Interim Management Statement

HARGREAVE HALE AIM VCT1 PLC

Interim Management Statement

This statement covers the period from 1 October 2009 to the date of the release
of the statement on 11 February 2010.

As at close of business on 05 February 2010, the unaudited Net Asset Value (NAV)
for
Hargreave Hale AIM VCT1 plc was 63.15 pence per Ordinary Share of 1p.

Trading Statement

The NAV of the fund was very stable in the period, moving between 64.3p and
62.29p.  Taking the last published NAV (63.15p, 5 February 2010), the drop in
asset value equates to 1.3% per share.  Given the direction of the market (FTSE
100 unchanged, FTSE SmallCap (ex-IT) -7%, AIM +2%), this could be viewed as
satisfactory.  However, it has not been entirely plain sailing within our
portfolio of qualifying investments, with Relax Group falling into
administration and Cohort, our largest investment, issuing a shock profit
warning following the discovery of accounting irregularities in one of its
divisions.  Strong performances from Abcam and Animalcare, along with a
successful MBO of FDM, helped offset the majority of the losses.  Most recently,
Pressure Technology warned that customer delays would make it difficult to meet
market expectations this year, but the company remains highly profitable and
cash generative, and the reaction from the market, thus far, has been relatively
muted.

We continue to pursue our non-qualifying equity investment strategy and have c.
£1m (7% of the fund by market value) deployed at the time of writing.  As a
percentage, this is unchanged. We also have £4.5m invested in UK Government
Bonds or Government backed bonds.  The gross amount has reduced but the
allocation also remains unchanged.

The VCT's share price has increased 18.5% to 57.5p as a result of our move to
weekly NAV announcements and a more pro-active share buy-back programme.  The
discount between the mid-price of the shares and the NAV has narrowed from 21%
to 8%.

Purchase of Ordinary Shares

October 2009

83,668 ordinary shares were bought back for cancellation during October at a
cost of £45,843. As at 30 October 2009, there were 26,650,298 ordinary shares of
1p in issue (excluding shares held as treasury shares).

November 2009

168,603 ordinary shares were bought back for cancellation during November at a
cost of £98,296. As at 30 November 2009, there were 26,481,695 ordinary shares
of 1p in issue (excluding shares held as treasury shares).
December 2009

35,308 ordinary shares were bought back for cancellation during December at a
cost of £19,852. As at 31 December, there were 26,446,387 ordinary shares of 1p
in issue (excluding shares held as treasury shares).

January 2010

519,378 ordinary shares were bought back for cancellation during January at a
cost of £299,072. As at 29 January 2010, there were 25,927,009 ordinary shares
of 1p in issue (excluding shares held as treasury shares).

February 2010 (to date)

17,877 ordinary shares were bought back for cancellation on the 10 February at a
cost of £10,062. As at 11 February 2010, there were 25,909,132 ordinary shares
of 1p in issue (excluding shares held as treasury shares).

11 February 2010

For further information please contact:

  Stuart Brookes

  Company Secretary

  Hargreave Hale AIM VCT1 plc

  01253 754740





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