NHF Noble Hlth FD.

    NOBLE HEALTH FUND VCT plc

INTERIM MANAGEMENT STATEMENT (including details of change of manager)
FOR THE 3 MONTHS TO 31 OCTOBER 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 August 2008 to 31 October 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  
                                 31 Oct 2008    31 July 2008    Movement
Total net assets                 �12.6          �14.38m         -�1.69m
Net asset value per share        65.7p          74.5p           -11.8%
Share price                      42.5p          46.0p           -7.6%
Discount to NAV                  35.3%          38.0%   

 


Investment update
At 31 October 2008 the portfolio consisted of 25 companies diversified across the health sector and at different stages
of development. Of these companies, 14 are quoted and 11 are unquoted. At 31 October 2008 18% of investments excluding
cash, by value, was invested in quoted companies and 82% was invested in unquoted companies.

�132,000 was invested during the period from 1 August 2008 to 31 October 2008. This was invested in a new investment,
Abcam plc, a quoted company and a follow-on investment in Altacor Ltd. Abcam is an antibodies reagent manufacturer and
distributor.

Top ten investment holdings as at 31 October 2008
                                                           Percentage of
                                                           the fund's net
                                                           asset value as at
                                                           31 Oct 2008 
Amura Holdings Ltd (Osteoporosis products)*                8.4
Onyx Scientific Ltd (Contract research)*                   6.7
Inforsense Ltd (Data management software)*                 6.3
OmniDental Sciences Ltd (Dental products)*                 5.9
Plum Baby Limited (Organic baby food)*                     5.9
Digital Healthcare Ltd (Diabetic retinopathy diagnosis)*   5.5
Optasia Medical Ltd (Diagnosis of bone disease)*           5.1
Biovex Inc (Cancer therapeutics)                           5.1
deltaDOT Ltd (Analytical instruments)*                     4.3
Altacor Limited (Therapeutic ophthalmology)+               3.7
                                                          _____
                                                          56.9
                                                          _____
* Qualifying
+ Part qualifying 

Since 31 October 2008, a further investment has been made in Digital Healthcare and impairments totalling �734,399 have
been made to the unquoted valuations

Investment Strategy
Following the review of the Company's investment strategy, including consideration of proposals to expand its investment
mandate, the Board has re-affirmed its commitment to the healthcare sector and to maintaining a preference for unquoted
investments, in line with the current investment mandate. The Board further concluded that the best method to deliver
this strategy requires access to larger deals than the Company can presently lead and therefore that it needs to
co-invest with partners.

Change of Manager
In the light of this conclusion, the Board is supporting the transfer of the management of the Company and its
investments from Noble Fund Managers Limited and Noble Corporate Management Limited (together "Noble") to Beringea
Limited ("Beringea") with effect from 1 February 2009. This transfer has been agreed at no cost to the Company and on
materially the same terms. Principal terms of the transfer have been agreed subject to entering into an agreement.

Beringea is an established VCT manager, having managed ProVen VCT and ProVen Growth & Income VCT since they were
launched in 2000 and 2001 respectively.  The initial ordinary share issues of these VCTs are the second and fifth best
performing respectively of more than 100 initial VCT share issues with a track record of over two years.* It is
anticipated that there will be opportunities for the Noble Health Fund VCT to co-invest with the existing ProVen VCTs,
allowing it to invest in larger, more established companies than is possible at present.  The Beringea Group also has
experience of healthcare venture capital investing, having managed a healthcare venture capital fund in the USA for nine
years.  Beringea won the 2008 VCT Fund Manager of the Year Award at the Growth Company Awards and its investment
management team has more than 60 years combined experience of making and managing venture capital investments.   


Dividend
The Board does not feel that it is appropriate to pay a dividend at present but this decision will be kept under review.


Share Buy Backs
It is the Company's normal policy to offer to buy back shares at a discount to net asset value agreed by the Board. This
policy was suspended earlier in the year due to the state of the economy and the Board has concluded that it would be
inappropriate to recommence buy backs at this point. This decision will be kept under review.

VCT qualifying status
The Fund continues to receive full HMRC approval and as of 31 October 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.

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:

        
Stephane Mery    020 7763 2230
Louise Page     0131 225 9677


        

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

*Source:  www.taxefficientreview.com, VCT performance page as at 15 December 2008, based on annual rate of return since
launch.

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