Interim Management Statement

Octopus Titan VCT 2 PLC
Interim Management Statement

17 February 2010

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Titan VCT 2 plc ('Titan 2' or 'Fund') presents an
Interim Management Statement for the period 1 November 2009 to 31 January 2010.
 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 2010 As at 31 October 2009
--------------------------------------------------------------------------------


 Net assets (000s)                                £14,852               £15,014

 Net asset value per share ('NAV')                  95.1p                 96.1p

 Cumulative dividends paid since
 launch                                              1.0p                  1.0p

 Total return (NAV plus dividends
 paid)                                              96.1p                 97.1p


Investment performance
At 31 January 2010 the NAV of the Fund was 95.1p, which compares to 96.1p at 31
October 2009. The performance of the Fund has been relatively stable in the
period under review. There have been no valuation movements in the unquoted
portfolio. The main drivers for the fall in the NAV, alongside the annual
running costs have been the Fund's investments in the Open Ended Investment
Companies (OEICs). These have seen a slight fall in value of 2.5% (Absolute
Return Fund) and 0.7% (UK Smaller Companies Fund) over the 3 months to 31
January 2010. That said, liquid resources remain in a good position at the
period end and the two remaining bonds are both currently trading above par.

The Fund has continued to see a good deal flow over the last three months. 2010
started with a further investment of £500,000 into Calastone Limited, the UK's
only independent transaction service for the mutual fund industry. Just after
this, a previous £201,000 non-qualifying investment in Zoopla Limited became
qualifying.

A full update of all of these investments and any subsequent deals will be
provided in the half-yearly report for 30 April 2010.

The total value of the investment portfolio at 31January 2010 was £14.8 million.
By value, 29.6% of the Company's net assets are in unquoted investments, 3.2% in
AIM-quoted investments and 32.1% in Octopus OEICS, leaving 35.1% currently in
cash or cash equivalents.

Qualifying Investment Portfolio - as at 16 February 2010

 Company                                         Carrying value  % of total net
                          Sector                          £'000          assets
--------------------------------------------------------------------------------
 Calastone Limited        Technology                      1,135            7.6%

 Zoopla Limited           Media                           1,041            7.0%

 True Knowledge Limited   Media                           1,032            7.0%

 e-Therapeutics plc       Consumer lifestyle
                          & wellbeing                       477            3.2%

 Surrey NanoSystems
 Limited                  Technology                        300            2.0%

 GetOptics Limited        Consumer lifestyle
                          & wellbeing                       285            1.9%

 Nature Delivered Limited Consumer lifestyle
                          & wellbeing                       275            1.9%

 Phase Vision Limited     Technology                        200            1.4%

 Phasor Solutions Limited Technology                         75            0.5%

 The Skills Market
 Limited                  Technology                         50            0.3%

Dividends
As announced in the recently published annual results, the final dividend of
0.5p per share for the year ended 31 October 2009 will be paid on 23 April 2010
to those shareholders on the register on 5 March 2010, subject to shareholder
approval at the Annual General Meeting.

Material events and transactions
The Fund's Board is not aware of any other significant event or transaction
which has occurred between 31 January 2010 and the date of publication of this
statement which would have a material impact on the financial position of the
Fund.

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

ENDS


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