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 31 March 2011

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 31 March 2011. 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

A special interim dividend of 1.5 pence per Ordinary Share was paid on 31 March 2011 to shareholders on the register at 18 March 2011. This takes the cumulative dividends paid on the Ordinary Shares since inception to 13.5 pence. VCT dividends have the benefit that they are tax free.

PERFORMANCE

Net assets per Ordinary Share fell by 3.15 per cent over the period to reach 66.31 pence as at 31 March 2011, although this fall is partly explained by the payment of the special interim dividend at the end of March. Overall, there was little movement in the investment portfolio over the quarter.

INVESTMENT ACTIVITY

As noted in the Annual Report and Accounts, in January 2011 the Company invested a further £63,000 into Heritage House Media as part of a £300,000 fundraising to support the new Chief Executive's development plans.

In March, the Company invested £75,000 in Terrain Energy Limited ("Terrain") loan stock as part of a total fundraising of £750,000. The investment was part of a fundraising programme intended to give Terrain visibility over its funding needs to meet development, appraisal and exploration commitments until the end of 2012.

In order increase the weighting of VCT qualifying holdings in the investment portfolio, the Board liquidated £200,000 from the Neptune Income Funds during April, and made a further investment.

£100,000 was invested in MicroEnergy Services Limited ("MicroEnergy") with £30,000 provided as ordinary equity and £70,000 in the form of long term loan stock with a coupon of 7 per cent. MicroEnergy is a company set up to acquire renewable, microgeneration facilities, including (but not limited to) wind, anaerobic digestion, hydro and micro CHP (Combined Heat and Power), and is currently in negotiations to acquire its first renewable energy assets.

The Company continues to meet the requirements for approved VCT status.

SHARE BUY-BACKS

During the quarter ended 31 March 2011, the Company repurchased 289,738 Ordinary Shares for cancellation at a price of 59.5 pence per Ordinary share. Since the quarter end, the Company has repurchased for cancellation a further 376,210 Ordinary Shares at an average price of 60.2 pence per Ordinary share. After cancellation of these shares there will 11,635,043 Ordinary shares in issue.

FINAL DIVIDEND

A final dividend of 2 pence per Ordinary Share was proposed on 10 March 2011 for shareholders on the register at 6 May 2011. This will be paid on 3 June 2011 assuming it is approved at the forthcoming AGM.

MATERIAL EVENTS

Other than as disclosed herein, the Board is not aware of any significant event or transaction which has occurred between 31 March 2011 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 at Neptune Calculus Income and Growth VCT plc: 020 7493 4940