Interim Management Statement

Octopus (formerly Close) AIM VCT plc ("Octopus AIM" or "Company")

16 December 2008

Interim Management Statement

For the period from 1 September 2008 to 10 December 2008

In accordance with Rule 4.3 of the UK Listing Authority's  Disclosure
and Transparency  rules,  Octopus AIM  VCT  plc presents  an  Interim
Management Statement for the period  1 September 2008 to 10  December
2008.  The  statement also  includes relevant  financial  information
between the end of the period and the date of this statement.

Financial highlights - New Ordinary Shares

                             As at 10       As at 30      As at 31
                              December 2008 November 2008 August 2008

Total net assets (£'000s)        19,861        20,816       26,958
Net asset value per share        65.6p*         68.7p        88.4p
("NAV")
Share price                      58.0p          59.0p        75.0p
Dividend proposed                 2.5p          2.5p         2.5p

*NAV as at 10 December is ex-dividend.

Investment performance
The unaudited total return (NAV plus dividends proposed) per share at
10 December 2008  was 68.1p for  Ordinary shares, down  on the  total
return per share  at 31  August 2008  of 88.4p.  This was  a fall  of
23%.   It has remained the case that smaller companies have been seen
as higher  risk investments  and the  AIM and  the Smaller  Companies
Indices have fallen by 52% and 40% respectively in the period.

Investment Activity
No new investments were made in the period ended 10 December 2008.

The supply of new issues coming to AIM has dwindled. There has been a
steady trickle of fundraisings from existing companies, some of which
have sought to shore up their balance sheets because of a less benign
attitude of their banks. The level of qualifying investments  remains
comfortably above  80%. Therefore  your manager  has not  chased  VCT
qualifying opportunities, taking  the view that  there could be  more
attractive opportunities  for  the cash  in  the portfolio  over  the
coming months.

The next few months will continue to be particularly challenging  for
many businesses, with the impact of the credit crunch flowing through
all markets and an expected  worsening of the economic  environment.
Hopefully, the  Government's  action  to restore  confidence  in  the
banking sector, together with similar steps being taken globally will
result in greater stability in the  financial sector as a whole.  The
dramatic falls in  the FTSE  All-Share index and  FTSE AIM  All-Share
index of  38% and  64%  respectively so  far  in 2008  could  perhaps
already be discounting much of the bad news and downgrades to  come.
Against this background it  is your manager's  policy to continue  to
look  for  opportunities  to  invest  at  the  lower  valuations  now
prevailing in the belief that these, together with existing  holdings
at to-days  depressed  prices  should  provide  capital  profits  and
dividends in the medium to long term.

Ten largest qualifying holdings

Company                       Carrying value  Percentage of total net
                                       £'000                  assets
Mattioli Woods plc              1,064                  5.4%
Mears Group plc                  914                   4.6%
Research Now plc                 864                   4.4%
Neuropharma Group plc            712                   3.6%
Advanced Computer
Software plc                     635                   3.2%
Brooks Macdonald                 556                   2.8%
Melorio plc                      514                   2.6%
Pressure Technology              483                   2.4%
Idox plc                         411                   2.1%
Animal Care Group                372                   1.9%


Dividends
The Board declared an interim dividend of 2.5p per New Ordinary share
for the six months ending 31 August 2008 to be paid on 9 January 2008
to shareholders who were on the register at the close of business  on
12 December 2008.

Buybacks
During the period the Company  bought back 5,930 New Ordinary  shares
at a price of 61p per share.  These are currently held in Treasury.

Total voting rights and capital
At the date of this announcement, the capital of the Company consists
of 31,930,030 New Ordinary  shares with a nominal  value of 50  pence
each, with voting rights. Octopus AIM VCT plc holds 1,647,907  Shares
in Treasury.

Therefore, the  total  number of  voting  rights in  the  Company  is
30,282,123.

The  figure  of  30,282,123  may  be  used  by  shareholders  as  the
denominator for the calculations by which they will determine if they
are required  to notify  their  interest in,  or  a change  to  their
interest in,  Octopus AIM  VCT  plc under  the FSA's  Disclosure  and
Transparency Rules.

Investment objective
Octopus AIM VCT plc invests in a diversified portfolio of  AIM-quoted
UK companies  with the  intention  of providing  attractive  tax-free
dividends and long-term capital growth to its investors.

Material events and transactions
The Board is not aware of any other significant event or  transaction
which has  occurred between  the 11  December 2008  and the  date  of
publication of this statement, other than the dividend stated  above,
which would have a material impact  on the financial position on  the
Company.


For further information please contact:
Andrew Buchanan & Kate Tidbury - Fund Managers
Octopus Investments Limited - 020 7710 280
ENDS

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