Interim Management Statement

The Income & Growth VCT plc (the Company)

                         INTERIM MANAGEMENT STATEMENT                          

                    For the quarter ended 31 December 2008                     

NET ASSET VALUE PER SHARE

'O' SHARE FUND

                                  At 31 December 2008    At 30 September 2008  
                                                                               
Net assets attributable to        28,359,460             29,624,220            
'O' Fund Shareholders                                                                   
                                                                               
'O' Shares in issue               35,451,438             35,451,438            
                                                                               
Net asset value per 'O' Share     80.00p *               83.56p **             
(NAV)                                                                          

*including current year income of 0.16p

** including current year income of 1.69p

A proposed final dividend in respect of the year ended 30 September 2008 of 4
pence per 'O' Share comprising 1 penny from income and 3 pence from capital,
will be recommended to Shareholders at the AGM on 6 February 2009 for payment
on 16 February 2009. The above NAV of 80.00 pence per share is before deducting
this dividend.

`S' SHARE FUND

                                  At 31 December 2008    At 30 September 2008  
                                                                               
Net assets attributable to        11,184,536             11,167,492            
'S' Fund Shareholders                                                                   
                                                                               
'S' Shares in issue               11,806,467             11,806,467            
                                                                               
Net asset value per `S' Share     94.73p *               94.59p **             

*including current year income of 0.40p

** including current year income of 1.00p

NEW INVESTMENTS

In October, the 'O' and `S' Share Funds invested £595,842 and £404,158
respectively into ATG Media Holdings Limited to support the MBO of Metropress,
publisher of the Antiques Trade Gazette. 

In November, the 'O' Share Fund made a further loan stock investment of £
129,264 into PXP Holdings Limited (Pinewood Structures), a supplier of timber
frame houses.

SHARE BUY-BACKS and ISSUES

The Company did not issue, or buy-back any of its own shares, during the
period.

For further information, please contact:

Sarah Penfold, for Matrix-Securities Limited, Company Secretary: 020 3206 7000.