Directorate Change

RNS Number:4620Z
Neptune-Calculus Income &Growth VCT
02 July 2007




Resignation of Director


The Board of the Neptune-Calculus Income & Growth VCT plc wishes to announce the
resignation of Robin Geffen as a director (effective immediately) due to the 
pressure of his other business commitments. Mr Geffen is Managing Director and 
Chief Investment Officer of Neptune Investment Management Limited, the manager 
of the VCT's non-VCT qualifying investments.

The VCT's Ordinary Share Fund and C Share Fund must be at least 70% invested in
VCT qualifying investments by 31 December 2007 and 31 December 2008
respectively. Consequently, the percentage of the VCT's funds invested in
non-qualifying investments has continued to decrease since the date of our last
update in May. As such, the Board has decided not to appoint a replacement for
Mr Geffen and suitable reporting and liaison arrangements have been put in place
with Neptune which will continue to manage the VCT's remaining non-qualifying
investments.

The Board wishes to thank Mr Geffen for his contribution in the successful
establishment of the VCT.




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