Octopus Protected VCT 2 PLC
Interim Management Statement

17 June 2009

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 2009 to 16 June 2009.  The statement also includes relevant
financial information between the end of the period and the date of
this statement.

Financial Summary


+-------------------------------------------------------------------+
|                       |             | Three months |              |
|                       | Four months |        ended |              |
|                       |       ended |     30 April | Period to 31 |
|                       | 31 May 2009 |         2009 | January 2009 |
|-----------------------+-------------+--------------+--------------|
| Net assets (000s)     |      £9,720 |       £9,526 |       £2,087 |
|-----------------------+-------------+--------------+--------------|
| Net loss before tax   |             |              |              |
| (000s)                |       £(86) |        £(61) |        £(84) |
|-----------------------+-------------+--------------+--------------|
| Net asset value per   |             |              |              |
| share ("NAV")         |       92.9p |        93.1p |        90.8p |
+-------------------------------------------------------------------+


Investment performance
At 31 May 2009 the NAV of the Fund was 92.9p, which compares to 90.8p
on 31 January 2009.  The performance of the Fund has been relatively
stable in the first few months of its financial year, due to a large
proportion of its assets being held in cash and cash equivalent
securities.  Investments have been made as discussed below but these
are unchanged in value at the period end.

During the period under review a number of investments were made. In
February 2009 the Fund invested £250,000 in CSL Dualcom Limited and
£350,000 in Diagnos Limited. Both are successful and profitable
businesses, you can find more details on these companies in the
annual report, published on 22 May 2009.

Additionally, the Fund has invested £600,000 into each of Salus
Services I Limited, PubCo Services Limited, GreenCo Services Limited
and BusinessCo Services Limited. These are companies which have been
established to seek suitable qualifying investments across a range of
sectors.

Unquoted Qualifying Investment Portfolio by Value

+-------------------------------------------------------------------+
|                  | Investment |    Carrying | % of equity held by |
| Company          |      class | value £'000 |         Protected 2 |
|------------------+------------+-------------+---------------------|
| PubCo Services   |            |             |                     |
| Limited          |   Unquoted |         600 |               14.5% |
|------------------+------------+-------------+---------------------|
| GreenCo Services |            |             |                     |
| Limited          |   Unquoted |         600 |               14.5% |
|------------------+------------+-------------+---------------------|
| BusinessCo       |            |             |                     |
| Services Limited |   Unquoted |         600 |               14.5% |
|------------------+------------+-------------+---------------------|
| Salus Services I |            |             |                     |
| Limited          |   Unquoted |         600 |               14.5% |
|------------------+------------+-------------+---------------------|
| Diagnos Limited  |   Unquoted |         350 |                 N/A |
|------------------+------------+-------------+---------------------|
| CSL DualCom      |            |             |                     |
| Limited          |   Unquoted |         250 |                 N/A |
+-------------------------------------------------------------------+










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.

Issue of Equity
Since the year end at 31 January 2009, the Fund has issued a further
8,168,322 shares for gross proceeds of £8.3 million as part of the
current open offer for subscription.

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