Interim Management Statement

Elderstreet VCT plc
Interim Management Statement
for the three months ended 30 September 2008

In accordance with Rule 4.3 of the Disclosure and Transparency  Rules
of the UK Listing Authority, Elderstreet VCT plc presents an  Interim
Management Statement for  the three month  period ended 30  September
2008.  The  statement also  includes relevant  financial  information
between the end of the period and the date of this statement.

Dividends paid or declared in the period
On 26 August 2008, the Board declared proposed dividends in respect
of the year to 31 December 2008 as follows:

Ordinary Shares   3.0p per share
'C' Shares              24.0p per share

Both dividends were paid on 26 September 2008.

Performance

                    30 September 30 June 31 December 30 June       31
                            2008    2008        2007    2007 December
                                                                 2006
                                   Pence       Pence   Pence    Pence
Ordinary Shares
Net Asset Value             81.3    88.5        81.9    81.9     76.1
("NAV")
Cumulative                  43.0    40.0        36.5    35.0     31.5
Dividends
Total Return *             124.3   128.5       118.4   116.9    107.6


'C' Shares
Net Asset Value             54.4    83.4        90.4   102.5     98.6
("NAV")
Cumulative                  30.0     6.0         4.5     4.5      1.0
Dividends
Total Return *              84.4    89.4        94.9   107.0     99.6
* (NAV plus cumulative dividends paid
since launch)


Investment portfolio summary at 30 September 2008

                                                             Movement
                                                                since
Ordinary Pool                             Cost Valuation 30 June 2008
                                         £'000     £'000        £'000
Ten largest investments
by value
Wessex Advanced Switching                   56     2,668
Products Limited                                                    -
Snacktime plc             Quoted on AIM  1,500     1,789        (548)
Baldwin & Francis                          690     1,719
(Holdings) Limited                                                  -
Oldbury Aluminium Alloys                 1,275       569
Group Limited                                                   (706)
Smart Education Limited                  1,229     1,058          358
Lyalvale Express Limited                   915     1,027            -
The Engine Group Limited                   600       725            -
Fords Packaging Systems                     83       542
Limited                                                             -
Wecomm Limited                             604       517            -
Mears Group plc           Quoted on AIM    264       324           15

Subtotal                                 7,216    10,938        (881)
Other venture capital
investments                              4,696     2,009         (54)
Listed fixed income
securities                               2,652     2,645           57

Total                                   14,564    15,592        (878)



                                                             Movement
'C' Share Pool                              Cost Valuation  in period
                                           £'000     £'000      £'000
Ten largest investments by
value
Smart Education Limited                      174       118         40
Servoca plc                  Quoted on AIM   140       117       (10)
Wecomm Limited                               121       103          -
Oldbury Aluminium Alloys                     100        45
Group Limited                                                    (55)
Interquest Group plc         Quoted on AIM   100        91       (18)
Melorio plc                  Quoted on AIM   100        84          4
Snacktime plc                Quoted on AIM   125        80       (31)
AngloINFO Limited                             79        79          -
Infoserve plc                Quoted on AIM    60        34          5
Lanchon Holdings Limited                       2         2          -

Total                                      1,001       753       (65)


All investments are unquoted unless otherwise stated.

Investment additions during the 3 months ended 30 September 2008

                    Cost Ordinary    'C'
                           Shares Shares
                   £'000    £'000  £'000

Alterian Group plc   282      251     31
Nucleus Cash Trust    26       26      -
                     308      277     31


There have been  no additions since  the period end  and the date  of
this report.

Investment disposals during the 3 months ended 30 September 2008

                               Market
                             value at            Gain/(loss)    Total
                            1 January  Disposal    in period realised
                       Cost    2008 *  proceeds against cost     gain
                      £'000     £'000     £'000        £'000    £'000

Alterian Group plc      157       157       151          (6)      (6)
MediaSurface    Group
plc                     823       274       823            -      549
                        980       431       974          (6)      543


* adjusted for additions if applicable

Changes to share capital

                                 Ordinary Shares of  'C' Shares of
                                      5p each           5p each
                                      Shares  £'000    Shares £'000
As at 1 July 2008                 20,836,307  1,042 1,488,078    74
Shares bought back and cancelled    (20,000)    (1)         -     -
As at 30 September 2008           20,816,307  1,041 1,488,078    74


During the period end the Company bought back 20,000 Ordinary Shares
of 5p each for cancellation.

General Meeting and Separate Class Meetings
On 29 October 2008, a general meeting and separate class meetings of
the Ordinary and C Shareholders took place and approved proposals to
convert the C Shares into Ordinary Shares on 31 October 2008.

Material events
Other than described above, there were no material events during  the
period from 1 July 2008 to 30 September 2008 or in the period from  1
October 2008 to the date of this announcement.

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