Interim Management Statement

Octopus AIM VCT plc
Interim Management Statement

16 July 2009

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure
and Transparency rules, Octopus AIM VCT plc ("Company" or "Fund")
presents an Interim Management Statement for the period 1 March 2009
to 30 June 2009.  The statement also includes relevant financial
information between the end of the period and the date of this
statement.

Financial Summary

                             As at 30 June As at 31 May      As at 28
New Ordinary Shares                   2009         2009 February 2009

Net assets (000s)                  £22,334      £22,786       £19,443
Net Profit/(loss) before tax
(000s)                              £3,843       £3,495     £(12,285)
Net asset value per share
("NAV")                              74.6p        76.0p         64.5p
Dividends paid in the
period*                               2.5p            -          2.5p

*The year end dividend for 28 February 2009 was paid on 3 July 2009;
the fund went ex-dividend on 17 June 2009.

Investment Performance
The net asset value published in the annual report almost precisely
coincided with the depths of the market, which has seen a rise in the
FTSE AIM All-Share Index since then. The NAV, when adding back the
dividend of 2.5p per share, has risen by 19.5% in the period to 30
June 2009.  This compares, despite the enforced differences in the
composition of the two, with an increase in the index of 36.2%.

Investment Activity
While fund raising on AIM has revived with the recovery in the
market, it has predominately been due to existing companies seeking
further capital.  New flotations have been noticeable by their
absence.  We have not invested in any new VCT-qualifying holdings in
the period although we have committed to one very recently and some
non-qualifying investments have been made.  These all presently show
a profit. If the market continues to revive it is probable that new
issues will reappear, although it is likely to be after the summer
holiday period.

Qualifying Investment Portfolio - Ten Largest Holdings by value as at
8 July 2009


Company            Sector                 Carrying   % of equity held
                                       value £'000     by Octopus AIM
Advanced Computer  Software                  1,165               1.9%
Software plc
Melorio plc        Vocational Training       1,142               2.1%
Research Now plc   Media &                     905               1.5%
                   Entertainment
Mattioli Woods plc Financial                   869               2.3%
                   Consultants
Mears Group plc    Maintenance                 841               0.5%
                   Contractor
Praesepe plc       Gambling & Betting          715               3.3%
Brooks Macdonald   Financial                   691               2.4%
Group plc          Consultants
Vertu Motors plc   Motor Retail                633               1.8%
IDOX plc           Software                    556               1.4%
Animalcare Group   Food Producers              493               2.8%
plc


Buybacks
During the period to 16 July 2009 the Company has purchased 262,865
New Ordinary Shares at a weighted average price of 62.0p. These
shares are held in Treasury.

Total Voting Rights
The Company's capital as at 16 July 2009 consists of 31,930,030 New
Ordinary Shares with a nominal value of 50p each, with voting
rights.  The Company holds 2,044,208 New Ordinary Shares in Treasury.
Therefore, the total number of voting rights in Octopus AIM VCT plc
is 29,885,822.

Dividends
The Directors proposed a final dividend of 2.5p per share in respect
of the year ended 28 February 2009. The dividend was approved by
shareholders at the AGM and was paid on 3 July 2009.

The dividend payment for the year to 28 February 2009 amounted to 5p
per share, made up of a revenue dividend of 0.8p and a capital
dividend of 4.2p. Assuming the current market price of 64p per share
this represents a tax free yield of 7.8%.

Material events and transactions
The Fund's Board is not aware of any other significant event or
transaction which has occurred between the 1 July 2009 and the date
of publication of this statement which would have a material impact
on the financial position of the Fund.

For further information please contact:
Andrew Buchannan and Kate Tidbury - Fund Managers
Octopus Investments Limited - 0800 316 2347

ENDS

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