Interim Management Statement

Octopus Protected VCT PLC
Interim Management Statement

18 November 2009

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
August 2009 to 31 October 2009.  The statement also includes relevant
financial information between the end of  the period and the date  of
this statement.

Financial Summary


+-------------------------------------------------------------------+
|                          | Three months |            |            |
|                          |        ended | Six months | Year to 31 |
|                          |   31 October |      to 31 |    January |
|                          |         2009 | July  2009 |       2009 |
|--------------------------+--------------+------------+------------|
|                          |              |            |            |
|--------------------------+--------------+------------+------------|
| Net assets (000s)        |      £24,965 |    £24,592 |    £25,139 |
|--------------------------+--------------+------------+------------|
| Net profit/(loss) before |              |            |            |
| tax (000s)               |         £249 |     £(124) |     £(364) |
|--------------------------+--------------+------------+------------|
| Net asset value per      |              |            |            |
| share ("NAV")            |        91.6p |      90.2p |      92.2p |
|--------------------------+--------------+------------+------------|
| Cumulative dividends     |              |            |            |
| paid since               |         6.0p |       4.5p |       3.0p |
|--------------------------+--------------+------------+------------|
| Total return (NAV plus   |              |            |            |
| dividends paid)          |        97.6p |      94.7p |      95.2p |
+-------------------------------------------------------------------+


Investment performance
At 31 October  2009 the  total return of  the Fund  was 97.6p,  which
compares to 94.7p at 31 July  2009.  The performance of the Fund  has
been relatively stable  in the period  under review, due  to a  large
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 Ticketing Services 1 Limited  and Ticketing Services 2  Limited,
each of £1,000,000. These  are companies set up  to be active in  the
purchase and sale of various ticketed events.

In September 2009 the Fund successfully disposed of Funeral  Services
Partnerships, which had  generated a  return of circa  1.4 times  the
initial investment of £1,000,000 made in October 2007.


Top Ten Unquoted Qualifying Investments by Portfolio Value

+-------------------------------------------------------------------+
|                          |                  | Carrying |          |
|                          |                  |    value | % of Net |
| Company                  |           Sector |    £'000 |   Assets |
|--------------------------+------------------+----------+----------|
| Bruce Dunlop &           |                  |          |          |
| Associates International |                  |          |          |
| Limited                  |            Media |    1,018 |     4.1% |
|--------------------------+------------------+----------+----------|
| Ticketing Services 1     |                  |          |          |
| Limited                  |        Ticketing |    1,000 |     4.0% |
|--------------------------+------------------+----------+----------|
| Ticketing Services 2     |                  |          |          |
| Limited                  |        Ticketing |    1,000 |     4.0% |
|--------------------------+------------------+----------+----------|
| Diagnos Limited          |       Automotive |    1,000 |     4.0% |
|--------------------------+------------------+----------+----------|
| Dualcom Holdings Limited | Security Devices |    1,000 |     4.0% |
|--------------------------+------------------+----------+----------|
|                          |        Chauffeur |          |          |
| Tristar Limited          |         Services |    1,000 |     4.0% |
|--------------------------+------------------+----------+----------|
| Vulcan Services II       |        Oil & Gas |          |          |
| Limited                  |         Services |    1,000 |     4.0% |
|--------------------------+------------------+----------+----------|
|                          |    Restaurants & |          |          |
| PubCo Services Limited   |             Bars |    1,000 |     4.0% |
|--------------------------+------------------+----------+----------|
| GreenCo Services Limited |    Environmental |    1,000 |     4.0% |
|--------------------------+------------------+----------+----------|
| BusinessCo Services      |         Business |          |          |
| Limited                  |         Services |    1,000 |     4.0% |
+-------------------------------------------------------------------+


Dividends
As referred to in the recent half yearly report, the Board proposed a
final capital dividend of 1.5p per share in respect of the half  year
ended 31 July  2009.  This dividend  was paid on  30 October 2009  to
those shareholders who were on the register on 9 October 2009.

Investment strategy
The Fund is being invested on the  basis of taking lower risk than  a
typical VCT. The Fund aims to  receive its return from interest  paid
on secured loan  notes as well  as an  exposure to the  value of  the
shares  of  a  company.    The  investment  strategy  is  to   derive
sufficient return from the secured  loan notes to achieve the  Fund's
investment aims and to use any equity exposure to boost returns.   As
portfolio companies are unquoted the Fund will receive a return  from
an equity holding when a company is sold.

The Manager of  the Fund  aims to reduce  risk by  investing in  well
managed and profitable businesses with strong recurring  cash-flows.
Furthermore with the majority of the investment being in the form  of
a secured loan, in  the unlikely event of  the business failing,  the
Fund will rank ahead of unsecured creditors and equity investors.

Material events and transactions
The Fund's  Board is  not aware  of any  other significant  event  or
transaction which has occurred between the 1 August 2009 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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