Interim Management Statement

Elderstreet VCT plc
Interim Management Statement
for the three months ended 31 March 2010

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 31 March  2010.  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
No dividends were paid or declared in the period to 31 March 2010.

On 30 April 2010, the Board declared proposed a final dividend in respect of the
year to 31 December 2009 at 2.0p per Ordinary Share.  Subject to shareholder
approval at the forthcoming Annual General Meeting, the dividend will be paid on
23 June 2010 to Shareholders on the register at 28 May 2010.

Performance
                           31 March   31 December
                               2010          2009

                              Pence         Pence

 Net Asset Value ("NAV")       76.1          76.7

 Cumulative Dividends          46.0          46.0

 Total Return *               122.1         122.7

* NAV plus cumulative dividends paid since launch

Investment portfolio summary at 31 March 2010
                                                                     Movement
 Ordinary Pool                                  Cost   Valuation    in period

                                               £'000       £'000        £'000

 Ten largest investments by value

 Snacktime plc *                               1,725       3,148        (305)

 Wessex Advanced Switching Products Limited       60       2,673            -

 Access Intelligence plc *                     1,633       2,412           86

 Fords Packaging Systems Limited               1,047       1,152            -

 Lyalvale Express Limited                        915       1,027            -

 Smart Education Limited                       1,473       1,003            -

 Baldwin & Francis (Holdings) Limited            690         770            -

 The Engine Group Limited                        600         526            -

 Wecomm Limited                                  850         472            -

 AngloINFO Limited                               328         328            -



 Subtotal                                      9,321      13,511        (219)

 Other venture capital investments             4,018       1,722           50

 Listed fixed income securities                2,354       2,373           13



 Total                                        15,693      17,606        (156)


All investments are unquoted unless otherwise stated.
* Quoted on AIM

Investment additions during the 3 months ended 31 March 2010
                               Cost

                              £'000



 Access Intelligence plc        500

 Aconite Technology Limited     210
                            --------
                                710


After  the period end the  Company made one follow  on investment of £200,000 in
AngloINFO Limited.

Investment disposals during the 3 months ended 31 March 2010
                                  Market
                                value at            Gain/(loss)    Total
                               1 January  Disposal    in period realised
                          Cost      2010  proceeds against cost     gain

                         £'000     £'000     £'000        £'000    £'000



BusinessMeetings ASP Ltd    12         -         -         (12)        -

Component Source Inc       250         8         8        (242)        -
                        ------------------------------------------------
                           262         8         8        (254)        -


There have been no disposals between 1 April 2010 and the date of this report.

Changes to share capital
                                    Ordinary Shares of
                                         5p each

                                        Shares   £'000

 As at 1 January 2010               23,287,887   1,164

 Shares issued                               -       -

 Shares bought back and cancelled            -       -
                                  ---------------------
 As at 31 March 2010                23,287,887   1,164



The Company issued 1,414,233 Ordinary Shares of 5p each between 1 April 2010 and
4 May 2010 under Offers for Subscription dated 1 December 2009, at a price of
80.4p per Ordinary Share.

No shares have been bought back for cancellation since the period end.

Material events
Other than described above, there were no material events during the period from
1 January 2010 to 31 March 2010 or in the period from 1 April 2010 to the date
of this announcement.


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