Interim Management Statement

Octopus IHT AIM VCT plc ("the Company")

2 November 2009

Interim Management Statement
For the period from 1 June 2009 to 28 October 2009

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure
and Transparency rules, Octopus IHT AIM VCT plc presents an Interim
Management Statement for the period 1 June 2009 to 28 October 2009,
being the latest weekly valuation prior to the date of this
statement.

Financial Summary

                                  As at 28 As at 31 May      As at 30
                              October 2009         2009 November 2008

Total net assets (£'000s)          11,1301       16,726        16,049
Net asset value per share
("NAV")                              71.0p        68.4p         64.6p
Cumulative dividend - paid
and proposed since launch             7.4p         7.4p          6.4p


Note: 1) On 24 June 2009, B shareholders accounting for 8,141,325 B
shares exited the VCT as part of the planned distribution in specie.
The assets of your Company were reduced accordingly.

Investment performance
The NAV has risen by just under 4% over the period under review to 28
October 2009.  As at  28 October 2009, the  NAV per A Ordinary  share
was 71.0p compared to a NAV at 31 May 2009 of 68.4p. This was against
the background of a continued recovery in the market in general,  but
it is only relatively recently that the rise in confidence has  begun
to trickle down  to the  share prices  of the  smallest companies  in
which your fund invests. There have  also been some signs that  other
corporates are  recognising  the  value still  available  in  smaller
company shares.  In the period an  all share offer has been  received
from Chime  for  Essentially Group,  a  cash offer  for  Claimar  and
Research Now  has recently  announced an  agreed bid  by an  American
competitor.

The market for VCT qualifying  issues, however, has been slower  than
expected.  New issues remain very rare, although there are signs that
this market may start to recover over the next six months.  While  we
had hoped for a number of attractively priced opportunities to invest
in existing companies replacing bank debt or funding expansion, these
have not really materialised in  the VCT qualifying space, with  most
opportunities either  being much  smaller or  much bigger.   However,
your Company is currently comfortably above the HM Revenue &  Customs
requirement for  qualifying  holdings  and has  liquid  funds  giving
plenty of scope  for participating in  these opportunities when  they
appear, as we still expect them to do.

Investment Activity
The following new investments have been completed since 31 May 2009:
23 July, investment of £120,000 was made in Innovision
23 September, investment of £101,000 in Omega Diagnostics
13 October, investment of £310,000 in Clarity Commerce Solutions
26 October, investment of £195,000 in Colliers,
28 October, investment of £242,000 in Bond International Software.

The first three of these are VCT qualifying holdings and the last two
are non qualifying holdings in  companies where we see good  recovery
prospects.

With regard  to  disposals,  during the  period  the  investments  in
Bglobal and Neuropharm were fully disposed  of at a loss to  original
cost, with partial  disposals to  take profits  in Advanced  Computer
Software and Animalcare  Group. Claimar  Care Group  was disposed  of
after a cash offer  of 39p per  share by Housing  21 was accepted  by
shareholders.

Ten largest equity holdings as at 28 October 2009

                                                  Carrying value as a
                                                           % of total
                                         Carrying     investments and
Investee Company  Sector              value £'000                cash
IS Pharma plc
(formerly Maelor  Pharmaceuticals &
plc)              Biotechnology               807                7.3%
Advanced Computer Software & Computer
Software plc      Services                    757                6.8%
Research Now Plc  Media                       630                5.7%
Melorio plc       Support services            552                5.0%
AnimalCare Group
plc               Food Producers              505                4.5%
Brulines Holdings
plc               Support services            430                3.9%
Vertu Motors plc  General retailers           351                3.2%
Managed Support
Services plc      Support services            345                3.1%
Pressure          Engineering &
Technologies plc  Machinery                   338                3.0%
Tasty plc         Travel and leisure          334                3.0%



B Share Conversion and Distribution in Specie
A circular was posted to all B shareholders in May giving those
shareholders the option to proceed with the Distribution in Specie
whereby they would end up with a portfolio of underlying holdings
from the VCT as set out in the original prospectus or the chance to
elect to convert to A Ordinary Shares and remain in the VCT. A
General Meeting was held on 3 June for B shareholders to approve the
process and the resolution was passed. Of the 17,125,400 B Ordinary
Shares in existence at the start of this process, 8,984,075 converted
into A Ordinary Shares, the assets in the remaining B Ordinary Share
portfolio have now been distributed to the underlying shareholders.

Dividends
It is your Board's policy to strive to maintain a regular dividend
flow where possible and this primarily relies on the level of
profitable realisations and available cash reserves. For the six
months ended 31 May 2009, the Board declared an interim dividend of 1
p per A Ordinary Share, payable from capital reserves. Now that the
Distribution in Specie has been finalised, HMRC approval is being
sought and your dividend should be paid shortly.  An announcement
will be made in advance informing shareholders of the record and
payment dates

Buybacks
During the period  415,275 A Ordinary  shares were bought  back at  a
weighted average price of 60.5p.

Material events and transactions
The Board is not aware of any significant event or transaction  which
has occurred between 28 October 2009  and the date of publication  of
this statement.

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

ENDS

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