.8%, the FTSE Small Cap
(Ex-IT)  rose  7.9% whilst  AIM  continued  its  strong  run to record a gain of
19.4%. For  investors  into  the  2004/5 Ordinary  Share issue, the total return
increased  from 81.67p to 87.61p.  For investors that  came into the VCT through
the  2005/6 Convertible Share issue,  the total return  increased from 87.07p to
94.44p.

The  total gain across both qualifying and non-qualifying portfolios amounted to
£1.72m:  £1.45m from unrealised gains in the portfolio of qualifying investments
and  £0.11m from the  non-qualifying investment strategy.   Net realised profits
across both strategies in the period were a modest £0.16m.

The  stronger  performance  within  the  portfolio of qualifying investments was
broad  based with  27 of the  44 qualifying investments  increasing in value, 3
unchanged  and  14 falling  in  value.   Intercede  was the stand out performer,
delivering  an unrealised gain  of £0.5m in  the quarter, whilst Animalcare, EKF
and  K3 added  another £0.44m  between them.   There were no significant losses,
realised  or unrealised, in  the period.  The  largest fall in  value was Abcam,
whose  shares fell 6.7% after  announcing that trading  remained consistent with
market  expectations;  disappointing  news  to  those  who  anticipated  another
earnings upgrade.  Hargreave Hale remains a strong supporter of the company.

The  VCT remains in a  very strong position against  the investment test with no
requirement  to increase our exposure to  qualifying investments. We remain very
selective  buyers.  We lost  two qualifying investments  over the quarter (Mount
Engineering  and  Neutrahealth)  to  cash  bids  and  replaced  them  with three
investments  in Corac, IS Pharma and Instem. In addition, Enfis was subject to a
reverse  takeover from  Photonstar, although  the holding  remains of negligible
economic value. We ended the quarter with 44 qualifying investments.

The gains in non-qualifying investments amounted to around 1p per share which,
although a little short of what we would like to deliver, once again proves the
potential of the strategy. We ended the quarter with c. 8% of net assets
committed to non-qualifying equity investments, marginally down on the previous
quarter.

The  cash position increased from  £1.1m to £1.9m (6.5%  to 10.5%) as we reduced
the VCT's fixed income exposure from £4.1m to £3.1m, down from 25% of net assets
to 17% of net assets.

Joint Offer for Subscription of Ordinary Shares

On  the 20 March 2010 a joint  offer for subscription of  Ordinary Shares of 1p
each  in Hargreave Hale AIM VCT 1 plc and  Hargreave Hale AIM VCT 2 plc to raise
up to, in aggregate, £10 million was offered to the public.

The 2010/2011 Offer has resulted so far in funds being received of £0.28 million
and 0.39 million shares have been issued in respect of Hargreave Hale AIM VCT 1
plc.  The Offer  has been  extended and  will now  close on 8 March 2011 (unless
fully subscribed earlier).

Dividends

The 2 pence final dividend proposed in the 30 September 2010 financial
statements was approved at the AGM on the 10 February 2011 and paid on the 14
February 2011.

Purchase of Ordinary Shares

October 2010

35,158 ordinary  shares were  bought back  for cancellation  during October at a
cost of £20,757. As at 31 October 2010, there were 26,375,194 ordinary shares of
1p in issue.

November 2010

114,870 ordinary  shares were bought back for  cancellation during November at a
cost  of £69,277. As at  30 November 2010, there were 26,260,324 ordinary shares
of 1p in issue.

December 2010

43,590 ordinary shares were bought back for cancellation during December at a
cost of £26,301 and 81,436 ordinary shares were allotted on 14 December 2010. As
at 31 December 2010, there were 26,298,170 ordinary shares of 1p in issue.

January 2011

125,786 ordinary  shares were bought  back for cancellation  during January at a
cost of £77,423. As at 31 January 2011, there were 26,172,384 ordinary shares of
1p in issue.

February 2011

247,870 ordinary  shares were  bought back  for cancellation  during February to
date  at  a  cost  of  £152,206.  As at 14 February 2011, there were 25,924,514
ordinary shares of 1p in issue.


15 February 2011

For further information please contact:
 Stuart Brookes

 Company Secretary

 Hargreave Hale AIM VCT 1 plc

 01253 754740








This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(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: Hargreave Hale AIM VCT 1 plc via Thomson Reuters ONE

[HUG#1488964]