Interim Management Statement

HARGREAVE HALE AIM VCT1 PLC

Interim Management Statement

This statement covers the period from 1 April 2010 to the date of the release of
the statement on 19 August 2010.

As  at close of business on 13 August  2010, the unaudited Net Asset Value (NAV)
for
Hargreave Hale AIM VCT1 plc was 58.82 pence per Ordinary Share of 1p.

Trading Statement (Qtr to 30 June 2010)

In the third quarter of the financial year the NAV fell from 64.05p to 60.68p, a
fall  of 5.3%.  By way of comparison, the FTSE 100 fell 13.4% and the FTSE Small
Cap (Ex-IT) fell 6.3% whilst AIM fell 5.8%

We  continue to make  selective investments in  qualifying companies, adding EFK
(medical diagnostics) and a BGlobal (smart meters) to our portfolio.  We made no
disposals of qualifying companies in the period under review.

It  proved to be a difficult period for  our investments and we registered a net
unrealised  loss of  £0.7m in  our qualifying  portfolio. The  loss of value was
fairly  broad  based  across  the  qualifying  investments  although Animalcare,
Intercede  and Pressure  Technologies accounted  for about  half of  the amount.
 Animalcare  remains  fundamentally  sound  and  has  subsequently reported that
profits  for the  year to  30 June 2010 will  be slightly ahead of expectations.
Intercede  failed to meet its expectations for 20% revenue growth in the year to
31 March  2010 but remains  comfortably profitable  and well financed.  Pressure
Technology continues to trade in line with expectations for the current year but
weakness  in its  forward order  book has  introduced some  risk to  next year's
trading.   It is also  well financed. Good  news was a  little thin but the fund
received a boost from the cash offer for Innovision, which more than doubled the
value  of the holding over the  period.  Other strong performers included Cohort
and Egdon Resources.

We have continued with our strategy of non-qualifying equity investments and
have maintained our exposure in the region of 9% of the Net Assets.  We have had
some mixed results with losses from investments in Legion, Jupiter Energy and
Western Coal offset in part by strong gains in Cove and IMI.

Our  cash position  decreased marginally  from 6.5% to  4.2% after deducting the
pending  dividend  distribution  whilst  our  fixed  income  allocation remained
largely unchanged at 25%, although we reduced our exposure to UK Government debt
in  favour of higher yielding corporate issues.  Our fixed income positions made
a positive contribution to performance.

The   fourth   quarter   has  been  mixed  news  thus  far.  There  was  further
disappointment  when Legion Group was placed into administration by HMRC. Shares
in  Advanced Computer and Cohort have been weak too: both are heavily exposed to
public  sector  spending  and  concern  about  the  outlook is weighing on their
valuations. On a more positive note, Abcam and EKF have been particularly strong
performers, supported to a lesser extent by BGlobal and Cove.


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 2009/2010 Offer
resulted  in funds being received of  £0.66 million and 0.99 million shares have
been issued in respect of Hargreave Hale AIM VCT 1 plc.

The 2010/2011 Offer has resulted so far in funds being received of £0.20 million
and 0.31 million shares have been issued in respect of Hargreave Hale AIM VCT 1
plc.  The Offer opened on 20 March 2010 has  been extended and will now close on
18 March 2011 (unless fully subscribed earlier).
Purchase of Ordinary Shares

March 2010

40,511 ordinary  shares were bought back for cancellation during March at a cost
of  £23,375. As at 31 March 2010, there were 25,870,079 ordinary shares of 1p in
issue (excluding shares held as treasury shares).

April 2010

31,000 ordinary  shares were bought back for cancellation during April at a cost
of  £17,926. As at 30 April 2010, there were 26,631,092 ordinary shares of 1p in
issue (excluding shares held as treasury shares) after the allotment of 792,013
ordinary shares on the 1 April.
May 2010

91,532 ordinary shares were bought back for cancellation during May at a cost of
£52,471. As at 31 May 2010, there were 26,845,205 ordinary shares of 1p in issue
(excluding  shares  held  as  treasury  shares)  after the allotment of 305,645
ordinary shares on the 28 August.

June 2010

29,118 ordinary  shares were bought back for  cancellation during June at a cost
of  £15,672. As at 30 June 2010, there  were 26,816,087 ordinary shares of 1p in
issue (excluding shares held as treasury shares).

July 2010

207,858 ordinary  shares were bought back for cancellation during July at a cost
of  £110,289. As at 31 July 2010, there were 26,608,229 ordinary shares of 1p in
issue (excluding shares held as treasury shares).

August 2010 (to date)

135,446 ordinary  shares were bought back for cancellation  to date at a cost of
£72,441.  As at 19 August  2010, there were 26,472,783 ordinary  shares of 1p in
issue (excluding shares held as treasury shares).

19 August 2010

For further information please contact:
 Stuart Brookes

 Company Secretary

 Hargreave Hale AIM VCT1 plc

 01253 754740





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