Notification of Results

Matrix e-Ventures Fund VCT PLC
30 May 2001



Notification of Results and Investment Update

The Company announces that its preliminary results for
the year ended 30 April 2001 are expected to be announced
in early July 2001.

The Company has also today written to shareholders with
an update of its investment portfolio the contents of
which are reproduced below:

'We  wrote to you in early December to keep you  informed
as  to  the progress of your company and further expanded
upon  this in the Interim Report, which was published  in
January.

We  have  made  three  further new investments,  and  one
follow-on investment since that date, which are  detailed
below: -

Magicalia  Limited    Investment of  £400,000  (12.7%  of
company - completed 30.3.01)

Magicalia  has  established a network  of  six  community
websites   focussed  on  enthusiast-based   participation
sports such as cycling, golf, fishing and sailing.  There
are  14 employees.  It has partnerships with a number  of
off-line  publishers  and  generates  revenues  from   e-
commerce, advertising and trade deals.

Flightstore  Inflight  Retailing Limited   Investment  of
£750,000 (11.1% - 30.3.01)

Flightstore  creates electronic airline branded  shopping
malls  containing  branded retailers  with  international
delivery capabilities. The proprietary software developed
by Flightstore uses existing seatback hardware to deliver
a   quasi-internet  shopping  experience  on  long   haul
flights. The service will be launched in the second  half
of this year.

Xpert  Client  Systems  Limited  Investment  of  £500,000
(11.9% - 30.3.01)

XCS  is  a  leading provider of software asset management
tools,  with over 100 customers to date. The company  has
developed   products   based  on  innovative   technology
including  automatic  recognition,  and  a  client-based,
rather  than  server-based approach (i.e. using  software
installed on PCs) to monitor software usage and copyright
compliance.

Sit-up.com      Further  Investment of  £150,000  -  Total
£650,000 (1.7%)

The  company provides interactive broadcasting  material,
and  aims  to create a suite of programming concepts  for
digital  TV and the internet. The first service  is  Bid-
up.TV, the UK's first interactive TV based auction  site.
Bid-up.TV    auctions   create   an    opportunity    for
manufacturers  and distributors to sell a wide  range  of
products across Sky, Telewest and BT Openworld platforms.
The  company also owns Screenshop, an infomercial channel
broadcast on Sky.  We invested a further £150,000 in this
investee  company  as  part  of  its  £6,500,000  further
fundraising  round  in  March.   Telewest  have  invested
alongside us as a strategic investor.

These  investments  take the total  invested  to  date  to
£5,200,000  and  we  have a further  £7,200,000  in  cash,
awaiting investment.

The  Board has decided to provide in full against  one  of
its investments (value £350,000), representing 2.8% of the
net asset value of Matrix e-Ventures VCT Fund plc.

Despite  the  turbulent  market  for  quoted  stocks,  the
investment  team  has remained busy, evaluating  over  300
investment  proposals  so  far  in  this  calendar   year.
Dealflow continues to be good however, we continue  to  be
cautious  with  our investment approach  and  conservative
with investment valuations.

I  hope  you  continue to agree with us that, despite  the
problems  of investor sentiment and stock market  vagaries
there  are  still  good  investment opportunities  in  the
unquoted arena.'