Interim Management Statement

Downing Protected VCT I plc Interim Management Statement for the three months ended 31 March 2009 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 31 March 2009. 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 On 27 February 2009, the Company declared an interim dividend of 1.0p per Ordinary share which was paid on 24 April 2009. Performance 31 March 31 Dec 30 June 31 Dec 2009 2008 2008 2007 Pence Pence Pence Pence Net Asset Value ("NAV") 91.80 96.40 106.40 110.20 Cumulative Dividends 53.40 53.40 50.90 48.15 Total Return * 145.20 149.80 157.30 158.35 * NAV plus cumulative dividends paid since launch Investment portfolio summary at 31 March 2009 Movement Cost Valuation in period £'000 £'000 £'000 Venture capital investments (by value) Bowman Care Homes Limited 1,000 1,250 - Downing (Pirbright Road) Limited 700 950 - Blue Cedars Holdings Limited 850 850 - Gatewales Limited 1,000 850 - Heyford Homes VCT Limited 1,000 700 (150) Kimbolton Lodge Limited 605 700 - Downing Office Villages Contractor Limited 600 600 - Kings Gap Limited 1,000 502 (168) Bond Contracting Limited 200 100 (100) Heyford Homes (Thornton Hall) Limited 72 72 - Sanguine Hospitality Limited 6 6 - Honeycombe Pubs VCT Limited 475 - - Other 50 - - Total 7,558 6,580 (418) Investment additions and disposals There were no investment additions during the period from 1 January 2009 to 31 March 2009 Investment disposals during the period from 1 January 2009 to 31 March 2009 Market value at 1 January Gain/(loss) Total 2009 Disposal against realised Cost proceeds cost gain/(loss) £'000 £'000 £'000 £'000 £'000 Heyford Homes (Thornton Hall) Limited 300 300 300 - - Changes to share capital There have been no changes to the share capital during the period. Material events Other than described above, there were no material events during the period from 1 January 2009 to 31 March 2009 or in the period from 1 April 2009 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.