Interim Management Statement

Albion Development VCT PLC

                          Interim Management Statement

Introduction
I  am  pleased  to  present  the  Company's interim management statement for the
period  from  1 January  2010 to  17 May  2010 as  required  by  the  UK Listing
Authority's Disclosure and Transparency Rule 4.3.

Financial Position and Performance
The Ordinary shares' unaudited net asset value (NAV) per the management accounts
as at 31 March 2010 was £23.0 million (31 December 2009: £22.3 million) or 77.8
pence  per share (excluding  treasury shares) (31  December 2009: 75.3 pence per
share).

The current NAVs and comparative figures are calculated after accounting for the
first  dividend for  the year  to 31 December  2010 of 4 pence  per share (total
cost:  £1,180,000) in respect of Ordinary shares which was paid on 4 May 2010 to
shareholders on the register as at 6 April 2010.


The  D shares' unaudited net  asset value per the  management accounts as at 31
March  2010 was £3.0 million (31 December  2009: £1.4 million) or 94.6 pence per
share  (31 December 2009: 94.6 pence per share).

During  the  period  from  1 January  2010 to  31 March 2010, the Company issued
1,734,295 D  shares of 50 pence each at a price of 100 pence per share under the
Offer for Subscription of D shares.

A further 3,115,760 D shares were issued between 1 April 2010 and 17 May 2010 at
a  price of 100 pence per share.  After costs of issue of  the new shares, the D
share NAV as at 17 May 2010 would be approximately 94.5 pence per share.

Share  issues  under  the  dividend  reinvestment  scheme, buybacks and discount
management
On  4 May 2010, the Company issued 101,296 Ordinary shares of 50 pence each at a
price of 75.30 pence per share under the Dividend Reinvestment Scheme.

During  the  period  from  1 January  2010 to 17 May 2010, the Company purchased
291,350 shares for treasury at an average price of 64.81 pence per share.

It  remains the Board's policy to buy back  shares in the market, subject to the
overall  constraint that such purchases are in the Company's interest, including
the  maintenance  of  sufficient  resources  for  investment in existing and new
investee companies and the continued payment of dividends to shareholders.

It is the Company's intention that, subject to the sufficiency of cash resources
and  any market constraints,  share buy-backs will  take place at  a discount of
around 10 per cent. to the prevailing net asset value.

Portfolio
In the period from 1 January 2010 to 17 May 2010, Albion Development VCT PLC has
made the following investments:

Investment portfolio

+-----------------------------+-------------------------+--------+
| Investment                  | Existing/New investment | £'000s |
+-----------------------------+-------------------------+--------+
| Forth Photonics Limited     |        Existing         |  140   |
+-----------------------------+-------------------------+--------+
| Prime Care Holdings Limited |        Existing         |  130   |
+-----------------------------+-------------------------+--------+
| Mi-Pay Limited              |        Existing         |   55   |
+-----------------------------+-------------------------+--------+
| Oxsensis Limited            |        Existing         |   47   |
+-----------------------------+-------------------------+--------+
| Rostima Limited             |        Existing         |   12   |
+-----------------------------+-------------------------+--------+
| GB Pub Company VCT Limited  |        Existing         |   4    |
+-----------------------------+-------------------------+--------+
| Mears Group PLC             |        Existing         |   1    |
+-----------------------------+-------------------------+--------+

Top Ten Qualifying Holdings as at 31 March 2010

+---------------------------------+-----------------------+
| Holding                         | Carrying Value £'000s |
+---------------------------------+-----------------------+
| Evolutions Television Limited   |         2,363         |
+---------------------------------+-----------------------+
| The Weybridge Club Limited      |         1,359         |
+---------------------------------+-----------------------+
| Mears Group plc                 |         1,276         |
+---------------------------------+-----------------------+
| Blackbay Limited                |         1,131         |
+---------------------------------+-----------------------+
| Peakdale Molecular Limited      |         1,125         |
+---------------------------------+-----------------------+
| CS (Greenwich) Limited          |          868          |
+---------------------------------+-----------------------+
| RFI Global Services Limited     |          808          |
+---------------------------------+-----------------------+
| Taunton Nursing Home Limited    |          675          |
+---------------------------------+-----------------------+
| Kensington Health Clubs Limited |          669          |
+---------------------------------+-----------------------+
| Consolidated PR Limited         |          656          |
+---------------------------------+-----------------------+

Disposals
During  the period from  1 January 2010 to 17 May  2010, Consolidated PR Limited
repaid  £6,000  of  loan  stock,  CS  (Greenwich) Limited repaid £23,000 of loan
stock,  City Screen (Liverpool) Limited repaid £5,000 of loan stock, The Dunedin
Pub  Company VCT Limited repaid £96,000 of loan stock, Peakdale molecular repaid
£28,000 of loan stock and River Bourne Health Club Limited repaid £4,000 of loan
stock.

There  have been no further significant events or transactions that the Board is
aware  of which would  have a material  impact on the  financial position of the
Company between 1 January 2010 and 17 May 2010.

Information  regarding  historic  and  current  financial  performance and other
useful  shareholder  information  can  be  found  on  the  Fund's  website under
www.albion-ventures.co.uk/Our Funds/Albion Development VCT PLC.

Geoffrey Vero, Chairman
17 May 2010
For further information, please contact:
Patrick Reeve
Albion Ventures LLP
Tel: [phone]


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