Interim Management Statement

Talisman First Venture Capital Trust PLC (the Company) - quarter ended 30 June 2010

This Interim Management Statement, for the quarter ended 30 June 2010, 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 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 45.7p at 30 June 2010, compared to 45.1p as at 31 March 2010, representing an increase of 1.3% over the three month period.

*The NAV is unaudited and reflects the closing bid price of quoted securities at 30 June 2010. Unlisted companies are valued on a six monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 31 March 2010, adjusted for subsequent events where appropriate.

2.         Investments and disposals

During the quarter ended 30 June 2010, investments totalling £102,000 were made in five unlisted companies. During the same period, disposals of two unlisted and four AIM quoted investments generated aggregate proceeds of £119,000 against cost of £141,000.

3.         Recent transactions

Between 1 July 2010 and the date of this statement, a partial disposal of an AIM quoted holding generated proceeds of £2,000 against cost of £4,000.

4.         General Meeting and Annual General Meeting

A General Meeting of the Company's Shareholders will be held, prior to the Annual General Meeting, on 1 September 2010 to consider a proposal to cancel the Company's share premium account and create a distributable reserve. The notices for these Meetings were included respectively in a Circular to Shareholders and the Annual Report and Financial Statements for the year ended 31 March 2010, both of which were issued on 23 July 2010.

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 2010, or in the period from 1 July 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

3 August 2010