Interim Management Statement

Octopus Protected VCT plc ("the Fund")

30 May 2008

Interim Management Statement

Interim Management Statement
For the period from 1 February 2008 to 30 April 2008

In accordance with Rule 4.3 of the UK Listing Authority's  Disclosure
and Transparency rules, Octopus Protected VCT plc presents an Interim
Management Statement  for the  period  1 February  2008 to  30  April
2008.  The  statement also  includes relevant  financial  information
between the end of the period and the date of this statement.

Financial highlights


                                Three months    Year to
                                          to 31 January Six months to
                               30 April 2008       2008  31 July 2007

Total net assets (£'000s)             26,077     26,114        25,983
Net asset value per share              95.4p      95.5p         94.9p
Net revenue return after tax
(£'000s)                                 142        498           175
Share price                            90.0p      95.0p         95.0p
Cumulative dividend - paid and
proposed                                1.5p       1.5p          0.0p


Investment performance
The unaudited net asset value ("NAV") per share on 30 April 2008  was
95.4p.  This is  up from the  initial NAV of  94.5p.  The  investment
manager has taken an active  approach to managing the cash  resources
raised through the Offer  prior to its  investment in VCT  Qualifying
Companies. The funds raised  have been invested in  a range of  money
market securities.
The investments made last year into British Country Inns plc, Funeral
Services Partnership Limited, Bruce  Dunlop & Associates Limited  and
Tristar Worldwide Limited  are all  held at cost  and are  performing
in-line with expectations at this stage.

Investment Activity
Since the year end, the Fund  has made one investment of £606,000  in
the management  buy-out  of Hydrobolt  Limited  as part  of  a  £3.7m
investment from  other  Funds  managed  by  the  Investment  Manager.
Hydrobolt is a  specialist manufacturer of  high integrity  fasteners
for the oil & gas and energy sectors, and is well positioned for  the
expected continued  growth  in this  area.  The investment  has  been
structured so that the Fund's investment  is lower risk than that  of
the other equity investors.

The total value  of the  investment portfolio  at 30  April 2008  was
£26.0 million  with  over £3.7  million  invested in  VCT  Qualifying
Companies.  Currently, £22.3 million is invested in a range of  money
market securities  awaiting  investment in  suitable  VCT  Qualifying
Companies.

Largest qualifying holdings


Company                    Investment    Carrying Percentage of total
                                class value £'000      investments*
Funeral Services
Partnership Limited          Unquoted       1,000                3.8%
Bruce Dunlop & Associates
Limited                      Unquoted       1,000                3.8%
Tristar Worldwide Limited    Unquoted       1,000                3.8%
Hydrobolt Limited            Unquoted         606                2.3%
British Country Inns 3 plc   Unquoted         100                0.4%

* including cash and money market securities

Dividends and investment strategy
As stated in the  Annual Report for the  year ended 31 January  2008,
the Board  has proposed  a final  dividend of  1.5p per  share to  be
payable to shareholders on 25 June 2008 who are on the register on 30
May 2008. This payment is subject to shareholder approval at the  AGM
on 10 June 2008. The  Fund will be managed  to maximise the level  of
tax-free dividends payable to shareholders in each of the first  five
years. This income  will be  generated by  employing a  low risk  but
active approach to managing the funds raised prior to investment into
VCT Qualifying Companies.

Share price
The decline in share price is not indicative of the good  performance
of the Fund to date.  The  share price is generally driven by  supply
and demand fundamentals of  shares in the  secondary market.  Due  to
the low level of activity, and  one or two investors wishing to  sell
their shares at  this early  stage, the  share price  has declined  a
little to reflect this.

Material events and transactions
The Fund's Board is not aware of any significant event or transaction
which has occurred between the 1 May 2008 and the date of publication
of this statement which would have a material impact on the financial
position on the Fund, and has not been detailed above.

For further information please contact:
Octopus Investments Limited - 020 7710 2800


ENDS

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