OXFORD TECHNOLOGY 2 VENTURE CAPITAL TRUST PLC

Interim / Quarterly Report • Aug 31, 2010

Statement on behalf of the Board				Summarised Balance Sheet	31 Aug 10	31 Aug 09	28 Feb 10
Net Assets per share on 31 August 2010 were 41p per share compared to 41p per share					£'000	£'000	£'000
on 28 February 2010.
				Investments held at fair value Other net current assets/(liabilities)	2,333 440	2,715 367	2,478 245
Several companies in the portfolio are making satisfactory progress and, while still not without risk, have the potential to deliver good returns. Other companies have experienced problems and some have needed to raise additional capital, sometimes at a					____	____	____
				Net assets	2,773	3,082	2,723
lower valuation.					====	====	====
On behalf of the Board				Capital and Reserves
Michael O'Regan - Chairman				Called up share capital	680	663	663
				Share premium	374	330	330
Unaudited Financial Information				Profit and loss account	2,214	2,276	2,131
Profit and Loss Account				Revaluation reserve	(495)	(187)	(401)
for the Period					_____	_____	_____
	Six months	Six months	Year to	Shareholders' funds	2,773	3,082	2,723
	to 31 Aug 10	to 31 Aug 09	28 Feb 10		====	====	====
	£'000	£'000	£'000	Net asset value per share	41p	48p	41p
Profit/(loss) on disposal of assets					====	====	====
held at fair value Unrealised profit/(loss) on fair	4	-	68
value of investments	23	(553)	(852)	Cash Flow Statement
Other income	5	95	18	for the Period	31 Aug 10	31 Aug 09	28 Feb 10
Other expenses	(43)	(54)	(105)		£'000	£'000	£'000
				Net cash inflow/(outflow) from
Profit/(loss) on ordinary activities before tax	(11)	(512)	(871)	operating activities	(50)	(8)	(133)
Tax on profit/(loss) on ordinary activities - - -		Capital expenditure and financial investment
Profit/(loss) on ordinary activities				Purchase of investments	(24)	(89)	(166)
after tax	(11)	(512)	(871)	Disposal of investments	197	-	83
	(0.2)p				_____	_____	_____
Earnings per Share (basic and diluted)	(8.0)p (13.2)p		Net cash outflow from capital expenditure
				and financial investment	173	(89)	(83)
Historic Cost Profits	Six months	Six months	Year to
and Losses Note	to 31 Aug 10	to 31 Aug 09	28 Feb 10	Financing
	£'000	£'000	£'000	Issue of Shares	65	146	148
Profit/(loss) for the financial period	(11)	(512)	(871)	Expenses paid in connecton with shares issued	(3)	(7)	(9)
Unrealised loss/(profit) on investments					_____	_____	_____
held at fair value	(23)	553	852	Net cash inflow from financing	62	139	139
Realisation of prior year net gains	(4)	-	(68)	Dividends paid	-	-	-
Historical cost profit/(loss) before tax	(38)	41	(87)		_____	_____	_____
Historical cost profit/(loss) after tax	(38)	41	(87)	Increase/(decrease) in cash	185	42	(77)

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Company Information

Directors Registrars

Michael O'Regan (Chairman) Capita Registrars Lucius Cary Northern House John Jackson (until 23/09/10) Woodsome Park Richard Vessey (until 23/09/10) Fenay Bridge

Oxford Science Park Magdalen Centre OX4 4GA Oxford

Secretary Brokers

Huddersfield West Yorkshire HD8 0LA

Registered Office Investment Manager

Magdalen Centre Oxford Technology Management Oxford Oxford Science Park OX4 4GA

James Gordon JP Morgan Cazenove 20 Moorgate London EC2R 6DA

Notes to the Unaudited Financial Information on pages 2 and 3

• 1 The financial information for each of the interim periods ended 31 August 2010 and 31 August 2009 is unaudited and does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared using accounting policies consistent with those set out in the company's statutory accounts for the year ended 28 February 2010. The financial information for the year ended 28 February 2010 has been extracted from the company's statutory accounts for that period which contained an unqualified audit report and which have been filed with the Registrar of Companies.
• 2 The calculation of earnings per share for the period is based on the return attributable to shareholders divided by the weighted average number of shares in issue during the period.
• 3 Listed investments are stated at market value based upon middle market prices at the accounting period end. The unrealised depreciation or appreciation on the valuation of investments are dealt with in the revaluation reserve.
• 4 Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company's Registered Office.

Interim Statement

For the period 1 March 2010 to 31 August 2010