First Allotment of Shares

| Source: Octopus Apollo VCT plc Octopus Apollo VCT plc 

Octopus Protected VCT plc
16 October 2006
 
 
                                First Allotment of Shares
 
 
Octopus Protected VCT plc announces that it has allotted an initial 2,684,785 Ordinary 
Shares of 10p each pursuant to its Offer for Subscription.  These Ordinary 
Shares rank pari passu in all respects with each other and dealings are expected 
to commence on the Official List of the London Stock Exchange on 17 October 2006. 
The Offer for Subscription remains open.