Interim Management Statement

    Interim Management Statement
             



Downing Protected VCT II plc
Interim Management Statement
for the quarter ended 31 October 2007


In accordance with Rule 4.3 of the Disclosure and Transparency  Rules
of the UK Listing Authority, Downing Protected VCT II plc presents an
Interim Management Statement for the quarter period ended 31  October
2007.   The statement  also includes  relevant financial  information
between the end of the period and the date of this statement.


Dividends paid or declared in the period
No dividends were paid or declared in the period.


Performance

Downing Protected VCT II plc

                    31 October  31 July 31 January 31 July 31 January
                          2007     2007       2007    2006       2006
                         Pence    Pence      Pence   Pence      Pence
Net Asset Value           95.9     95.4       95.8    95.3       95.7
("NAV")
Cumulative                 2.5      2.5        1.0     1.0          -
Dividends
Total Return *            98.4     97.9       96.8    96.3       95.7
* (NAV plus cumulative dividends paid
since launch)



Investment portfolio summary at 31 October 2007

Portfolio investments by value

                                                             Movement
                                         Cost   Valuation   in period
                                        £'000       £'000       £'000
Qualifying venture capital investments
Cymbal Contracting Limited              1,450       1,450           -
Hoole Hall Country Club and Spa Limited 1,375       1,375           -
Ebury Contracting Limited               1,000       1,000           -
Ebury Contracting (South East) Limited  1,000       1,000           -
Liongold Contracting Limited            1,000       1,000           -
Nu Nu plc                               1,000       1,000           -
Chapel Contractors Limited                460         460           -
Downing Office Villages Contractor
Limited                                   252         252           -
Honeycombe Pubs VCT plc                   217         217           -
                                        7,754       7,754           -
Non qualifying venture capital
investments
Vermont Developments Limited              500         500           -
Green Mountain Contractors Limited        430         430           -
Heyford Homes (Thornton Hall) Limited     376         376           -
Coastal Partnerships Limited              330         330           -
Sanguine Hospitality Limited              250         250           -

                                        1,886       1,886           -

Total                                   9,640       9,640           -



Investment additions during the quarter ended 31 October 2007


                                         Cost
                                        £'000
Liongold Contracting Limited            1,000
Cymbal Contracting Limited                450
Hoole Hall Country Club and Spa Limited   375
Coastal Partnerships Limited              330
                                        2,155



Investment disposals during the quarter ended 31 October 2007

                                                        Loss    Total
                           Market value at  Disposal against realised
                      Cost      1 February  proceeds    cost     loss
                                      2007
                     £'000           £'000     £'000   £'000    £'000
Honeycombe Pubs VCT
plc                    433             433       433       -        -
CIT Group Inc
15/12/08               507             497       479    (28)     (18)
Lehman Brothers
Holdings Inc
26/01/10               500             488       483    (17)      (5)
Treasury Corporation
of New Zealand
Finance 12/12/08       411             399       398    (13)      (1)
                     1,851           1,817     1,793    (58)     (24)


Since the period end, the Company  has disposed of its investment  in
Green Mountain Contractors Limited at par.

Changes to share capital

                                                     Ordinary Shares
                                                       of 10p each
                                                         Shares £'000
As at 31 January 2007                                10,138,848   101
Cancellation of previous share buyback
transaction                                               5,000     -
As at 31 October 2007                                10,143,848   101



Material events
Other than described below, there were no material events during  the
period from 1 August 2007 to 31 October 2007 or in the period from  1
November 2007 to the date of this announcement.

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