Interim Management Statement

Elderstreet VCT plc
Interim Management Statement
for the three months ended 30 September 2010

In  accordance with Rule 4.3 of the Disclosure  and Transparency Rules of the UK
Listing  Authority, Elderstreet VCT plc presents an Interim Management Statement
for the three month period ended 30 September 2010.  The statement also includes
relevant  financial information between  the end of  the period and  the date of
this statement.

Dividends
On 31 August 2010, the Board declared a dividend of 2.0p per share, which was
paid on 8 October 2010.

Performance
The Company's performance to 30 September 2010 is summarised as follows:
                           30 September   30 June   31 December
                                   2010      2010          2009

                                  Pence     Pence         Pence

 Ordinary Shares

 Net Asset Value ("NAV")           71.8      69.5          76.7

 Cumulative Dividends              48.0      48.0          46.0

 Total Return *                   119.8     117.5         122.7



* NAV plus cumulative dividends paid since launch

Investment portfolio summary at 30 September 2010
                                                                        Movement
                                                                           since
                                                                         30 June
                                                         Cost Valuation     2010

                                                        £'000     £'000    £'000

Ten largest investments by value

Wessex Advanced Switching Products                         60     2,673
Limited                                                                        -

Access Intelligence plc                  Quoted on AIM  1,633     2,301      335

Snacktime plc                            Quoted on AIM  1,375     2,295      126

Fords Packaging Systems Limited                         1,047     1,152        -

Lyalvale Express Limited                                  915     1,027        -

Smart Education Limited                                 1,473     1,003        -

Baldwin & Francis (Holdings) Limited                      690       770        -

Fulcrum Utility Services plc             Quoted on AIM    500       635      135

AngloINFO Limited                                         528       528        -

The Engine Group Limited                                  600       526        -



Subtotal                                                8,821    12,910      596

Other venture capital investments                       4,928     1,999       30

Listed fixed income securities                          2,114     2,158        4



Total                                                  15,863    17,067      630


All investments are unquoted unless otherwise stated.

Investment additions during the 3 months ended 30 September 2010
                                 Cost

                                £'000



 Aconite Technology Limited       250

 Fulcrum Utility Services plc     500
                              --------
                                  750


There have been no additions between the period end and the date of this report.

Investment disposals during the 3 months ended 30 September 2010
                                       Market                         Recognised
                                     value at            Gain/(loss)    realised
                                    1 January  Disposal    in period gain/(loss)
                               Cost    2010 *  proceeds against cost   in period

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



Snacktime plc                   350       350       350            -           -

The National Solicitors
Network Ltd                     401         -         -        (401)           -
                             ---------------------------------------------------
                                751       350       350        (401)           -


* adjusted for additions if applicable

There have been no disposals between the period end and the date of this report.

Changes to share capital
                                    Ordinary Shares of
                                         5p each

                                        Shares   £'000

 As at 1 July 2010                  24,845,844   1,242

 Shares bought back and cancelled            -       -
                                  ---------------------
 As at 30 September 2010            24,845,844   1,242


Between  the 1 November 2010 and 5 November  2010 the Company purchased 329,642
Ordinary shares for cancellation at a price of 57.5p per share.

Material events
Other than described above, there were no material events during the period from
1 July 2010 to 30 September 2010 or in the period from 1 October 2010 to the
date of this announcement.

Website
Financial reports and other  information regarding the  Company can be found at
www.downing.co.uk.



[HUG#1464276]








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Source: Elderstreet VCT plc via Thomson Reuters ONE