Interim Management Statement

    SITKA HEALTH FUND VCT plc

INTERIM MANAGEMENT STATEMENT
FOR THE 3 MONTHS TO 31 OCTOBER 2007

To the members of Sitka VCT plc

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

This interim management statement considers the future of the fund and, as such,
forward-looking assertions have been made by the Directors in good  faith  based
on  the  information available to them up to the time of their approval of  this
report.  This statement should therefore be treated with due caution due to  the
inherent uncertainties of the effects of both economic and business risk factors
in considering forward-looking information.

This interim management statement relates to the period from 1 August 2007 to 31
October 2007 and contains information that covers this period and up to the date
of publication of this interim management statement.

Our operations

Sitka  Health  Fund VCT plc provides investors with a return by  maximising  the
stream  of  dividend distributions from the capital gains and  income  generated
from a diversified portfolio of investments.

Our investment policy

*    To  create a balanced portfolio of growth companies predominantly in the
     health sector
*    To invest in companies which have proven management and technology or
     business propositions which are protected by patents or know-how and where there
     are barriers to entry for competitors
*    Investments may include unquoted early-stage companies, those  requiring
     development capital and companies raising money on AIM

Performance summary

                    As at         As at            Movement
                    31 October    31 July 2007  
                    2007
  Total net assets  £15.78m       £15.77m           +£0.1m
  Net  asset  value 84.03p        83.80p            +0.27%
  per share
  Share price       72.50p        72.50p         Unchanged
  Discount to NAV   13.72%        13.48%            -0.24%
                                                
                                                
Dividend
The  Company will be paying an interim dividend for the year ending  31  January
2008  of  1.5p per Ordinary share to shareholders on the register at 9  November
2007.

Progress during the period

There  was  a 0.27% growth in net asset value per Ordinary share from 83.8p  per
share at 31 July 2007 to 84.03p per share at 31 October 2007.

At  31  October 2007 the portfolio consisted of 20 companies diversified  across
the health sector and at different stages of development. Of these companies, 10
are quoted and 10 are unquoted.
£326,452  was invested during the period from 1 August 2007 to 31 October  2007.
A  further  investment of £750,000 was made on November 16 in Plum Baby Limited,
a  specialist organic baby food producer, together with Noble VCT plc which also
invested £750,000.

Further  realisations of shares in Immunodiagnostics plc were undertaken  during
the quarter, resulting in the realisation of gains of £226,000.

Top ten investment holdings as at 31 October 2007
                                      Percentage of
                                         the fund's
                                          net asset
                                        value as at
                                         31 October
                                               2007
Amura Holdings Ltd (Osteoporosis               11.0
products)
Inforsense Ltd (Data management                 9.0
software)
Onyx Scientific Ltd (Contract                   5.4
research)
Digital Healthcare Ltd (Diabetic                4.9
retinopathy diagnosis)
York Pharma plc (Dermatology                    4.9
products)
Optasia Medical Ltd (Diagnosis of               4.1
bone disease)
Biovex Ltd (Cancer therapeutics)                4.1
Delta Dot Ltd (Analytical                       3.8
instruments)
Omni Dental Sciences Ltd (Dental                3.2
products)
Vectura plc (Inhaled drug                       2.6
delivery)
                                               53.0

VCT qualifying status

The  Fund continues to receive full HMRC approval and has already surpassed  the
level of qualifying investments needed to be made by February 2008 and 2009,  in
addition  to  meeting the other tests necessary for maintaining  VCT  qualifying
status.

Fundraising

As  mentioned  in  the Interim Report at 31 July 2007, the Board  is  aiming  to
increase  the size of the fund by up to Euro2.5m, equivalent to £1.69m.   Prior  to
this  there will be an Extraordinary General Meeting ("EGM") to extend the  life
of  the Company to ensure any funds raised may obtain full VCT tax relief.   The
EGM is expected to take place in December and documentation relating to the fund
raising will be issued in January.

Further  information regarding the Company, including monthly net  asset  values
can be found at Noble Group's website at www.noblegp.com/nfm/npe/funds/sitka.

For further information please contact :
     Gerard Tardy   0207 763 2200
     Doreen Nic     0131 225 9677

120 Old Broad Street         By order of the Board
London                       
EC2N 1AR                     Gill Nott (OBE)
                             Director
                             28 November 2007