Interim Management Statement

Octopus Titan VCT 2 PLC
Interim Management Statement

10 February 2011

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Titan VCT 2 plc ('Titan 2' or 'VCT') presents an
Interim Management Statement for the period 1 November 2010 to 31 January 2011.
 The statement also includes relevant financial information between the end of
the period and the date of this statement.

Financial Summary
                                     As at 31 January 2011 As at 31 October 2010
--------------------------------------------------------------------------------


Net assets (£'000s)                                 15,697                15,518

Return after tax (£'000s)                              178                    13

Net asset value per share ('NAV')                    96.0p                 94.9p

Cumulative dividends paid since
launch                                                2.0p                  2.0p

Total return (NAV plus dividends
paid)                                                98.0p                 96.9p


Investment performance
At 31 January 2011 the NAV of the VCT was 96.0p, which compares to 94.9p at 31
October 2010. The performance of the VCT has been relatively stable in the
period under review and there have been no valuation movements in the unquoted
portfolio. The main drivers for the increase in the NAV were the VCT's
investments in the Open Ended Investment Companies ('OEICs'). There was an
uplift in value of 11.9% in the CF Octopus UK Micro Cap Growth Fund over the 3
months to 31 January 2011. In addition to this uplift, a small profit was
realised on the sale of a proportion of the investment in the CF Octopus
Absolute UK Equity Fund. At 31 January 2011, 27.2% of the Company's net assets
were held in liquid resources in the form of OEICs, cash and cash equivalents.

Having reached the level of invested funds required by HMRC, we have shifted our
focus to monitoring existing portfolio companies, alongside giving them support
with advice and funding. During the period under review, Titan 2 invested
£367,000 into Diverse Energy, a company focusing on the infrastructure of energy
for global telecommunications, and also follow-on investments were made into
Zoopla (£307,000), Skills Market (£18,500) and Money Workout (£133,334).

A full update is provided in the Annual Report for the year ending 31 October
2010.



Top Ten Qualifying Investment Portfolio by value as at 31 January 2011

Company                                            Carrying value % of total net
                      Sector                                £'000         assets
--------------------------------------------------------------------------------
Zoopla Limited        Media                                 2,471          15.7%

True Knowledge        Media
Limited                                                     1,220           7.8%

Calastone Limited     Technology                            1,135           7.2%

Nature Delivered      Consumer lifestyle &
Limited               wellbeing                               853           5.4%

e-Therapeutics plc    Consumer lifestyle &
                      wellbeing                               443           2.8%

Mi-Pay Limited        Telecommunications                      429           2.7%

AQS Holdings Limited  Environmental                           421           2.7%

Executive Channel
Limited               Media                                   379           2.4%

Diverse Energy
Limited               Environmental                           367           2.3%

UltraSoc Technologies
Limited               Technology                              361           2.3%

Dividends
As announced in the recently published annual results, the proposed final
dividend of 0.75p per share for the year ended 31 October 2010 will be paid on
8 April 2011 to those shareholders on the register on 11 March 2011, subject to
shareholder approval at the Annual General Meeting.

Material events and transactions
Titan 2's Board is not aware of any other significant event or transaction which
has occurred between 31 January 2011 and the date of publication of this
statement which would have a material impact on the financial position of the
VCT.

For further information please contact:
Alex Macpherson- Fund Manager
Octopus Investments Limited - 0800 316 2349

ENDS






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Source: Octopus Titan VCT 2 PLC via Thomson Reuters ONE

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