Interim Management Statement

    Interim Management Statement
             



Apollo VCT 1 plc ("the Fund")

20 June 2007

Interim Management Statement

Interim management statement for the three month period from 1
February 2007 to 30 April 2007

Performance summary


                                  As at 30 April     As at 31 January
                                            2007                 2007

Total net assets                           £8.3m                £2.9m
Net asset value per share                  94.2p                93.4p
Share price                                95.0p                95.0p
Total return/(loss) per share*             0.15p               (5.9)p

* based on a weighted average of 567,872 shares in issue as at 31
January 2007, and 1,854,305 shares in issue as at 30 April 2007

Investment portfolio

During the period under review, the Fund was actively seeking
investors rather than looking to make investments. As such, no
qualifying investments were held at period end. However, the
investment manager has taken an active approach to managing the cash
resources raised through the Offer prior to its investment in VCT
Qualifying Companies. The funds raised have been invested in a range
of cash and cash equivalent assets.

Dividends and investment strategy

The Fund will be managed to maximise the level of tax-free dividends
payable to shareholders in each of the first five years. This income
will be generated by employing a low risk but active approach to
managing the funds raised prior to investment into VCT Qualifying
Companies.

In addition, the VCT Qualifying Investments will be structured to
maximise the income available for distribution to shareholders.

Material events and transactions

The Fund's board is not aware of any significant event or transaction
which has occurred between the 1 February 2007 and the date of
publication of this statement which would have a material impact on
the financial position on the Fund.

For further information please contact Octopus Investments Limited on
020 7710 2800.

ENDS

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