NHF Noble Hlth FD.

    NOBLE HEALTH FUND VCT plc

INTERIM MANAGEMENT STATEMENT
FOR THE 3 MONTHS TO 30 APRIL 2008

To the members of Noble Health Fund VCT plc

This interim management statement has been prepared solely to provide additional
information  to the shareholders as a body to meet the relevant requirements  of
the UK Listing Authority's Disclosure and Transparency Rules, and should not  be
relied on by any other party or for any other purpose.

This interim management statement considers the future of the fund and, as such,
forward-looking comments have been made by the Directors in good faith based  on
the  information  available to them up to the time of  their  approval  of  this
report.  This statement should therefore be treated with due caution due to  the
inherent uncertainties of the effects of both economic and business risk factors
in considering forward-looking information.

This interim management statement relates to the period from 1 February 2008  to
30  April  2008 and contains information that covers this period and up  to  the
date of publication of this interim management statement.

Our operations

Noble  Health Fund VCT plc aims to provide investors with a return by maximising
the stream of dividend distributions from the capital gains and income generated
from a diversified portfolio of investments.

Our investment policy

  *    To create a balanced portfolio of growth companies in the health sector
  *    To invest in companies which have proven management and technology or
       business propositions which are protected by patents or know-how and where there
       are barriers to entry for competitors
  *    Investments may include unquoted early-stage companies, those  requiring
       development capital and companies raising money on AIM

Performance summary

                                 As at        As at  
                              30 April       31 Jan  
                                  2008         2008  Movement
Total net assets               �14.88m      �14.50m   +�0.38m
Net asset value per share        76.1p        77.0p     -1.2%
Share price                      46.0p        59.5p    -22.7%
Discount to NAV                  39.6%        22.7%    +16.8%


Progress during the period

There  was a 1.2% decrease in net asset value per Ordinary share from 77.0p  per
share  at  31  January 2008 to 76.1p per share at 30 April  2008.  As  has  been
experienced  with other VCTs during the closed period prior to  the  preliminary
announcement of the results the share price suffered an exceptional discount  to
the  NAV which is reflected in the figure of 46.0p for 30 April 2008. On 23  May
2008 the Board approved the buy-back of a number of shares at 68.3p per share in
line  with its buy-back policy which aims to maintain a discount of 10%  to  the
NAV.

At  30 April 2008 the portfolio consisted of 23 companies diversified across the
health sector and at different stages of development. Of these companies, 12 are
quoted and 11 are unquoted.

�676,439  was invested during the period from 1 February 2008 to 30 April  2008.
Approximately  63%  of  these funds were invested in  a  new  unquoted  company,
Population  Genetics  Technologies Ltd, and a new quoted  investment,  CustomVis
plc.  The  balance  was applied to follow-on investments in  existing  companies
Altacor Ltd and Maelor plc. Maelor plc has changed its name to IS Pharma plc.

A new Board member was appointed in April when Peter Arthur became a Director of
the  Fund. Peter has extensive experience in institutional and investment  trust
businesses, and is currently Chairman of an AIM VCT and an Investment Trust.

Top ten investment holdings as at 30 April 2008
                                              Percentage of
                                             the fund's net
                                          asset value as at
                                              30 April 2008
Amura Holdings Ltd (Osteoporosis products)*            11.0
Inforsense Ltd (Data management software)*              9.0
Onyx Scientific Ltd (Contract research)*                5.4
Digital Healthcare Ltd (Diabetic                        
retinopathy diagnosis)*                                 4.9
York Pharma plc (Dermatology products)*#                4.9
Optasia Medical Ltd (Diagnosis of bone disease)*        4.1
Biovex Inc (Cancer therapeutics)                        4.1
deltaDOT Ltd (Analytical instruments)*                  3.8
OmniDental Sciences Ltd (Dental products)*              3.2
Vectura plc (Inhaled drug delivery)@+                   2.6
                                                      -----
                                                       53.0
                                                      -----
* Qualifying
+ Part qualifying
# AIM listed
@ Fully listed

VCT qualifying status

The  Fund  continues to receive full HMRC approval and as of 30 April  2008  has
exceeded the level of qualifying investments needed to be made by February 2009,
in  addition to meeting the other tests necessary for maintaining VCT qualifying
status.

Fundraising

The  fundraising closed on 4 April 2008 and �551,500 was raised as a  result  of
the issue of 708,339 new ordinary shares.

Annual General Meeting results
All resolutions were passed at the Annual General Meeting of the Company held on
Thursday 5th June 2008.

At  the  AGM Gill Nott resigned as Chairman and was succeeded by Charles Pinney.
The  directors of the Company would like to thank Gill once again for  her  hard
work and support since the inception of the Company.


Further information

Further information regarding the Company, including monthly net asset values
can be found at Noble Group's website:

http://www.noblegp.com/services/invest/health_fund.php

For further information regarding the Company please contact:

    Paul Toon         0207 763 2200
    Louis Nisbet      0207 763 2200
    Doreen Nic        0131 225 9677

For further information regarding the Company's buy back policy please contact:

    Kate Justham      0207 763 2200


120 Old Broad Street         By order of the Board
London                       
EC2N 1AR                     Charles Pinney
                             Chairman
                             19 June 2008

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