Interim Management Statement

Interim Management Statement

Introduction
I  am  pleased  to  present  the  Company's interim management statement for the
period  from  1 October  2009 to  8 February  2010as required  by the UK Listing
Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The  Company's approximate  unaudited net  asset value  (NAV) as  at 31 December
2009 was  £26.5  million  (30  September  2009: £26.3 million) or 87.6 pence per
share,  excluding treasury shares (30 September 2009: 86.7 pence per share). The
net  asset  values  for  both  31 December  2009 and 30 September 2009 are after
accounting  for the second revenue dividend for  the year to 31 March 2010 of 1
penny  per share (total cost: £303,059),  paid on 6 January 2010 to shareholders
on the register as at 4 December 2009.

The  net  asset  value  has  increased  compared  to  the net asset value at 30
September  2009 as a result of an  uplift in the unquoted investment valuations.
However,  revenue return continues to be subdued  in the face of lower yields on
cash deposits and liquid instruments.

The  three month period to 31 December 2009 continues  to be a difficult one for
the  UK economy as  a whole. Nevertheless,  certain of the Company's investments
are  showing  a  strong  performance  and  the  Company's high level of cash has
provided a strong degree of protection from the worst effects.

The  Board is not  aware of any  significant events or  transactions between 31
December 2009 and the date of this interim management statement which would have
a material impact on the net asset value of the Company.

Share buybacks
During  the period from 1 October 2009 to 8 February 2010, the Company purchased
3,334 shares  at an average price of 69 pence per share, to be held in treasury.
The current share price is 74 pence.

Portfolio
Further  investments have been made during  the period from 1 October 2009 to 8
February 2010:

+----------------------------------+------+------------------------------------+
|Name                              |£000's|                                    |
+----------------------------------+------+------------------------------------+
|Mirada Medical Limited            |111   |Provider of medical imaging software|
+----------------------------------+------+------------------------------------+
|Mi-Pay Limited                    |57    |Outsourcer of payment processing    |
|                                  |      |service to mobile network operators |
+----------------------------------+------+------------------------------------+
|Green Energy Property Services    |14    |Energy performance certificate      |
|Limited                           |      |provider                            |
+----------------------------------+------+------------------------------------+

Disposals
During  the period from 1 October  2009 to 8 February 2010, the Company disposed
of  the Bank of America floating rate note (maturity 02/02/2011) for £1,968,000,
the  Nationwide Building  Society floating  rate note  (maturity 07/06/2010) for
£1,867,000,  the  Barclays  Bank  floating  rate  note (maturity 02/07/2010) for
£3,786,000  and the HBOS floating  rate note (maturity 17/12/2009) for £450,000.
These disposals realised a capital profit of £101,000.

Top ten holdings (as at 31 December 2009)

+----------------------------------------------------------+-------------------+
|Investment                                                |Carrying/fair value|
|                                                          |£000's             |
+----------------------------------------------------------+-------------------+
|UBS floating rate note: maturity date 20 May 2011         |2,536              |
+----------------------------------------------------------+-------------------+
|Bank of Nova ScotiaFloating Rate Note: maturity date 22   |2,198              |
|September 2010                                            |                   |
+----------------------------------------------------------+-------------------+
|Geronimo Inns I VCT Limited                               |1,488              |
+----------------------------------------------------------+-------------------+
|Geronimo Inns II VCT Limited                              |1,488              |
+----------------------------------------------------------+-------------------+
|Bravo Inns II Limited                                     |1,372              |
+----------------------------------------------------------+-------------------+
|Taunton Hospital Limited                                  |1,000              |
+----------------------------------------------------------+-------------------+
|Forth Photonics Limited                                   |555                |
+----------------------------------------------------------+-------------------+
|Mi-Pay Limited                                            |522                |
+----------------------------------------------------------+-------------------+
|Prime Care Holdings Limited                               |483                |
+----------------------------------------------------------+-------------------+
|Dexela Limited                                            |430                |
+----------------------------------------------------------+-------------------+

There have been no further significant events or transactions that the Board are
aware  of which would  have a material  impact on the  financial position of the
Company between 1 October 2009 and 8 February 2010.
Further  information regarding  historic and  current financial  performance and
other  useful  shareholder  information  can  be  found  on  the  Fund's website
underwww.albion-ventures.co.uk           <

http://www.albion-ventures.co.uk/>/Our
Funds/Albion Enterprise VCT PLC.


Maxwell Packe, Chairman
8 February 2010


For further information please contact:

Patrick Reeve, Albion Ventures LLP - tel: [phone]



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