Interim Management Statement

Elderstreet VCT plc
Interim Management Statement
for the three months ended 31 March 2011

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 31 March  2011.  The statement also includes
relevant  financial information between  the end of  the period and  the date of
this statement.

Dividends paid or declared in the period
No dividends were paid or declared in the period to 31 March 2011.

On  8 April 2011, the Board declared a final  dividend in respect of the year to
31 December 2010 at 2.0p per Ordinary Share.  Subject to shareholder approval at
the  Annual General Meeting on 29 June 2011, the dividend will be paid on 6 July
2011 to Shareholders on the register at 3 June 2011.

Performance
                           31 March   31 December
                               2011          2010

                              Pence         Pence

 Net Asset Value ("NAV")       73.7          76.6

 Cumulative Dividends          50.0          50.0

 Total Return *               123.7         126.6

* NAV plus cumulative dividends paid since launch

Investment portfolio summary at 31 March 2011
                                                                     Movement
 Ordinary Pool                                  Cost   Valuation    in period

                                               £'000       £'000        £'000

 Ten largest investments by value

 Wessex Advanced Switching Products Limited       60       2,673            -

 Access Intelligence plc *                     1,633       1,854        (447)

 Snacktime plc *                               1,375       1,918        (288)

 Smart Education Limited                       1,274       1,901            -

 Fords Packaging Systems Limited               1,047       1,152            -

 Lyalvale Express Limited                        915       1,027            -

 Baldwin & Francis (Holdings) Limited            690         770            -

 Fulcrum Utility Services Limited *              500         729           83

 AngloINFO Limited                               662         732            -

 Aconite Technology Limited                      460         460            -



 Subtotal                                      8,616      13,216        (652)

 Other venture capital investments             3,667       1,400         (92)

 Listed fixed income securities                1,408       1,417          (9)



 Total                                        13,691      16,033        (753)


All investments are unquoted unless otherwise stated.
* Quoted on AIM

Investment additions during the 3 months ended 31 March 2011
                           Cost

                          £'000



 AngloINFO Limited          134

 S & W Investment Funds      19
                        --------
                            153


There have been no additions between 1 April 2011 and the date of this report.

Investment disposals during the 3 months ended 31 March 2011
                                  Market
                                value at                       Gain      Total
                               1 January    Disposal      in period   realised
                        Cost        2011    proceeds   against cost       gain

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



 Smart Education Ltd     199         265         265             66          -

 Wecomm Limited          850         935         939             89          4
                     ----------------------------------------------------------
                       1,049       1,200       1,204            155          4


There have been no disposals between 1 April 2011 and the date of this report.

Changes to share capital
                                    Ordinary Shares of
                                         5p each

                                        Shares   £'000

 As at 1 January 2011               24,516,202   1,226

 Shares issued                       3,129,169     156

 Shares bought back and cancelled            -       -
                                  ---------------------
 As at 31 March 2011                27,645,371   1,382


The  Company issued 3,129,169 Ordinary Shares of 5p each on 22 March 2011, under
an  Offer for Subscription  dated 21 December 2010, at  a price of approximately
81.1p per  Ordinary Share.  A further  1,649,631 Ordinary shares of 5p each were
issued,  under the terms of the Offer, between 5 April and 5 May 2011 at a price
of approximately 78.0p per share.

No shares have been bought back for cancellation since the period end.

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






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(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Elderstreet VCT plc via Thomson Reuters ONE

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