Interim Management Statement

 
TIDMOPV 
 
Octopus Protected VCT 2 PLC 
Interim Management Statement 
 
26 May 2010 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and 
Transparency rules, Octopus Protected VCT 2 plc ("Protected 2" or "Fund") 
presents an Interim Management Statement for the period 1 February 2010 to 30 
April 2010.  The statement also includes relevant financial information between 
the end of the period and the date of this statement. 
 
Financial Summary 
 
+--------------------------+-------------------------+-------------------------+ 
|                          | Three months to 30 April|    Year ended 31 January| 
|                          |                     2010|                     2010| 
+--------------------------+-------------------------+-------------------------+ 
|Net assets (000s)         |                   GBP10,516|                   GBP10,591| 
+--------------------------+-------------------------+-------------------------+ 
|Net loss before tax (000s)|                     GBP(75)|                    GBP(334)| 
+--------------------------+-------------------------+-------------------------+ 
|Net asset value per share |                         |                         | 
|("NAV")                   |                    90.3p|                    90.9p| 
+--------------------------+-------------------------+-------------------------+ 
 
Investment performance 
At 30 April 2010 the NAV of the Fund was 90.3p, which compares to 90.9p at 31 
January 2010.  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 investment valuations remaining unchanged at 
the period end. 
 
During the period under review, Protected 2 has completed a non-qualifying 
investment into Carebase (Col) Limited of  GBP270,000, a company involved in the 
construction of a care home, and a qualifying investment into Businessco 
Services 3 Limited, a company established to seek qualifying investments. 
 
Top Ten Unquoted Qualifying Investment Portfolio by Value as at 30 April 2010 
+----------------------+------------------+--------------------+---------------+ 
|Company               |            Sector|Carrying value  GBP'000|% of Net Assets| 
+----------------------+------------------+--------------------+---------------+ 
|Clifford Thames Group |                  |                    |               | 
|Limited               |        Automotive|               1,335|          12.7%| 
+----------------------+------------------+--------------------+---------------+ 
|Greenco Services      |                  |                    |               | 
|Limited               |     Environmental|               1,000|           9.5%| 
+----------------------+------------------+--------------------+---------------+ 
|Pubco Services Limited|Restaurants & bars|               1,000|           9.5%| 
+----------------------+------------------+--------------------+---------------+ 
|Vulcan Services II    |                  |                    |               | 
|Limited               |Oil & gas services|               1,000|           9.5%| 
+----------------------+------------------+--------------------+---------------+ 
|Businessco Services 3 |                  |                    |               | 
|Limited               | Business Services|               1,000|           9.5%| 
+----------------------+------------------+--------------------+---------------+ 
|Salus Services 1      |                  |                    |               | 
|Limited               |        Care homes|                 882|           8.4%| 
+----------------------+------------------+--------------------+---------------+ 
|Businessco Services 2 |                  |                    |               | 
|Limited               | Business services|                 600|           5.7%| 
+----------------------+------------------+--------------------+---------------+ 
|Diagnos Limited       |        Automotive|                 350|           3.3%| 
+----------------------+------------------+--------------------+---------------+ 
|CSL DualCom Limited   |  Security devices|                 250|           2.4%| 
+----------------------+------------------+--------------------+---------------+ 
|Carebase (Col) Limited|      Construction|                 171|           1.6%| 
+----------------------+------------------+--------------------+---------------+ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Material events and transactions 
The Fund's Board is not aware of any other significant event or transaction 
which has occurred between the 1 May 2010 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 
 
 
[HUG#1418867]