Interim Management Statement

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

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 December 2013

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 31 December 2013. 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 31 December 2013   At 30 September 2013
                                                                               
Net assets attributable to                   £60,778,363            £60,468,872
shareholders                                                                   
                                                                               
Shares in issue                               52,964,001             53,088,219
                                                                               
Net asset value (NAV) per share                  114.75p                113.90p
                                                                               
Net cumulative dividends paid per                 40.50p                 40.50p
share                                                                          
                                                                               
Cumulative total return per share                155.25p                154.40p
                                                                               
(NAV basis) since launch                                                       

INVESTMENTS

In November 2013, the Company completed a new investment of £2,844,000
(including £1 million from the acquisition vehicle Culbone Trading Limited) to
support the MBO of Virgin Wines Online Limited one of the UK's leading online
retailers of wine.

Following the period-end in January 2014, the Company completed a further new
investment of £1,610,000 to provide development capital to Bourn Bioscience
Limited, one of the UK's leading IVF/assisted fertility businesses with a
dominant presence in East Anglia. 

DIVESTMENTS

The Company realised its investment in Alaric Systems Limited ("Alaric") a
provider of payment processing and fraud prevention software, in December 2013
through a sale to a subsidiary of NCR Corporation for cash proceeds of £2.55
million. This realisation has contributed to total receipts of £2.65 million by
the Company over the life of the investment, representing a return of over 4.4
times original cost of £0.60 million.

In November and December 2013, the VCT received final repayments of loan stock
from Faversham House Holdings Limited which generated net proceeds of £165,000
(including a premium of £21,000). The Company has now fully realised this
investment, from which it has received 93% of original cost of £488,000 on a
total return basis.

During the quarter, the Company received loan stock repayments totalling £
479,000 (including premia) from Tessella Holdings Limited, DiGiCo Global
Limited, Focus Pharma Holdings Limited and Blaze Signs Holdings Limited. A
further £493,000 in deferred consideration was also received, relating to the
sale of App-DNA in November 2012.

Following the period-end, a further payment of £100,000 has been received from
Westway Services Holdings Limited (including a premium of £31,000).

DIVIDENDS

A final dividend of 4 pence per share has been proposed for consideration by
shareholders at the Annual General Meeting of the Company to be held on, 12
February 2014. The dividend comprises 1.25 pence from income and 2.75 pence
from capital and will, if approved, be paid to shareholders on the register on
21 February 2014, on 12 March 2014. This would bring dividends paid in respect
of the year ended 30th September 2013 to 10 pence per share.

SHARE BUY-BACKS

The Company bought back 124,218 of its own shares on 18 December 2013 at 99.00
pence per share.

MOBEUS VCTs' JOINT OFFER FOR SUBSCRIPTION

Together with Mobeus Income & Growth VCT plc, Mobeus Income & Growth 2 VCT plc
and Mobeus Income & Growth 4 VCT plc, the Company is participating in the
Mobeus VCTs' Linked Offer. This was launched on 28 November 2013 to raise up to
£24 million across the four VCTs of which up to £6 million will be allocated to
the VCT ("the Offer").

The Offer will remain open until 12.00 noon on 30 April 2014 (4 April 2014 in
respect of the current tax year) although the Directors of the four VCTs
reserve the right to extend the closing date at their discretion.

Applications totalling £12 million have been received under the Offer to date,
£3 million of which are in respect of this Company.

ISSUE OF EQUITY

In respect of the applications above received up to 3rd February 2014, the
Company has to date allotted 851,426 shares under the Offer at prices between
117.71621 and 120.21543 pence per share on 9 January 2014, raising net funds of
£971,000.

For further information, please contact:

Robert Brittain, for Mobeus Equity Partners LLP, Company Secretary: 020 7024
7600.