Octopus Second AIM VCT plc
Interim Management Statement

13 January 2010

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Second AIM VCT plc ("Company") presents an Interim
Management Statement for the period 1 September 2009 to 31 December 2009.  The
statement also includes relevant financial information between the end of the
period and the date of this statement.

Financial Summary

                        As at 31 December  As at 30 November As at 31 August
 New Ordinary shares                 2009               2009            2009





 Net assets (000s)                £13,079            £13,504            £13,476

 Net profit/(loss)
 before tax (000s)                   £500               £872              £(79)

 Net asset value per
 share ("NAV")                      30.7p              31.6p              30.8p

 Dividends paid in the
 period                              1.5p                  -                  -



Investment Performance

The company's unaudited Net Asset Value as at 31 December 2009 was 30.7p, having
paid a dividend of 1.5p per share on 11 December. After adding back this
dividend, the rise in NAV in the period from 31 August 2009 is 4.5%. This NAV
increase compares with a rise in the AIM All Share index of 10.3%. The rise in
the AIM Index is substantially due to the increase in value of commodity based
stocks in which the Company, as a VCT, cannot invest. In this period, a rebate
of VAT was received from HMRC, which had largely been accrued in the accounts as
at 31 August 2009.

Investment Activity

In the last few weeks of 2009 new issues began to reappear. However, fund
raising in the period under review and indeed since, has been predominantly by
existing AIM companies. Three new qualifying holdings have been made since 31
August.  They are:

23 September, £127,080 in Omega Diagnostics
13 October, £390,000 in Clarity Commerce Solutions
18 December, £239,700 in SnackTime

The offers for Claimar, Medical House and Research Now were accepted.







Qualifying Investment Portfolio - Ten Largest Holdings by Value as at 31
December 2009

                                                                    % of equity
                                                                        held by
                                                  Carrying value Octopus Second
 Company                Sector                             £'000            AIM
--------------------------------------------------------------------------------
 Advanced Computer      Software & computer
 Software plc           services                             984           0.8%

 IS Pharma plc          Pharmaceuticals                      691           3.0%

 Animalcare Group plc   Pharmaceuticals                      661           3.5%

 Brulines (Holdings)
 plc                    Security                             587           1.5%

 Managed Support
 Services plc           Maintenance Contractor               553           4.5%

 Melorio plc            Vocational Training                  547           1.2%

 Praesepe plc           Leisure                              427           2.5%

 Chime Communications
 plc                    Marketing                            394           0.3%

 Vertu Motors plc       Motor Retail                         384           0.5%

 Pressure technologies
 plc                    Manufacturing                        382           1.4%


Buybacks
During the period to 31 December 2009 the Company has purchased 1,176,563 New
Ordinary Shares to be held in Treasury at a weighted average price of 28.3p.

Total Voting Rights
The Company's capital as at 31 December 2009 consisted of 46,101,840 New
Ordinary shares with a nominal value of 5p each, with voting rights.  The
Company holds 3,506,073 New Ordinary Shares in Treasury. Therefore, the total
number of voting rights in Octopus AIM VCT plc is 42,595,767.

Dividends
A dividend of 1.5p a share was paid on 11(th) December. The Board wish to
continue with their current dividend policy of paying a regular annual dividend.

Material events and transactions
The Board is not aware of any other significant event or transaction which has
occurred between the 1 September 2009 and the date of publication of this
statement which would have a material impact on the financial position of the
Fund.

For further information please contact:
Andrew Buchannan and Kate Tidbury - Fund Managers
Octopus Investments Limited - 0800 316 2347

ENDS



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