Final Results

Aberdeen Grwth Opp VCT2 PLC
08 February 2006


Aberdeen Growth Opportunities VCT 2 PLC

Preliminary Announcement



The Directors announce the unaudited preliminary results, subject to final
audit, for the 70 week period ended 31 December 2005.



Net Asset Value

The Net Asset Value per share at 31 December 2005 was 97.4p compared with 95p
immediately after launch. The increase reflects the uplift achieved in the AIM
portfolio and in one of the unlisted holdings. The increase of 2.5% compares to
the changes in stock market indices generally and, in particular, the FTSE
SmallCap Index, which rose by 16.0%, and the FTSE AIM Index, which fell by 3.3%
for the period between April 2005, when the majority of the shares were issued,
and 31 December 2005. This return ignores the benefit of the income tax
recovered by investors on the amount invested.



The performance of the portfolio of investments is governed to a large extent by
the investment in instruments designed to protect the capital while providing a
measure of income, where typically the value of such instruments does not follow
general stock market indices. In addition, the valuation of investments in
unlisted companies is generally held at cost for an initial period of up to 12
months.



Investment Strategy

The prime objective in the short term is to achieve the 70% investment in
qualifying holdings that is required to achieve venture capital trust status by
December 2007. I am pleased to report excellent progress with this objective
having achieved a qualifying level in excess of 40% by the reporting period end.
The directors are confident that this, and all other criteria required for
confirmation of VCT status, will be achieved.



Pursuit of the qualifying target is not being achieved at the expense of the
quality of the investments being made and the objective remains to build a well
diversified portfolio of unlisted and AIM investments which offer excellent
growth prospects and therefore the opportunity for capital gains in the medium
and longer term.



The Board has recognised the success that the Manager has achieved with
investments in the AIM Market and has increased the amount which is available
for investment in this market to 30% of the Fund. Whilst it is the Board's
intention that the proportion of the Company's assets invested in AIM shares
should not exceed 30% in the long-term, the directors wish the Manager to have
the flexibility to invest up to 40% in AIM-quoted companies when appropriate.  A
resolution will therefore be proposed at the Annual General Meeting specifically
authorising an increase in the maximum investment in AIM to 40% of the fund.



Valuation process

The unlisted companies in which Aberdeen Growth Opportunities VCT 2 has invested
are valued in accordance with the International Private Equity and Venture
Capital Guidelines issued jointly by the British Venture Capital Association and
others. Investments are valued at fair value, except where that cannot be
reasonably determined in which case they will be carried at their previous
valuation.



The programme to converge UK Generally Accepted Accounting Principles with
International Financial Reporting Standards applies to accounting years starting
on or after 1 January 2005 and these new regulations require that listed
holdings, including AIM stocks, are valued at their bid price where previously
they would have been valued at their closing mid-market price in line with
industry practice. Where trading restrictions apply, an appropriate level of
discount will be applied.



The Board cannot adopt these standards early but has deemed it prudent to value
the AIM and listed securities at bid prices.









Dividends

The Board does not intend to declare a dividend for the period ended 31 December
2005. Dividends will be paid tax-free to shareholders but the timing of capital
dividends, which will depend on the achievement of realisations, cannot be
reliably predicted.



Investment Activity

The Company has raised a total of £7.4 million from shareholders after expenses
and allotments were made in February, April and May 2005. The first investments
were made immediately following the first allotment and a total of eleven
private equity and sixteen AIM investments have been made at a total cost of
£4.3 million during the reporting period. The balance of funds raised has been
invested in a range of bonds, unit trusts and cash to await investment in
qualifying companies as required by VCT legislation.



The following investments have been made since publication of the interim
report:



Bond Aviation Solutions (November 2005) - £250,000: Bond provides commercial
pilot training services from its Gatwick base. (www.flyastraeus.com)



Chiltern UK (November 2005) - £225,000: Chiltern negotiates and manages
standstill agreements and repayment plans for individuals who cannot currently
meet their debt obligations. (www.chiltern-debt-management.com)



Elam T (August 2005) - £167,000: Elam T is a developer of flat panel display
technologies.



Essential Viewing Systems (August 2005) - £150,000: Essential Viewing Systems is
a developer of an advanced delivery technology for video over mobile telephones,
the internet and conventional mediums such as television.
(www.essential-viewing.com)



Fieldstreet (Investments) (October 2005) - £250,000: Fieldstreet acquired Cox
Insurance in a public to private deal. Cox is a mid-sized insurance business
focussed on predominately niche risk areas within motor insurance.
(www.cox.co.uk)



Litcomp (October 2005) - £100,000: Litcomp is a national supplier of medical
reports in support of legal actions. Litcomp shares are traded on OFEX.
(www.litcomp-plc.com)



Styles & Wood Holdings (December 2005) - £200,000: Styles & Wood is the leading
independent provider of store fit-out and refurbishment programmes to the UK
retail sector. (www.stylesandwood.co.uk)



Vibration Technology (September 2005) - £150,000: Vibration Technology was
formed in 1996 to develop a lightweight, cable-free, seismic acquisition system
for use in land seismic surveys. (www.vibtech.co.uk)



Amazing Holdings * (December 2005) - £150,000: Amazing is a leisure and hotel
developer. (www.amazing.co.im)



AT Communications * (November 2005) - £140,000: AT Communications is an
integrator of communications systems to SMEs and small corporates, providing
service, installation and maintenance for voice, data, mobile and converged
networks. (www.atcommunications.co.uk)



Avanti ScreenMedia * (November 2005) - £100,000: Avanti is a provider of screens
and media advertising content to retailers, pubs, clubs and leisure facilities.
(www.avanti-screenmedia.com)



Datong Electronics * (October 2005) - £164,000: Datong produces devices that
enable government intelligence and defence agencies to covertly track vehicles
and mobile phones. (www.datong.co.uk)



Imprint * (September 2005) - £151,000: Imprint is a provider of a results
orientated search, selection and value added human capital management service
within the critical hire, middle and senior management recruitment markets.
(www.imprintplc.com)



NeutraHealth * (August 2005) - £150,000: NeutraHealth has acquired BioCare a
leading provider of vitamins, mineral supplements, probiotics and other food
supplements to health practitioners and specialist retailers.
(www.biocare.co.uk)



* Quoted on AIM



Aberdeen Growth Opportunities VCT 2 has co-invested with other funds managed by
the Private Equity Division of Aberdeen Asset Managers (AAMPE) and is expected
to continue to do so. The advantage of this arrangement is that, together, the
funds are able to underwrite a wider range and size of transaction than would be
the case on a stand-alone basis.



Portfolio Developments

In the Company's Prospectus it was anticipated that the portfolio of investments
would consist of approximately 50% in private equity investments in relatively
mature companies, 25% in earlier stage companies and 25% in AIM quoted
investments. These proportions will vary from time to time and, at present,
there is a larger number of AIM transactions becoming available to the Company
and therefore there has been a higher proportion of investments in this
category. The AIM portfolio has been actively traded and during the reporting
period two AIM investments were realised completely and a further three partial
realisations were achieved resulting in an overall gain of £25,000 over cost. At
the period end, the remaining AIM portfolio had achieved an uplift over cost of
£146,000 (7.7%).



Outlook

The Company is building a diversified portfolio of good quality assets which
your Board believes will deliver sustained long term performance in due course.
The investment rate is ahead of plan and deal flow across the network of the
Manager's offices is growing, which should ensure a continuing flow of
opportunities in which the Company can invest. The Manager and the Board are
confident that the investment target will be achieved by 31 December 2007, which
will confirm the Company's status as a Venture Capital Trust.


































ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

UNAUDITED STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*)

For the period from 26 August 2004 to 31 December 2005




                                                                     70 weeks ended
                                                                    31 December 2005

                                                                      Revenue      Capital        Total
                                                                        £'000        £'000        £'000
Gains on investments                                                        -          219          219
Income from investments                                                   211            -          211
Other income                                                               38            -           38
Investment management fees                                               (13)         (52)         (65)
Other expenses                                                          (213)            -        (213)
                                                                    _________    _________    _________
Net return on ordinary activities                                          23          167          190
before taxation

Tax on ordinary activities                                                (3)            3            -
                                                                    _________    _________    _________
Return attributable to equity shareholders                                 20          170          190

Ordinary dividends on equity shares                                         -            -            -
                                                                    _________    _________    _________
Transfer to reserves                                                       20          170          190
                                                                    _________    _________    _________
Return per Ordinary share (pence)                                         0.4          3.9          4.3
                                                                    _________    _________    _________



* The total column of this statement is the profit and loss account of the
company.


ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

UNAUDITED BALANCE SHEET

As at 31 December 2005


                                                                                             As at
                                                                                  31 December 2005
                                                                                             £'000
Fixed assets
Investments                                                                                  7,269

Current assets
Debtors                                                                                         62
Cash and overnight deposits                                                                    401
                                                                                         _________
                                                                                               463
Creditors: amounts falling due within one year                                                (98)
                                                                                         _________
Net current assets                                                                             365
                                                                                         _________
Total net assets                                                                             7,634
                                                                                         _________

Capital and reserves
Called up share capital                                                                        784
Share premium                                                                                6,660
Capital reserve - realised                                                                    (21)
Capital reserve - unrealised                                                                   191
Revenue reserve                                                                                 20
                                                                                         _________
Equity shareholders' interest                                                                7,634
                                                                                         _________
Net asset value per ordinary share (pence)                                                    97.4
                                                                                         _________


ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

UNAUDITED CASH FLOW STATEMENT

For the period from 26 August 2004 to 31 December 2005


                                                                               70 weeks ended
                                                                              31 December 2005
                                                                               £'000              £'000
Operating activities
Investment income received                                                       174
Deposit interest received                                                         37
Investment management fees paid                                                 (61)
Secretarial fees paid                                                           (37)
Cash paid to and on behalf of Directors                                         (48)
Other cash payments                                                             (44)
                                                                           _________          _________
Net cash inflow from operating activities                                                            21

Taxation
Corporation tax                                                                                       -

Financial investment
Purchase of investments                                                     (10,396)
Sale of investments                                                            3,332
                                                                           _________          _________
Net cash outflow from financial investment                                                      (7,064)

Equity dividends paid                                                                                 -

Net cash outflow before financing                                                               (7,043)


Financing
Issue of redeemable preference shares                                            500
Redemption of redeemable preference shares                                     (500)
Issue of ordinary shares                                                       7,836
Expense of share issue                                                         (392)
                                                                           _________          _________
Net cash inflow from financing                                                                    7,444
                                                                                              _________
Increase in cash                                                                                    401
                                                                                              _________


ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

SUMMARY OF INVESTMENT CHANGES

For the period ended 31 December 2005


                             Net proceeds       Net investment       Appreciation           Valuation
                           of share issue *     (disinvestment)     (depreciation)      31 December 2005
                              £'000         %              £'000                £'000       £'000         %
Unlisted investments
Equities                                                     638                   30         668       8.7
Preference                                                    67                    -          67       0.9
Loan stocks                                                1,363                    -       1,363      17.9
                             ______    ______          _________            _________      ______    ______
                                  -         -              2,068                   30       2,098      27.5
AIM investments
Equities                                                   1,862                  171       2,033      26.6

Listed investments
Fixed income                                               2,114                    4       2,118      27.7
Unit Trusts                                                1,006                   14       1,020      13.4
                             ______    ______          _________            _________      ______    ______
Total investments                 -         -              7,050                  219       7,269      95.2

Other net assets              7,444     100.0            (7,079)                    -         365       4.8

                             ______    ______          _________            _________      ______    ______
Total Assets                  7,444     100.0               (29)                  219       7,634     100.0
                             ______    ______          _________            _________      ______    ______










ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

INVESTMENT PORTFOLIO SUMMARY

As at 31 December 2005
                                                                                % of equity
                                  Bookcost    Valuation         % of       % of     held by
                                31/12/2005   31/12/2005        total     equity       other
Investment Name                      £'000        £'000       assets       held     clients

Unlisted
Bond Aviation Solutions                250          250         3.3%       4.0%       36.0%
Chiltern (UK) Limited                  225          225         2.9%       4.5%       26.4%
Elam-T 2                               167          167         2.2%       3.9%       14.7%
Essential Viewing Systems              150          150         2.0%       9.5%       39.9%
Limited
Fieldstreet (Investments)              251          250         3.3%       0.1%        1.3%
Limited
Kingsley Cards Limited                 200          200         2.6%       2.5%       25.0%
Litcomp plc                            100          100         1.3%       0.0%        0.0%
Original Shoe Company                  250          250         3.3%       1.3%       32.2%
Styles & Wood  Holdings                200          200         2.6%       0.8%       45.6%
Limited
Travel Class                           125          156         2.0%       5.0%       44.9%
Vibration Technology Limited           150          150         2.0%       1.6%        9.6%
                                _________   _________    _________
                                     2,068        2,098        27.5%
AIM                             _________   _________    _________
Amazing Holdings PLC                   150          158         2.1%       5.0%        1.8%
AT Communications Group PLC            140          140         1.8%       0.6%        1.3%
Avanti Screenmedia Plc                 100          108         1.4%       0.2%        2.1%
Axeon                                  150          155         2.0%       1.6%       14.5%
Datong Electronics PLC                 163          183         2.4%       0.9%        1.2%
Elevation Events Group plc             100           58         0.8%       1.7%        8.9%
Imprint PLC                            151          142         1.9%       0.1%        0.4%
Leisure & Gaming plc                   137          208         2.7%       0.3%        1.1%
Neutrahealth plc                       147          175         2.3%       1.1%        2.5%
Software Radio Technology PLC          143          227         3.0%       0.7%        3.5%
Spectrum Interactive                   116          104         1.4%       0.4%        1.5%
System C Healthcare plc                150           72         0.9%       0.3%        1.0%
Talarius plc                            80          123         1.6%       0.2%        1.2%
United Clearing plc                    159          180         2.3%       1.0%        6.0%
                                _________   _________    _________
                                     1,886        2,033        26.6%
Listed Fixed Income             _________   _________    _________
Investments
Bond - Barclays FRN 5.19% 12/          601          600         7.8%
03/12
Bond - BNG 4.625% 07/12/06             405          406         5.3%
Bond - Cades 5.25% 07/12/06            211          211         2.8%
Bond - GE FRN 5.019% 04/05/07          901          901        11.8%
                                _________   _________    _________
                                     2,118        2,118        27.7%
Quoted Unit Trusts              _________   _________    _________
Aberdeen Int'l Fixed Interest        1,006        1,020        13.4%
                                _________   _________    _________
                                     1,006        1,020        13.4%
                                _________   _________    _________
TOTAL                                7,078        7,269        95.2%



Notes:



Returns per Ordinary share have been calculated using the weighted average
number of share in issue during the period of 4,395,996.  Net Asset Value per
Ordinary share has been calculated using the number of shares in issue at 31
December 2005 of 7,835,163.



A summary of investment changes for the period under review and an investment
portfolio summary as at 31 December 2005 are attached.



The financial information contained within this Preliminary Announcement does
not constitute the Company's statutory financial statements as defined in
Section 240 of the Companies Act 1985.  A full copy of the annual report and
financial statements will be printed and issued to shareholders in February
2006, and a copy will be filed with the Registrar of Companies.



Copies of this announcement will be available to the public at the office of
Aberdeen Asset Managers Limited, and at the registered office of the Company,
123 St Vincent St, Glasgow, G2 5EA.



By Order of the Board


ABERDEEN ASSET MANAGEMENT PLC

SECRETARIES



8 February 2006


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