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Talisman First Venture Capital Trust PLC (the Company)

Interim Management Statement - Quarter ended 30 June 2009

This Interim Management Statement, for the quarter ended 30 June 2009, 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 July 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 41.7p at 30 June 2009, compared to 39.7p as at 31 March 2009, representing an increase of 5.0% over the three month period.

*The NAV is unaudited and reflects the closing bid price of quoted securities at 30 June 2009. Unlisted companies are valued on a six monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 31 March 2009, adjusted for subsequent events where appropriate. 

2.         Investments and disposals

During the quarter ended 30 June 2009, investments totalling £105,000 were made in three unlisted companies and one AIM quoted company.

During the same period a combination of partial and complete disposals of three AIM quoted investments generated aggregate proceeds of £159,000 against cost of £182,000. 

There were no other material transactions during the period under review. 

3.          Recent transactions 

Between 1 July 2009 and the date of this statement one unlisted investment of £12,000 has been made.

During the same post quarter-end period, a combination of partial and complete disposals of six AIM quoted investments generated aggregate proceeds of £260,000 against cost of £203,000.

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 April to 30 June 2009, or in the period from 1 July 2009 to the date of this announcement, which would have had a material impact on the financial position of the Company. 

Issued on behalf of the Board

Maven Capital Partners UK LLP, Secretary

24 August 2009

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