Interim Management Statement

Neptune Calculus Income and Growth VCT plc - Interim Management Statement

Neptune Calculus Income and Growth VCT plc (the Company)

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 September 2010

In accordance with rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Neptune Calculus Income and Growth VCT plc presents an Interim Management Statement for the quarter ended 30 September 2010. The statement also includes relevant financial information between the end of the period and the date of this statement.

NET ASSET VALUE AND TOTAL RETURN PER SHARE

An interim dividend of 1 penny per Ordinary Share was paid on 18 October 2010 to shareholders on the register at 24 September 2010. This takes the Cumulative dividends paid on the Ordinary Shares since inception to 12 pence. VCT dividends have the benefit that they are tax free.

PERFORMANCE

Net assets per Ordinary Share rose by 1.77 per cent over the period to reach 69.01 pence as at 30 September 2010. Mount Engineering has been the subject of a takeover battle in recent weeks between Wakefield based Redhall Group plc and US based Cooper Industries, and its shares rose by 36 per cent over the quarter. On 1 October 2010, Cooper made an all cash offer for Mount of 82 pence per share, which compares favourably to the cost of investment of 70 pence per share. Cooper's offer, which values Mount at approximately £19.2 million, was declared unconditional in early November and completion of the takeover is expected in December.

Over the period there was little overall movement in the qualifying portfolio, with the rise in Mount Engineering offset by falls in Infrastrata, Expansys and EpiStem. However, following the announcement of its reappointment as a subcontractor to the U.S. National Institute of Health's Biodefence programme, EpiStem's share price recovered by 20 per cent to reach a bid price of 390 pence as at 15 November 2010. The non-qualifying investments in the Neptune Income Fund and the Quarterly Neptune Income Fund, both of which are biased towards large cap stocks, also rose over the period as the FTSE recovered.

INVESTMENT ACTIVITY

During the quarter RMS Group redeemed £200,000 of mezzanine financing provided by the Company as part of a refinancing. At the quarter end the Company still had £200,000 of mezzanine financing outstanding with RMS Group. There were no other disposals or realisations during the quarter.

The Company was 73.2 per cent invested in Qualifying Investments as of 30 September 2010.

MATERIAL EVENTS

Other than as disclosed herein, the Board is not aware of any significant event or transaction which has occurred between 30 September 2010 and the date of publication of this Interim Management Statement which would have a material impact on the financial position of the Company.

For further information please contact:

John Glencross of Neptune Calculus Income and Growth VCT plc: 020 7493 4940