Interim Management Statement

Octopus AIM VCT plc
Interim Management Statement

16 July 2010

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus AIM VCT plc ("Company" or "Fund") presents an
Interim Management Statement for the period 1 March 2010 to 30 June 2010.  The
statement also includes relevant financial information between the end of the
period and the date of this statement.

Financial Summary
+----------------------------------+-+------------------+----------------------+
|New Ordinary shares               | |As at 30 June 2010|As at 28 February 2010|
+----------------------------------+-+------------------+----------------------+
+----------------------------------+-+------------------+----------------------+
|Net assets (000s)                 | |           £24,313|               £23,644|
+----------------------------------+-+------------------+----------------------+
|Net profit/(loss) before tax      | |                  |                      |
|(000s)                            | |            £1,512|                £6,551|
+----------------------------------+-+------------------+----------------------+
|Net asset value per share ("NAV") | |             83.8p|                 82.0p|
+----------------------------------+-+------------------+----------------------+
+----------------------------------+-+------------------+----------------------+
|Dividends paid in the period      | |                 -|                  5.0p|
+----------------------------------+-+------------------+----------------------+

Investment Performance

The company's unaudited Net Asset Value as at 30 June 2010 was 83.8p per share.
This represents a rise in the NAV in the period from 28 February to 30 June
2010 of 2.2% which compares with a fall in the AIM All share Index of 1% and in
the Small Cap Index excluding investment trusts of 5.6%.  The period has been
generally frustrating for the fund as the initial enthusiasm for smaller company
shares at the beginning of 2010 has waned as investors have concentrated on
macro-concerns such as sovereign debt and its threat to the survival of the Euro
as well as the threat of government spending cuts to the growth of the UK
economy.  This has meant that many smaller company shares have languished
despite reporting buoyant trading and analysts upgrading forecasts.  The notable
exceptions have been rises in share prices as a result of takeover activity, and
the fund has benefited from bids for Portrait Software, Melorio, Innovision and
Win as well as approaches for Optare and Huveaux (now called Dods).  The quantum
of corporate activity that is emerging is a good indicator of the value that is
now being seen in smaller companies and that there is more confidence that
profits have now passed the worst point in the cycle.

Investment Activity

Fundraising activity was subdued ahead of the general election, but has revived
since.  With banks still unwilling to lend, we are expecting deal flow to pick
up after the summer.  The Company has made two follow-on investments of £118,000
and £220,000 respectively in Strategic Thought and Tasty in the period as well
as a new investment on 2 July 2010 of £643,000 in EKF Diagnostics Group.

There were more sales than purchases in the period with the bid for Melorio
resulting in the disposal of the entire holding at a profit of £765,000.
Clerkenwell was wound up and cash returned to shareholders, and profits totaling
£332,000 were taken in Hargreaves Services, Immunodiagnostics and Mears.

Merger
Documents have been sent out to shareholders detailing the Board's intention to
merge the Company with Octopus Phoenix VCT plc. The Extraordinary General
Meeting to approve this will take place at 8 Angel Court, London, EC2R 7HP at
2.00 p.m. on 4 August 2010.

Qualifying Investment Portfolio - Ten Largest Holdings by Value as at 30 June
2010


                                                   Carrying value       % of net
Company                   Sector                            £'000         assets
--------------------------------------------------------------------------------
Brooks MacDonald Group
plc                       Wealth Management                 1,503           6.2%

Advanced Computer
Software plc              Software                          1,010           4.2%

Mattioli Woods plc        Pensions Consultancy                809           3.3%

Innovision Research &
Technology plc            Information Technology              624           2.6%

Immunodiagnostic plc      Healthcare                          584           2.4%

Mears Group plc           Housing Maintenance                 579           2.4%

Animalcare Group plc      Pharmaceuticals                     548           2.3%

Craneware plc             Software                            548           2.3%

Portrait Software plc     Software                            532           2.2%

Idox plc                  Software                            531           2.2%




Buybacks
During the period to 30 June 2010, the Company purchased 78,648 New Ordinary
shares at a weighted average price of 74.0p. These shares are held in Treasury.
Buybacks have been suspended since 26 March 2010 while the Company sought
shareholder approval to convert its non-distributable reserves into
distributable reserves.  This was approved by shareholders on 6 July, and share
buybacks and dividends will be resumed once the Court process has been
completed.

Issue of shares
During the period the Company issued 205,838 shares at a price of 89.4p per
share.

Total Voting Rights
The Company's capital as at 30 June 2010 consisted of 30,925,417 New Ordinary
shares with a nominal value of 50p each, with voting rights.  The Company now
holds 1,899,774 New Ordinary shares in Treasury. Therefore, the total number of
voting rights in Octopus AIM VCT plc is 29,025,643.

Material events and transactions
The Board is not aware of any other significant event or transaction which has
occurred between 1 March 2010 and the date of publication of this statement
which would have a material impact on the financial position of the Company and
further do not regard any of the above events or transactions as being a
significant change from 9 July (the date on which the merger document was
issued) to the date of publication of this statement.

For further information please contact:
Andrew Buchannan and Kate Tidbury - Fund Managers
Octopus Investments Limited - 0800 316 2347

ENDS



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