Final Results

Octopus Protected VCT plc

Financial Summary
for the period ended 31 January 2007


                             31 January 2007
Net assets                        £6,417,000
Net revenue return after tax       £(14,000)
Revenue loss per share*              (1.03p)
Net asset value per share              93.7p
Total loss per share*                (4.08p)


 *based on a  weighted average of  1,315,350 shares in  issue in  the
period

Octopus Protected VCT plc ("Company", or "Fund") is a Venture Capital
Trust  ("VCT")  and  is   managed  by  Octopus  Investments   Limited
("Octopus").  The  Fund was launched  in July 2006  and raised  £27.1
million  (£25.9  million  net  of  expenses)  through  an  offer  for
subscription by the time it closed on 5 April 2007.  The objective of
the Fund  is to  invest  in a  diversified  portfolio of  UK  smaller
companies in order  to generate  income and capital  growth over  the
long-term.

Chairman's Statement

It gives me  great pleasure  to present  the first  annual report  to
shareholders in the Octopus Protected VCT.

Background
The Fund  opened in  July 2006  and  had raised  £6.8 million  by  31
January 2007.  By 5  April 2007,  the Fund  had raised  £27  million,
making it the second largest VCT launched in the 2006/2007 tax year.

Net Asset Value ('NAV')
The NAV per share at 31 January  2007 was 93.7p.  As expected in  the
early stages of a VCT, expenses exceeded income leading to a decrease
in the NAV.

Investment portfolio
During the  period  under  review,  the  Fund  was  actively  seeking
investors rather  than  looking  to make  investments.  As  such,  no
qualifying investments were held at the period end. However,  Octopus
has taken an active approach to managing the cash raised through  the
Offer prior  to its  investment in  Qualifying Companies.  The  funds
raised have been invested by  Goldman Sachs International in a  range
of cash and cash equivalent assets.

Investment process
The majority of companies in which the Fund will invest will  operate
in sectors where there is  a high degree of predictability.  Ideally,
these companies will have contractual revenues from financially sound
customers and will provide the  opportunity for an exit within  three
to five years.

Before investing  in a  company, the  fund managers  at Octopus  will
conduct their own fundamental analysis. This will include a  thorough
review and analysis  of the  company's business  plan, meetings  with
management  teams,  and  a  detailed  evaluation  of  the   company's
financial projections  including  scenario analysis  (i.e.  different
sales growth rates, margins and overheads).  This analysis will focus
on the level of revenue visibility within the business and the extent
to which this revenue is contractually agreed.

Share Price and Buy-Back Facility
The Fund has a share buy-back facility, proposing to buy-back  shares
at no more  than a 10%  discount to the  prevailing NAV. This  should
assist the marketability of  the shares and  help prevent the  shares
from trading at a wide discount  to NAV. The Fund's mid market  share
price currently stands at 95p.

Shareholders should note that if  they sell their shares within  five
years of the  original purchase  they forfeit any  income tax  relief
obtained. If you need to sell your shares, please contact Octopus  on
020 7710 2800.

VCT Qualifying Status
The Fund must be 70% invested  in qualifying companies by 31  January
2010, and maintain this  level on a day  by day basis thereafter,  in
order to comply with VCT regulations. The Directors will monitor  the
Fund's progress  towards  meeting  and  maintaining  HM  Revenue  and
Customs'   conditions   for   VCT   approval   and   have    retained
PricewaterhouseCoopers  LLP,  one  of  the  UK's  leading  firms   of
accountants, to advise in this area.

Outlook
Growth in the  economy has now  been above the  UK's long-term  trend
rate for five straight quarters.  All the momentum continues to  come
from the services  sector, which now  accounts for three-quarters  of
the UK economy.

Since Octopus has firmly established itself as one of the largest VCT
managers in the UK, with eight  existing VCTs, we are confident  that
we will be able to build a portfolio which will be well positioned to
deliver attractive returns to shareholders in the medium-term.


Tony Morgan
Chairman
23 May 2007

Investment Manager's Review

We are delighted that  the Fund raised over  £27 million by the  time
the fundraising period closed on 5 April 2007. As is usual for a  VCT
in a  fundraising  period,  the  Fund  has  yet  to  make  its  first
investment.   However, early  in April  this year,  I am  pleased  to
report that the Fund invested £100,000 in British Country Inns plc.

Qualifying Status
VCTs have  three  years  to  invest 70%  of  the  money  raised  into
qualifying companies.  We do not anticipate any issues affecting  our
ability to meet the qualification rules by 31 January 2010.

Review of Investments
Although no qualifying investments were  held at the period end,  the
Fund has taken an active approach to managing the cash raised through
the Offer prior to its investment in Qualifying Companies.  The funds
raised have been invested by  Goldman Sachs International in a  range
of cash and cash equivalent assets.

Personal Service
At Octopus, we pride  ourselves not only on  our team's track  record
but also on our  personalised customer service.   We believe in  open
communication and  our  regular  updates are  designed  to  keep  you
involved and informed.

Octopus, founded in  2000, is one  of the UK's  fastest growing  fund
management  companies.   The  company   is  committed   to   bringing
innovative, high-return  products to  the broadest  possible  market.
Octopus currently manages more  than £320 million  on behalf of  more
than 10,000 investors.  Octopus is one of the largest VCT managers in
the UK and was recently voted 'Best VCT Provider of the Year 2007' in
the Professional Adviser Awards (voted for by financial advisers).

If you have any questions about this  review, or if it would help  to
speak to one of the fund managers, please do not hesitate to  contact
us on 020 7710 2800.


Simon Rogerson
Chief Executive

Income Statement

for the period ended 31 January 2007
                                          Period to 31 January 2007
                                           Revenue  Capital   Total
                                             £'000    £'000   £'000

Income                                          63        -      63

Investment management fees                    (13)     (40)    (53)
Other expenses                                (64)        -    (64)

Loss on ordinary activities before tax        (14)     (40)    (54)

Tax on ordinary activities                       -        -       -

Loss on ordinary activities after tax         (14)     (40)    (54)
Loss per  share  and diluted  loss  per
share                                       (1.0p)   (3.1p)  (4.1p)


*           the total column of this statement is the profit and loss
  account of the Company
*           all revenue and capital items in the above statement
  derive from continuing operations
*           the accompanying notes are an integral part of the
  financial statements
*           the Company has only one class of business and derives
  its income from investments made in shares and securities and from
  bank and money market funds.

Reconciliation of movements in shareholders' funds

                                              Period ended 31 January
                                                                 2007
                                                                £'000
Shareholders' funds at start of period                              -
Total loss recognised in period                                  (54)
Issue of redeemable non-voting preference                          50
shares
Redemption of redeemable non-voting                              (50)
preference shares
Net proceeds of share issue                                   6,471
Shareholders' funds at 31 January 2007                          6,417


Balance Sheet

as at 31 January 2007
                                                 31 January 2007
                                                          £000's

Current assets
Investments                                                6,337
Debtors                                                        3
Cash at bank                                                 703
                                                           7,043
Creditors: amounts falling due within one year             (626)
Net current assets                                         6,417
Net assets                                                 6,417

Called up equity share capital                               685
Share premium                                              5,786
Capital reserve - realised                                  (40)
                         - unrealised                          -
Revenue reserve                                             (14)

Total equity shareholders' funds                           6,417

Net Asset Value Per Share                                  93.7p




Cash flow statement
for the period ended 31 January 2007
                                              31 January 2007
                                                        £'000

Net cash inflow from operating activities                 569

                                                          569
Management of liquid resources :
Increase in cash funds                                (6,337)

Financing :
Issue of own shares                                     6,775
Share issue expenses                                    (254)
Repurchase of own shares                                 (50)

Total financing                                           134

Increase in cash resources                                703



The above summary  of results for  the period ended  31 January  2007
does not constitute statutory financial statements within the meaning
of section 240 of the Companies  Act 1985 and has not been  delivered
to the Registrar of Companies.

Statutory financial statements  will be filed  with the Registrar  of
Companies in  due course;  the auditor's  report on  those  financial
statements under S235 of  the Companies Act  1985 is unqualified  and
does not contain a statement under  S237 (2) or (3) of the  Companies
Act 1985.

A copy of  the full annual  report and financial  statements for  the
period ended 31 January 2007 is expected to be posted to shareholders
shortly and will be available to the public at the registered  office
of the company at 8 Angel Court, London, EC2R 7HP.

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