Interim Management Statement

Talisman First Venture Capital Trust PLC (the Company) - quarter ended 31 December 2009

This Interim Management Statement, for the quarter ended 31 December 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 January 2010 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 43.6p at 31 December 2009, compared to 44.0p as at 30 September 2009, representing a decrease of 0.9% over the three month period.

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

2.         Investments and disposals

During the quarter ended 31 December 2009, investments totalling £75,000 were made in two unlisted companies.

During the same period, disposals of two unlisted and two AIM quoted investments generated aggregate proceeds of £171,000 against cost of £108,000.

3.         Recent transactions

Between 1 January 2010 and the date of this statement, an investment of £103,000 was made in one unlisted company.

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 2009, or in the period from 1 January 2010 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

8 February 2010