Interim Management Statement

Octopus Protected VCT PLC
Interim Management Statement

26 May 2010

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Protected VCT plc ("Protected" or "Fund") presents
an Interim Management Statement for the period 1 February 2010 to 30 April
2010.  The statement also includes relevant financial information between the
end of the period and the date of this statement.

Financial Summary

+--------------------------------+------------------+--------------------------+
|                                |Three months ended|                          |
|                                |     30 April 2010|Year ended 31 January 2010|
+--------------------------------+------------------+--------------------------+
|                                |                  |                          |
+--------------------------------+------------------+--------------------------+
|Net assets (£'000s)             |            24,535|                    24,552|
+--------------------------------+------------------+--------------------------+
|Net (loss)/profit before tax    |                  |                          |
|(£'000s)                        |              (17)|                        81|
+--------------------------------+------------------+--------------------------+
|Net asset value per share       |                  |                          |
|("NAV")                         |             90.0p|                     90.1p|
+--------------------------------+------------------+--------------------------+
|Cumulative dividends paid since |                  |                          |
|launch                          |              6.0p|                      6.0p|
+--------------------------------+------------------+--------------------------+
|NAV plus cumulative dividends   |                  |                          |
|paid                            |             96.0p|                     96.1p|
+--------------------------------+------------------+--------------------------+

Investment performance
At 30 April 2010 the NAV plus cumulative dividends paid of the Fund was 96.0p,
which compares to 96.1p at 31 January 2010.  The performance of the Fund has
been relatively stable in the period under review, due to a proportion of its
assets being held in cash and cash equivalent securities, and because there have
been no changes in the valuations of the companies in its portfolio.

During the period under review there were two new investments made into
Businessco Services 3 Limited of £1,000,000, a company that seeks to acquire
suitable qualifying investments, and a non-qualifying investment into Carebase
(Col) Limited of £350,000, a company working with Salus Services 1 Limited to
construct a care home.

Top Ten Unquoted Qualifying Investment Portfolio by Value as at 30 April 2010
+------------------------+------------------+------------------+---------------+
|                        |                  |    Carrying value|               |
|Company                 |            Sector|             £'000|% of Net Assets|
+------------------------+------------------+------------------+---------------+
|Salus Services 1 Limited|        Care homes|             2,000|           8.2%|
+------------------------+------------------+------------------+---------------+
|Vulcan Services II      |                  |                  |               |
|Limited                 |Oil & gas services|             2,000|           8.2%|
+------------------------+------------------+------------------+---------------+
|Pubco Services Limited  |Restaurants & bars|             2,000|           8.2%|
+------------------------+------------------+------------------+---------------+
|Greenco Services Limited|     Environmental|             2,000|           8.2%|
+------------------------+------------------+------------------+---------------+
|Clifford Thames Group   |                  |                  |               |
|Limited                 |        Automotive|             2,000|           8.2%|
+------------------------+------------------+------------------+---------------+
|Bruce Dunlop &          |                  |                  |               |
|Associates International|                  |                  |               |
|Limited                 |             Media|             1,018|           4.1%|
+------------------------+------------------+------------------+---------------+
|Tristar Limited         |Chauffeur services|             1,000|           4.1%|
+------------------------+------------------+------------------+---------------+
|Diagnos Limited         |        Automotive|             1,000|           4.1%|
+------------------------+------------------+------------------+---------------+
|CSL DualCom Limited     |  Security devices|             1,000|           4.1%|
+------------------------+------------------+------------------+---------------+
|Businessco Services 2   |                  |                  |               |
|Limited                 | Business services|             1,000|           4.1%|
+------------------------+------------------+------------------+---------------+















Dividends
In the annual report to 31 January 2010, the Board proposed a final capital
dividend of 1.5p per share in respect of the year then ended.  If approved by
shareholders at the Annual General Meeting, this dividend will be paid on 4
August 2010 to those shareholders who are on the register on 9 July 2010.

Annual General Meeting
The Annual General Meeting of Octopus Protected VCT plc will be held at 8 Angel
Court, London, EC2R 7HP on Wednesday, 14 July 2010 at 2.30 p.m.

Material events and transactions
The Fund's Board is not aware of any other significant event or transaction
which has occurred between the 1 May 2010 and the date of publication of this
statement which would have a material impact on the financial position on the
Fund.

For further information please contact:
Stuart Nicol - Fund Manager
Octopus Investments Limited - 0800 316 2347

ENDS


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