Interim Management Statement

Octopus AIM VCT plc
Interim Management Statement

13 January 2010

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus AIM VCT plc ("Company" or "Fund") presents an
Interim Management Statement for the period 1 September 2009 to 31 December
2009.  The statement also includes relevant financial information between the
end of the period and the date of this statement.

Financial Summary
+-----------------------+------------------+------------------+----------------+
|                       | As at 31 December| As at 30 November| As at 31 August|
|New Ordinary shares    |              2009|              2009|            2009|
+-----------------------+------------------+------------------+----------------+
|                       |                  |                  |                |
+-----------------------+------------------+------------------+----------------+
|Net assets (000s)      |           £23,648|           £24,828|         £22,737|
+-----------------------+------------------+------------------+----------------+
|Net profit/(loss)      |                  |                  |                |
|before tax (000s)      |            £4,777|            £6,652|          £4,371|
+-----------------------+------------------+------------------+----------------+
|Net asset value per    |                  |                  |                |
|share ("NAV")          |             80.8p|             84.6p|           76.8p|
+-----------------------+------------------+------------------+----------------+
|                       |                  |                  |                |
+-----------------------+------------------+------------------+----------------+
|Dividends paid in the  |                  |                  |                |
|period                 |             2.5p*|                 -|               -|
+-----------------------+------------------+------------------+----------------+
*The interim dividend for 31 August 2009 was paid on 21 December 2009.

Investment Performance

The company's unaudited Net Asset Value as at 31 December 2009 was 80.8p per
share, after the payment of a dividend of 2.5p in line with the board's present
policy.  After adding back the dividend, this represents a rise in the NAV in
the period from 31 August to 31 December 2009 of 8.5%. The NAV increase
compares, despite the enforced differences between it and the index, with a rise
in the AIM All Share index of 10.3%.  In the period a rebate of VAT was received
from HMRC as previously notified on 20 November 2009.  This accounted for 2p of
the uplift in the NAV over the period.

Investment Activity

In the last few weeks of 2009 new issues began to reappear.  However,
predominantly fund raising in the period under review has been by existing AIM
companies. We have made two new qualifying holdings, as follows:

23 September, £222,120 invested in Omega Diagnostics Group
18 December, £419,900 invested in SnackTime.

The offers for Claimar and Research Now were accepted.
Qualifying Investment Portfolio - Ten Largest Holdings by Value as at 31
December 2009


                                                                    % of equity
                                                 Carrying value held by Octopus
 Company                  Sector                          £'000             AIM
--------------------------------------------------------------------------------
 Advanced Computer
 Software plc             Software                        1,166            0.9%

 Mears Group plc          Housing Maintenance             1,032            0.5%

 Brooks MacDonald Group
 plc                      Wealth Management               1,019            1.9%

 Melorio plc              Vocational Training               955            2.1%

 Mattioli Woods plc       Pensions Consultancy              936            2.3%

 Immunodiagnostic plc     Healthcare                        710            0.4%

 Vertu Motors plc         Motor Retail                      617            0.8%

 Matchtech Group plc      Support Services                  548            0.9%

 Animalcare Group plc     Pharmaceuticals                   521            2.8%

 IDOX plc                 Software                          195            1.4%


Buybacks
During the period to 31 December 2009 the Company has purchased 341,118 New
Ordinary shares at a weighted average price of 72.3p. These shares are held in
Treasury.

Total Voting Rights
The Company's capital as at 31 December 2009 consisted of 31,930,030 New
Ordinary shares with a nominal value of 50p each, with voting rights.  The
Company holds 2,655,668 New Ordinary shares in Treasury. Therefore, the total
number of voting rights in Octopus AIM VCT plc is 29,274,362.

Dividends
The Directors proposed a final dividend of 2.5p per share in respect of the six
months ended 31 August 2009. The dividend was approved by shareholders at the
AGM and was paid on 21 December 2009.

Material events and transactions
The Board is not aware of any other significant event or transaction which has
occurred between the 1 September 2009 and the date of publication of this
statement which would have a material impact on the financial position of the
Fund.

For further information please contact:
Andrew Buchannan and Kate Tidbury - Fund Managers
Octopus Investments Limited - 0800 316 2347

ENDS



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