Issue of Equity

OCTOPUS PROTECTED VCT plc (the "Company")

23 January 2007

ISSUE OF EQUITY

Octopus Protected VCT plc announces that  at a board meeting held  on
22 January 2007, 544,141 Ordinary Shares of 10 pence each were issued
and allotted to  20 subscribers  at a price  of 100  pence per  share
under the Offer for Subscription.   The current issued share  capital
of the Company  is now 6,849,344  Ordinary Shares, all  of which  are
voting shares.

Application for the new shares to be admitted to the Official List of
the  UK  Listing  Authority  and  to  trading  on  the  London  Stock
Exchange's market for listed securities will be made at the  earliest
practical opportunity.

ENDS

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