Management Arrangements

AIM VCT2 PLC
02 December 2004

                                2 December 2004

                                 AiM VCT 2 PLC

                            Management Arrangements


The board of AiM VCT 2 plc (the 'Company') announces that it has been informed
by the Company's manager, F&C Asset Management plc ('F&C'), and Robert Mitchell,
the individual fund manager principally responsible for the management of the
Company's portfolio, that they have reached agreement whereby Robert Mitchell,
Bill Brown and Stuart Rollason (the 'Team') will leave F&C to establish a new
fund management business as soon as practicable after the necessary regulatory
approvals have been received.  This new business will focus initially on the
management of funds investing in UK smaller companies whose securities are
traded on AiM.  F&C will have an ongoing interest in the new business.

Having received proposals from the Team and F&C regarding the Company's future
investment management and administration arrangements and having regard to:
          
     •    the Team's overall investment performance record; and

     •    the Team's in-depth knowledge of the Company's portfolio, which
          has been built up over a number of years and largely comprises 
          investments in companies whose securities, by their nature, have           
          limited liquidity;

the board is of the opinion that it is in the interests of shareholders as a
whole that the Company's portfolio continues to be managed by the Team.  The
Company has therefore consented to F&C selling its interest in the existing
management agreement with the Company to the business being established by the
Team (the 'Sale').  In the meantime, F&C will continue as the Company's
investment manager, and Robert Mitchell will continue to manage the Company's
portfolio.

Following the Sale, F&C will continue as the Company's company secretary and to
provide administration and company secretarial services to the Company.

For further information contact:

Gordon Brough, Chairman   AiM VCT 2 plc                       Tel. [phone]
Gordon Neilly/Sue Inglis  Intelli Corporate Finance Limited   Tel. [phone]



END
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