Interim Management Statement

Octopus IHT AIM VCT plc ("the Company")

17 April 2009

Interim Management Statement
For the period from 1 December 2008 to 15 April 2009

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure
and Transparency rules, Octopus IHT AIM VCT plc presents an Interim
Management Statement for the period 1 December 2008 to 15 April 2009,
being the latest weekly valuation prior to the date of this
statement.  This statement also includes relevant financial
information between the end of the period.

Financial Summary

                                 As at 15      As at 28      As at 30
                               April 2009 February 2009 November 2008

Total net assets (£'000s)          15,324        14,751        16,049
Net asset value per share
("NAV")                             62.2p         59.4p         64.6p
Net revenue profit after tax
(£'000s)                                9            15           353
Share price                           53p           54p           54p
Cumulative dividend - paid and
proposed since launch                6.4p          6.4p          6.4p


Investment performance
It is disappointing to have to report a further decline in the NAV in
the period since the Company's year end.  As at 30 November 2008, the
NAV per 'A' and 'B' Ordinary share was 64.6p and as at 15 April 2009
the NAV was 62.2p. In recent weeks AIM has displayed some stability,
after the volatility during the tail-end of 2008, aided by results
which generally have been in line with expectations, however heavily
revised those may have been.  With the AIM index up by 4.7% in the
first three months of 2009, there may be early indications that small
company share prices might fully reflect the disinterest, risk
aversion and economic challenges to which they have been subjected.
Many challenges remain, not least that of adequate funding lines, but
there are still smaller companies capable of growing their profits.


Investment Activity
The following new investments have been completed since 30 November
2008:

  * 27 January 2009, investment of £200,000 in Lombard Medical plc
    convertible loan notes
  * 27 February 2009, investment of £550,000 in Praesepe plc
  * 27 February 2009, investment of £550,000 in Managed Support
    Services plc


In addition, a further £400,000 has been invested into Brulines Group
and the entire holding in Optimisa has been sold.  As reported in the
Annual Report & Accounts, Fishworks appointed administrators in
January.  While large companies have been raising new capital in the
first quarter of the year, there have been few such issues or
flotations in AIM and, somewhat surprisingly in our view, there seem
to be few in prospect. This is no longer a problem for the fund, as
it is comfortably above HMRC's 70% level for qualifying investments.



Ten largest equity holdings as at 15 April 2009

                                                     % equity held by
                                         Carrying Octopus IHT AIM VCT
Investee Company  Sector              value £'000                 PLC
Advanced Computer Software & Computer
Software plc      Services                  1,037                2.3%
IS Pharma plc
(formerly Maelor  Pharmaceuticals &
plc)              Biotechnology               805                4.2%
Managed Support
Services plc      Support Services            756                4.2%
CBG Group plc     Non-life Insurance          755                5.1%
AnimalCare Group
plc               Food Producers              749                5.5%
Research Now Plc  Media                       621                1.6%
Melorio plc       Support Services            612                3.3%
Praesepe plc      Travel and Leisure          550                3.2%
Mount Engineering Industrial
plc               Engineering                 539                1.9%
Tasty plc         Travel and leisure          533                4.4%


Dividends
The Directors have proposed a final dividend of 1p per 'A' and 'B'
Ordinary shares in respect of the year ended 30 November 2008. This
dividend has now been approved by HMRC. The proposed final dividend,
if approved by shareholders at the AGM, will be paid on 22 May 2009.

Distribution in Specie
Shareholders will recall that the Company was established with 'A'
and 'B' Ordinary shares, The 'B' Ordinary shares were designed to
allow shareholders to elect to take an allocation of shares in the
underlying portfolio, pro rata to their shareholdings in the Company,
in order to establish a portfolio that might qualify for Business
Property Relief. A circular will shortly be sent to shareholders
setting out the process and the choices facing 'B' Ordinary
Shareholders.

Material events and transactions
The Board is not aware of any significant event or transaction which
has occurred between 16 April 2009 and the date of publication of
this statement.

For further information please contact:

Kate Tidbury / Andrew Buchanan - Fund Managers
Octopus Investments Limited - 0800 316 2347

ENDS

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