Talisman First Venture Capital Trust PLC (the Company)

Interim Management Statement - Quarter ended 31 December 2008

This Interim Management Statement, for the quarter ended 31 December 2008, is provided in accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority and also includes relevant information in respect of the period from 1 January 2009 to the date of issue. This Statement has been prepared solely to provide additional information in order to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules, and should not be relied on by Shareholders, or any other party, for any other purpose.

1.          Net Asset Value

Net Asset Value (NAV)* of 39.9p at 31 December 2008, representing a decrease of 7.9% from 43.3p at 30 September 2008.

*The NAV is unaudited and reflects the closing bid price of quoted securities at 31 December 2008, and unlisted companies are valued on a six monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 30 September 2008, adjusted for subsequent events where appropriate.

2.         Investments and disposals

During the quarter ended 31 December 2008, an investment of £15,000 was made in an unlisted company and investments totalling £3,000 were made in two AIM quoted companies. During the same period, the disposal of an unlisted investment at cost generated proceeds of £8,000 and disposals of four AIM quoted investments generated aggregate proceeds of £71,000 against cost of £64,000. 

3.         Recent transactions 

Between 1 January 2009 and the date of this statement, an investment of £36,000 was made in an unlisted company and the disposal of two AIM quoted investments generated aggregate proceeds of £6,000 against a cost of £16,000.

Other than described above and any changes in the value of investments quoted on regulated markets, the Board is not aware of any material events during the period from 1 October to 31 December 2008, or in the period from 1 January 2009 to the date of this statement, which would have had a material impact on the financial position of the Company. 

Issued on behalf of the Board

Aberdeen Asset Management PLC, Secretary

11 February 2009