NIG Noble Income

    NOBLE INCOME & GROWTH VCT plc


INTERIM MANAGEMENT STATEMENT
FOR THE 3 MONTHS TO 31 JULY 2008


To the members of Noble Income & Growth 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 effect of both economic and business risk  factors
in considering forward-looking information.

This  interim management statement relates to the period from 1 May 2008  to  31
July 2008 and contains information that covers this period and up to the date of
publication of this interim management statement.


Our investment policy

The Company's objective is to provide Shareholders with an attractive return  by
maximising the stream of dividend distributions to Shareholders from both income
and  capital gains.  It is intended to achieve this objective by investing  over
time  in a portfolio of VCT qualifying companies traded on AIM and PLUS markets,
together  with  later stage unquoted companies and pre-IPO  opportunities.   The
broad  investment  strategy enables the Company to invest in  a  wide  range  of
opportunities,  thus  diversifying portfolio risk.   The  Company  continues  to
target  companies with high quality management teams, scaleable business  models
and  clear market opportunities.  In line with a cautious approach to investing,
funds  are  held  on  deposit  or in low-risk fixed interest  investments  until
qualifying opportunities are found.

The Company seeks to manage the balance of risk and return within its investment
policy by:

1.   investing in a diversified portfolio
2.   actively managing and realising the investments in the portfolio; and
3.   aiming  to  ensure adequate breadth and depth of the investment  management
     team

Progress during the period

During the period the Net Asset Value (`NAV') decreased by 13.5% from 69.5p  per
share at 30 April 2008 to 60.1p per share at 31 July 2008. Over the same period,
the AIM All-share index fell 15.8%.

At  31 July 2008 the portfolio consisted of a total of 66 companies at different
stages of development.

Despite  outperforming the Aim Market, the NAV still declined over  the  period.
However,  Sprue Aegis has now become the fund's largest position as  its  growth
accelerates  on  the back of delivering its safety products to a wider  customer
base.  Accordingly Sprue Aegis's sales are increasing, margins rising and it  is
becoming increasingly profitable and cash generative. Jelf, formerly the  fund's
largest  position  has  been  derated. Trading is still  moving  ahead  and  its
competitive  position  in  the  South West of  England  is  enshrined.  However,
companies  in  the financial sector with significant gearing no  longer  command
premium ratings.

Vicorp  is  a  concern since most of the clients for its Voice XML software  lie
within  the financial services arena. It has been forced to take out a  loan  to
continue  trading and there are worries over its viability with this  increasing
financing burden.  Northern Bear is heavily exposed to the construction markets.
The  management were astute and nimble enough to reduce their dependence on  the
house  building  market  from  over  50% to  below  20%.  They  have  positioned
themselves  to  benefit  from  the growth in social housing  and  infrastructure
projects  which  both  remain  growth  areas.  Within  the  remaining   top   10
investments,  only Fidessa is non qualifying and this position was sold  shortly
after  the  period  end; the remaining companies are trading well  or  ahead  of
expectations and this gives some cause for confidence in the future.

On  18  September  2008 the Company posted a circular to Shareholders  regarding
recommended  proposals for a merger with Noble Aim VCT plc. The merger  will  be
implemented  by  way  of  a  Scheme of Reconstruction and  is  conditional  upon
shareholder approval.

                       As at 31 July 08    As at 30 April 2008
                         ("unaudited")         ("audited")
Total Net Asset          �2.75 million        �3.18 million
Value
Shares in Issue            4,581,852            4,581,852
NAV per Share                60.1p                69.5p

Top ten holdings as at 31 July 2008
                                      Percentage of
                                         the fund's
                                          net asset
                                        value as at
                                       31 July 2008
Sprue Aegis plc                                 6.0
Croma Group plc                                 5.1
Jelf Group plc                                  4.6
Vicorp Group Plc                                3.3
IDOX plc                                        3.3
Brady plc                                       3.3
Northern Bear plc                               2.9
IS Pharma plc                                   2.8
Invocas Group plc                               2.5
Fidessa Group plc                               2.4
                                              36.21


VCT qualifying status

The  Fund continues to receive full Inland Revenue approval and had 75.1% of its
ordinary  share capital invested in qualifying companies as at 31 July 2008,  in
addition  to  meeting the other tests necessary for maintaining  VCT  qualifying
status.



120 Old Broad Street         By order of the Board
London                       
EC2N 1AR                     A E B Wiegman
                             Chairman
                             30 September 2008

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