Interim Management Statement

Investec Structured Products Calculus VCT plc

Interim Management Statement

17 January 2013

Investec Structured Products Calculus VCT plc ("the Company") announces itsInterim Management Statement for the period from 1 September 2012 to 30 November 2012. This Statement also includes relevant financial informationbetween the end of the period to the date of this Statement.

The Company is a tax efficient listed company which aims to achieve a regulartax free dividend stream together with capital growth for private investors.The Company brings together Investec Structured Product's award winningexpertise in Structured Products and Calculus Capital's award winning expertisein venture capital.

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* The unaudited net asset value ("NAV") per ordinary share as at 30 November 2012 was 92.89 pence. Taking into account dividends paid to date, the year to date total return at the period end was 103.39 pence. * The unaudited NAV per C share as at 30 November 2012 was 91.06 pence. Taking into account dividends paid to date, the year to date total return at the period end was 95.56 pence.

The total returns are stated before the inclusion of VCT tax reliefs which areintended to mitigate the higher risk of investing in smaller companies and theconstraints imposed by VCT legislation. The income tax reliefs applicable atthe time of subscription were 30 per cent. VCT dividends are tax free.

Investment in Structured Products

In line with the Company's strategy set out in the original offer documents, alarge percentage of the initial cash raised has been used to build a portfolioof Structured Products. The portfolio of Structured Products was constructedwith different issuers and differing maturity periods to minimise risk andcreate a diversified portfolio.

Part of the portfolio has matured and several of the investments have nowreached full term, including the HSBC investment and the RBS Autocallable,paying a 25.1 per cent. and 10.5 per cent. return respectively. We sold theMorgan Stanley product on 31 October 2012, at a price of 132.24 per cent.,which resulted in a positive return of £161,200 on the original £500,000investment. The product was sold to release cash flow for further QualifyingInvestments.

The strong performance of the FTSE 100 has supported valuations in theStructured Products portfolio, and the FTSE 100 has increased to sitcomfortably above all of the product's strike levels. As at 15 January 2013 theFTSE 100 was 6,117.31. Over the past three months, swap rates have remained lowand market volatility has declined even further.

No new investments were made in Structured Products during the period.

The Structured Products will achieve their target return subject to the FinalIndex Level of the FTSE 100 being higher than the Initial Index Level. Thecapital is at risk on a one-for-one basis ("CAR") if the FTSE 100 Index fallsmore than 50 per cent any time during the investment term and fails to fullyrecover at maturity such that the Final Index Level is below the Initial IndexLevel. As at 30 November 2012, the following investments had been made inStructured Products:Ordinary Share Fund:Issuer Strike FTSE 100 Notional Purchase Valuation Maturity Return/ Date Initial Investment Price as at 30 Date/ Capital at Index November Date Risk (CAR) Level 2012 Sold The Royal 05/05/ 5,341.93 £275,000 £0.96 £1.2814 12/05/ 162.5% if FTSEBank of 2010 2015 100 higher*; Scotland CAR if FTSE plc 100 falls more than 50% Investec 14/05/ 5,262.85 £500,000 £0.98 £1.3273 19/11/ 185% if FTSE Bank plc 2010 2015 100 higher*; CAR if FTSE 100 falls more than 50% Abbey 25/05/ 4,940.68 £350,000 £0.99 £1.4597 18/11/ 185% if FTSE National 2010 2015 100 higher*; Treasury CAR if FTSE Services 100 falls more than 50% Abbey 03/08/ 5,584.51 £50,000 £1.00 £1.1372 05/02/ 126% if FTSE National 2011 2014 100* higher; Treasury CAR if falls Services more than 50% Matured/soldHSBC Bank plc 01/07/ 4,805.75 £500,000 £1.00 Returned 06/07/ 125.1% if FTSE 2010 £1.2510 2012 100 higher*; CAR if FTSE 100 falls more than 50% The Royal 18/03/ 5,718.13 £50,000 £1.00 Returned 19/03/ Autocallable Bank of 2011 £1.1050 2017 10.5% p.a.; Scotland plc CAR if FTSE 100 falls more than 50% Nomura Bank 28/05/ 5,188.43 £350,000 £0.98 Sold at 30/03/ 137% if FTSE International 2010 £1.2625 2012 100 higher*; CAR if FTSE 100 falls more than 50% Morgan 10/06/ 5,132.50 £500,000 £1.00 Sold at 31/10/ 134% if FTSE Stanley 2010 £1.3220 2012 100 higher*; CAR if FTSE 100 falls more than 50% C Share Fund:Issuer Strike FTSE 100 Notional Purchase Valuation Maturity Return/ Date Initial Investment Price as at 30 Date/ Capital at Index November Date Risk (CAR) Level 2012 Sold Investec Bank 05/08/ 5,246.99 £328,000 £1.00 £1.2316 10/03/ 182% if FTSE plc 2011 2017 100* higher; CAR if FTSE 100 falls more than 50% Abbey 03/08/ 5,584.51 £200,000 £1.00 £1.1372 05/02/ 126% if FTSE National 2011 2014 100* higher; Treasury CAR if falls Services more than 50% Nomura Bank 28/05/ 5,188.43 £350,000 £1.2625 £1.3589 20/02/ 137% if FTSE International 2010 2013 100 higher*; CAR if FTSE 100 falls more than 50%MaturedThe Royal 18/03/ 5,718.13 £200,000 £1.00 Returned 19/03/ Autocallable Bank of 2011 £1.105 2017 10.5% p.a.; CARScotland if FTSE 100 plc falls more than 50%

* The Final Index Level is calculated using 'averaging', meaning that theaverage of the closing levels of the FTSE 100 is taken on each Business Dayover the last 2-6 months of the Structured Product plan term (the length of theaveraging period differs for each plan). The use of averaging to calculate thereturn can reduce adverse effects of a falling market or sudden market fallsshortly before maturity. Equally, it can reduce the benefits of an increasingmarket or sudden market rises shortly before maturity.

The total valuation of the amount invested in Structured Products in theOrdinary Share Fund as at 30 November 2012 was £1,585,801.

The total valuation of the amount invested in Structured Products in the CShare Fund as at 30 November 2012 was £1,108,758.

Venture Capital Investments

No new investments were made during the period.

The Venture Capital Investments at 30 November 2012 are shown below.

Ordinary Share Fund Sector Cost Valuation % of total portfolio Terrain Energy Limited Energy Ordinary equity £100,000 £113,000 Loan stock £200,000 £200,000 Total £300,000 £313,000 9.57% Lime Technology Limited Low carbon building Ordinary equity material £57,386 £16,329 Loan stock £250,000 £250,000 Total £307,386 £266,329 8.15% MicroEnergy Generation Alternative Services Limited energy Ordinary equity £150,000 £150,000 Loan stock £150,000 £150,000 Total £300,000 £300,000 9.17% Heritage House Media Digital Limited media Ordinary equity £22,065 £0 Loan stock £76,827 £0 Deferred shares £26,196 £0 Total £125,088 £0 0.00% Human Race Group Limited Sports Ordinary equity £100,000 £100,000 Loan stock £200,000 £200,000 Total £300,000 £300,000 9.17% Secure Electrans Limited E-commerce security Ordinary equity £100,000 £100,000 Total £100,000 £100,000 3.06% Metropolitan Safe Safe Custody Services Limited depository services Ordinary equity £90,000 £102,548 Loan stock £100,000 £100,000 Total £190,000 £202,548 6.19% Brigantes Energy Limited Energy Ordinary equity £125,000 £125,000 Total £125,000 £125,000 3.82% Corfe Energy Limited Energy Ordinary equity £75,000 £75,000 Total £75,000 £75,000 2.29% C Share Fund Sector Cost Valuation % of total portfolio Terrain Energy Limited Energy Ordinary equity £45,000 £47,460 Loan stock £45,000 £45,000 Total £90,000 £92,460 5.78% Heritage House Media Digital Limited media Ordinary equity £11,033 £0 Loan stock £38,413 £0 Deferred shares £13,098 £0 Total £62,544 £0 0.00% Human Race Group Limited Sports Ordinary equity £50,000 £50,000 Loan stock £100,000 £100,000 Total £150,000 £150,000 9.38% Secure Electrans Limited E-commerce security Ordinary equity £50,000 £50,000 Total £50,000 £50,000 3.13% Metropolitan Safe Safe Custody Services Limited depository services Ordinary equity £40,000 £45,577 Loan stock £50,000 £50,000 Total £90,000 £95,577 5.97% Events after the period end

In December the Company invested £120,000 and £80,000 in Venn Life ScienceHoldings plc on behalf of the Ordinary and C Share Fund respectively. Venn is a Clinical Research Organisation, headquartered in Dublin with operations in Ireland, England, France, Netherlands and Switzerland, which organises andproject manages clinical trials for pharmaceutical companies.

Also in December, the Company invested £250,000 in Hampshire Cosmetics Limited,which is a profitable, contract toiletries manufacturer. Calculus Capital haspreviously backed Hampshire's management team. The investment was made onbehalf of the Ordinary Share Fund.

Other than as described in the paragraphs above the Board is not aware of anyevents during the period from 30 November 2012 to the date of this statementwhich would have a material impact on the financial position of the Company.

For further information, please contact:

Gary Dale (Investec Structured Products) 020 7597 4065

John Glencross (Calculus Capital Limited) 020 7493 4940