Interim Management Statement

    NOBLE VCT plc

INTERIM MANAGEMENT STATEMENT
FOR THE 3 MONTHS TO 31 DECEMBER 2007

To the members of Noble VCT plc

This  interim  management  statement has been  prepared  to  provide  additional
information  to the shareholders as a body and to meet the relevant requirements
of  the  UK  Listing  Authority's  Disclosure  and  Transparency  Rules.  As   a
consequence  it  should not be relied on by any other party  or  for  any  other
purpose.

To  the  extent that this statement includes consideration of the future of  the
fund and any forward-looking opinions, these have been made by the Directors  in
good  faith based on the information available to them up to the time  of  their
approval of the statement.  This statement should therefore be treated with  due
caution in view of the inherent uncertainties in trying to anticipate the effect
of   economic   and  business  risk  factors  when  considering  forward-looking
information.

The  period covered by this interim management statement is from 1 October  2007
to  31 December 2007, it contains information that covers this period and up  to
the date of its signing.

Objectives and operations

The  objectives of Noble VCT plc ("Noble" or "the Company") are to  provide  the
shareholders  with  (i)  the  benefits of  a  venture  capital  portfolio  which
emphasises capital gains whilst seeking to lower risk by maintaining a  balanced
and  diverse  portfolio of investments by both number and sector  and  (ii)  the
personal  tax  benefits available through investment in a Venture Capital  Trust
("VCT").   The Company will continue to make its investments in a way which  the
board  believes  will meet the aims of the Chancellor of the Exchequer  when  he
introduced  the  concept  of  VCTs  so as to  generate  investment  in  dynamic,
innovative and growing UK businesses.


Progress during the period

In the three months to 31 December 2007, against a background of uncertainty and
turbulence  in the financial markets largely occasioned by the pervasive  nature
of  the U.S. `sub-prime' debt problems, the Company's net asset value per  share
decreased  by 2.7%. Public equities in general are suffering from the  sub-prime
crisis  and  negative  sentiment  over  the  global  economic  outlook,   as   a
consequence, the AIM All-Share index fell 6.1% over the same period.

With  regard  to  the unquoted portfolio, we are pleased to  announce  that  the
Company  completed a co-investment with Noble Health Fund VCT in  Plum  Baby,  a
business producing organic baby food.  The Company invested £750,000 in a  £1.5m
funding round, which is being used to provide additional working capital  for  a
business that has already become one of the leading baby food brands in the  UK,
stocked  by  all the major retail chains and has a highly experienced management
team  drawn  from  Unilever.   Also during the period,  a  further  £50,000  was
invested  in  High  Integrity  Solutions, an existing  portfolio  company  which
provides  an  integrated system to improve productivity in large software  build
projects.

In the quoted sector our investment manager, Noble Fund Managers (NFM), believes
that  the primary market has been slow because companies have been reluctant  to
list  due  to current market conditions and that this will continue as  concerns
over market turmoil and liquidity persist. During the three months to the end of
December  last,  a  total of £0.9 million was invested in six quoted  companies.
Three of these are non-qualifying investments in Keller, SQS and Murgitroyd, NFM
believes that these companies offer good portfolio diversification and that they
will  deliver long-term share price growth.  Follow-on investments were made  in
Appian Technology, IDOX and Optimisa.

Summary position at 31 December 2007

                    As at 31 December 2007  As at 30 September 2007
                         ("unaudited")        ("unaudited")
Total Net Asset Value    £22.5 million        £23.5 million
NAV per Share               74.04p                76.09p


Top ten holdings as at 31 December 2007

                                   Percentage of the 
                              fund's net asset value
                                               as at 
                                    31 December 2007
The Message Pad Limited                          5.6
TXT4 Ltd                                         4.0
Optimisa plc                                     3.6
Plum Baby Ltd                                    3.3
Vicorp Group plc                                 2.9
Optasia Medical Limited                          2.9
Integrated Environmental Solutions Limited       2.8
Lab 901 Limited                                  2.7
Earthport plc                                    2.6
Capital Pub Company 2 PLC                        2.3
                                                ----
                                                32.7
                                                ----
                                                
VCT qualifying status

The  Fund  continues to receive full Inland Revenue approval and had, as  at  31
December  2007,  invested  91.5%  of the Company's  ordinary  share  capital  in
qualifying  companies,  in  addition to meeting the other  tests  necessary  for
maintaining VCT qualifying status.

Recent Developments

Since  the  end  of  last year general market conditions have not  improved  and
inevitably this has impacted upon the Company's quoted portfolio, resulting in a
further reported decline in NAV per share to 71.22p at the end of January  2008.
However,  the Directors, together with NFM, continue actively to seek  means  by
which  to  enhance the Company's future performance and are confident  that  the
Company's  portfolio  of investments provides a robust platform  upon  which  to
develop.

As  I have indicated in past statements, I am always interested in and happy  to
receive  comment  or  questions from shareholders and others  who  receive  this
statement.  I  can  be  contacted  at the Company's  offices  or  via  email  at
[e-mail]

By order of the Board

John Gregory
Chairman

18 February 2008