Interim Management Statement

The Income & Growth VCT plc ("the Company")                  

                         INTERIM MANAGEMENT STATEMENT                          

                      For the quarter ended 30 June 2012                       

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, The Income & Growth VCT plc presents an Interim Management
Statement for the quarter ended 30 June 2012. The statement also includes
relevant financial information between the end of the period and the date of
this statement.

NET ASSET VALUE AND TOTAL RETURN PER SHARE

                                               At 30 June 2012 At 31 March 2012
                                                                               
Net assets attributable to shareholders            £49,424,736       £45,702,253
                                                                               
Shares in issue                                     46,143,253       43,354,355
                                                                               
Net asset value (NAV) per share *                      107.1 p          105.4 p
                                                                               
Cumulative dividends paid to date per share             28.5 p           28.5 p
                                                                               
Total return per share since inception (NAV            135.6 p          133.9 p
basis)*                                                                        
                                                                               
--------------------------------------                                         
                                                                               
* NAV per share includes current year income of         1.6 p            0.6 p
                                                                            

INVESTMENTS

The Company made a follow-on investment into PXP Holdings Limited of £45,195 in
June 2012.

An investment of £1 million was made into the acquisition vehicle Sawrey
Limited in April 2012 and this was used following the period-end, in July 2012,
as part of an investment totalling £1,745,351 to support the MBO of Tessella
Limited, an international provider of science-powered technology and consulting
services.

DIVESTMENTS

In April 2012, the VCT sold its investment in Camwood Enterprises Limited to this
company's management team for a cash consideration of £942,947 compared to a
year-end valuation of £499,182.  Total proceeds to the VCT over the life of the
investment amounted to £1,458,302 representing a 2.8x return on the VCT's
investment cost of £514,090.

In April 2012, the VCT sold a further 10,000 shares in Tikit Group plc,
representing 8.7% of its holding at the 31 March 2012, for proceeds of £32,800
representing a 2.9 x return on the Company's original investment.

In May 2012, the VCT realised its entire investment in Iglu.com Holidays Limited, the
specialist online ski-holiday and fast growing cruise-holiday travel agent, for
a cash consideration of £1,455,265 through a sale to Growth Capital Partners.
This realisation contributed to total cash proceeds of £2,530,415 to the
Company over the two and a half year life of the investment, representing a 2.5
times return on the Company's original investment of £1,000,001.

Also in May 2012, the VCT received a payment of £212,534 from Blaze Signs
Holdings Limited comprising a repayment of loan stock, the associated premium
and outstanding interest.

In June 2012, the VCT received a payment of £776,647 from Aquasium Technology
Limited, comprising a part repayment of loan stock, the associated premium and
outstanding interest.

During the quarter to 30 June 2012, the Company sold a total of 2,750,000
shares in IDOX plc representing 34% of its holding at 31 March 2012 for 
£1,019,829 representing a 3.5x return on the Company's original investment.

SHARE BUY-BACKS

During the quarter the VCT bought back a total of 176,816 of the Company's own
shares at an average price of 90.6 pence per share. A further 200,000 of the
Company's own shares were bought back following the period-end in August 2012
at a price of 94.7 pence.

MOBEUS VCTs' JOINT OFFER FOR SUBSCRIPTION

The Company participated with Mobeus Income & Growth 4 VCT plc (formerly Matrix
Income & Growth 4 VCT plc) and Mobeus Income & Growth VCT plc (formerly Matrix
Income & Growth VCT plc) in a linked fundraising that closed on 30 June 2012.

During the quarter, the Company issued and allotted a total of 2,965,714
ordinary shares at a price of 106.4 pence per share, raising net proceeds of £
2.986 million.

A further 341,380 ordinary shares were issued and allotted following the
period-end in July 2012 at a price of 111.6 pence per share, raising further
net proceeds of £0.361 million.

A total of £15.505 million across the three VCTs was subscribed for under the
Offer, of which £5.168 million was raised by the Company.

CHANGE OF CONTROL AT THE MANAGER

With effect from 30 June 2012, the Manager, together with all its staff, became
a fully independent firm owned by its partners and renamed itself Mobeus Equity
Partners LLP ("Mobeus").

The Company's investment strategy and its arrangements with Mobeus, in
particular the Manager's investment approach and services, remain unchanged.
TheManager continues to be wholly dedicated to the management and
administration of VCTs.

For further information, please contact:

Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616