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 July 2010 to 17 November 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 30 September 2010 was £22.3 million (30 June 2010: £21.5 million) or 75.7
pence per share (excluding treasury shares) (30 June 2010: 73.0 pence per
share). This is after accounting for a dividend of 4 pence per share paid on 30
September 2010 to shareholders on the register at 3 September 2010 (the 30 June
2010 comparative has also been adjusted for this dividend payment of 4 pence per
share).

The  D shares' unaudited net asset value (NAV) per the management accounts as at
30 September  2010 was £5.9 million  (30 June 2010: £5.9  million) or 93.0 pence
per share (excluding treasury shares) (30 June 2010: 93.4 pence per share). This
is  after accounting for  a dividend of  1 penny per share  paid on 30 September
2010 to  shareholders  on  the  register  at 3 September 2010 (the 30 June 2010
comparative  has also  been adjusted  for this  dividend payment  of 1 penny per
share).

Share issues, buybacks and discount management
On  30 September 2010, the  Company issued  109,161 Ordinary shares  of 50 pence
each at a price of 73.0 pence per share under the Dividend Reinvestment Scheme.

During  the period from  1 July 2010 to 17 November  2010, the Company purchased
254,482 shares  for treasury at an average price of 64.6 pence per share. During
the same period, the Company cancelled 100,000 Ordinary shares from treasury.

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 10
to 15 per cent. to the prevailing net asset value.

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

+-----------------------------+----------------------------+--------+
|         Investment          |  Existing/New investment   | £'000s |
+-----------------------------+----------------------------+--------+
| Radnor House School Limited |            New             | 1,519  |
+-----------------------------+----------------------------+--------+
| Rostima Holdings Limited    |          Existing          |   55   |
+-----------------------------+----------------------------+--------+
| TEG Biogas (Perth) Limited  | New (including commitment) |  590   |
+-----------------------------+----------------------------+--------+
| Xceleron Limited            |          Existing          |   36   |
+-----------------------------+----------------------------+--------+
| Bravo Inns II limited       |          Existing          |  240   |
+-----------------------------+----------------------------+--------+

Top Ten Qualifying Holdings as at 30 September 2010

+---------------------------------+-----------------------+
|             Holding             | Carrying Value £'000s |
+---------------------------------+-----------------------+
| Evolutions Television Limited   |         2,576         |
+---------------------------------+-----------------------+
| Radnor House School Limited     |         1,527         |
+---------------------------------+-----------------------+
| The Weybridge Club Limited      |         1,321         |
+---------------------------------+-----------------------+
| Blackbay Limited                |         1,199         |
+---------------------------------+-----------------------+
| Peakdale Molecular Limited      |         1,043         |
+---------------------------------+-----------------------+
| CS (Greenwich) Limited          |          860          |
+---------------------------------+-----------------------+
| Mears Group plc                 |          690          |
+---------------------------------+-----------------------+
| Kensington Health Clubs Limited |          679          |
+---------------------------------+-----------------------+
| Taunton Nursing Home Limited    |          588          |
+---------------------------------+-----------------------+
| Masters Pharmaceuticals Limited |          566          |
+---------------------------------+-----------------------+

Disposals
During  the period from 1 July 2010 to  17 November 2010, £209,000 of loan stock
was repaid by a number of investee companies and the Company disposed of part of
its holding in Mears Group PLC, realising proceeds of £1.07 million.

Albion VCTs Linked Top Up Offer

On  1 November 2010 the Company  announced the launch  of the Albion VCTs Linked
Top  Up Offer.  In aggregate, the Albion VCTs  will be aiming to raise up to £15
million  across all of the  seven VCTs managed by  Albion Ventures LLP, of which
Albion Development VCT's share will be approximately £2.25 million.  The maximum
amount raised by each of the Albion VCTs will be the lower of Euros 2.5 million,
and  10 per cent. of its issued share capital (over any one 12 month period, and
including  any  shares  issued  under  Dividend Reinvestment Schemes), being the
amount that they may issue under the Prospectus Rules without the publication of
a  full prospectus. The number  of new shares available  may change depending on
the £: euro exchange rate at the date of allotment.

The  proceeds of  the Offer  will be  used to  provide further  resources to the
Albion  VCTs at a time when a  number of attractive new investment opportunities
are being seen.

An  Investor Guide and Offer Document has been sent to shareholders and can also
be   found  on  the  websitewww.albion-ventures.co.uk,  under  the  'Our  Funds'
section. .

On 1 November 2010, the Company announced notice of a General Meeting to be held
on 8 December 2010 at 4pm, at the offices of Albion Ventures LLP, 1, King's Arms
Yard. London, EC2R 7AF.

The purpose of this General Meeting is to consider resolutions required for the
issue of shares under the Albion VCTs Linked Top Up Offer, as detailed above.

A copy of the circular has being sent to all shareholders, and can also be found
on the websitewww.albion-ventures.co.uk, under the 'Our Funds' section.


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 July 2010 and 17 November 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 November 2010

For further information, please contact:
Patrick Reeve
Albion Ventures LLP
Tel: [phone]


[HUG#1463510]








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Source: Albion Development VCT PLC - Ordinary Shares via Thomson Reuters ONE