DPV1 Downing Pro I

    Interim Management Statement
             



Downing Protected VCT I plc
Interim Management Statement for the three months ended 30 September
2008

In accordance with Rule 4.3 of the Disclosure and Transparency  Rules
of the UK Listing Authority, Downing Protected VCT I plc presents  an
Interim Management  Statement for  the three  month period  ended  30
September  2008.  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 and since
There were  no dividends  paid  or declared  in  the period.   On  30
October 2008 the Board  declared a final dividend  in respect of  the
year ended 30 June  2008 of 2.5p per  share.  Subject to  Shareholder
approval,  the  dividend  will  be   paid  on  5  December  2008   to
Shareholders on the register at 7 November 2008.



Performance             30 Sept 30 Jun 31 March 31 Dec
                           2008   2008     2008   2007
                          Pence  Pence    Pence  Pence
Net Asset Value ("NAV")  107.10 106.40   113.30 110.20
Cumulative Dividends      50.90  50.90    48.15  48.15
Total Return *           158.00 157.30   161.45 158.35

* NAV plus cumulative dividends paid since launch


Investment portfolio summary at 30 September2008

                                                             Movement
                                         Cost   Valuation   in period
                                        �'000       �'000       �'000
Venture capital investments (by value)
Bowman Care Homes Limited               1,000       1,250           -
Gatewales Limited                       1,000       1,000           -
Heyford Homes VCT Limited               1,000       1,000           -
Kings Gap Limited                       1,000       1,000           -
Blue Cedars Holdings Limited              850         850           -
Downing (Pirbright Road) Limited          700         950           -
Kimbolton Lodge Limited                   605         800           -
Downing Office Villages Contractor
Limited                                   600         600           -
Heyford Homes (Thornton Hall) Limited     372         372           -
Bond Contracting Limited                  200         200           -
Sanguine Hospitality Limited                6           6           -
Honeycombe Pubs VCT Limited               475           -           -
Dovestone (The Gables) Limited             50           -           -
Total                                   7,858       8,028           -


Investment additions during the 3 months ended 30 September 2008

                              Cost
                             �'000
Blue Cedars Holdings Limited   850




Investment disposals during the 3 months ended 30
September 2008
                              Market
                            value at          Gain/(loss)       Total
                              1 July Disposal     against    realised
                       Cost     2008 proceeds        cost gain/(loss)
                      �'000    �'000    �'000       �'000       �'000

Congress House
Limited                 375      375      375           -           -
Downing Office
Villages Contractor
Limited                 250      250      250           -           -
                        625      625      625           -           -




Changes to share capital
                                      Nominal
                                        Value
Ordinary Shares of 50p each    Shares   �'000
As at 1 July 2008           8,171,773   4,086

As at 30 September 2008     8,171,773   4,086


Material events
Other than described above, there were no material events during  the
period from 1 July 2008 to 30 September 2008 or in the period from  1
October 2008 to the date of this announcement.

---END OF MESSAGE---


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.

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