For immediate release                                    28 July 2008

                                Noble AIM VCT plc
                          Noble Income & Growth VCT plc

                    Possible Merger between Noble AIM VCT plc
                        and Noble Income & Growth VCT plc


The  Boards of Directors of Noble AIM VCT plc and Noble Income & Growth VCT  plc
(the "Boards") announce that they are in discussions regarding a possible merger
between  the  companies (the "Merger"). Heads of terms have been signed  by  the
parties  in  respect  of  the Merger.  However, these are  non-binding  save  in
respect of the allocation of the costs of the Merger.  The investment adviser to
both companies is Noble Fund Managers Limited.

The  Boards believe that the Merger would achieve a number of benefits including
a larger asset base, increased efficiencies and an improved spread of risk.

It is intended that the respective net asset values of each of the two companies
would be used as the basis for the Merger, adjusted as deemed appropriate by the
individual Boards, and that the Merger would be effected through the  use  of  a
scheme of reconstruction.

At  this stage, there can be no certainty that the Merger will proceed nor as to
the terms on which the Merger might be effected. A further announcement will  be
made when appropriate.

For further information, please contact:

Noble Fund Managers Limited
Paul Jourdan/Douglas Lawson        0131 225 9677

Ambrian Partners Limited
Marc Cramsie                       0207 634 4858

Noble & Company Limited
John Riddell                       0207 763 2200