Interim Management Statement

Octopus Titan VCT 2 plc
Interim Management Statement

6 August 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 May 2010 to 31 July 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 October
                       As at 31 July 2010 As at 30 April 2010               2009
--------------------------------------------------------------------------------


Net assets (000s)                 £13,715             £14,368            £15,014

Net asset value per
share ('NAV')                       87.8p               92.0p              96.1p

Cumulative dividends
paid since launch                    2.0p                1.5p               1.0p


Investment performance
As at 31 July 2010 the NAV of the Fund was 87.8p, which compares to 92.0p at 30
April 2010. There has been good performance from a number of portfolio companies
over the period. However, falls in the value of the non-qualifying investments
in the two Octopus Open Ended Investment Companies (OEICs) have negatively
impacted Titan 2's NAV by 3.16% since the half-year end at 30 April 2010. The
Board is aware that these are long-term investments, held prior to investing in
qualifying companies, and that their values may fluctuate over time.

There have been no valuation movements in the unquoted portfolio. The Fund has
continued to see a good deal flow over the last three months, making two new
investments in the period, along with building up a pipeline of deals for the
coming months.

In June, the Fund completed an investment of £360,000 into Semafone, a company
offering fraud prevention software for use in call centres. And in July the Fund
completed an investment for £275,000 into Bowman Power, a developer of
turbo-generation technology, using waste energy from diesel engine exhausts.

It is pleasing to note that progress has been made in True Knowledge, Calastone
and Zoopla, but as yet there is no justification to make a change in the
valuation of these holdings. A full update of all of these investments and any
subsequent deals will be provided in the Annual Report for the year ending 31
October 2010.

The total value of the investment portfolio at 31 July 2010 was £13.7 million.
By value, 48.0% of the Company's net assets were in unquoted investments, 3.5%
in AIM-quoted investments and 29.7% in Octopus OEICS, leaving 18.8% currently in
cash or cash equivalents.

Qualifying Investment Portfolio: Ten Largest Holdings by Value - as at 31 July
2010

Company                                             Carrying value    % of total
                       Sector                                £'000    net assets
--------------------------------------------------------------------------------
True Knowledge Limited Media                                 1,158          8.4%

Calastone Limited      Technology                            1,135          8.3%

Zoopla Limited         Media                                 1,042          7.6%

                       Consumer lifestyle &
e-Therapeutics plc     wellbeing                               477          3.5%

Mi Pay Limited         Telecommunications                      429          3.1%

AQS Holdings Limited   Environmental                           421          3.1%

Semafone Limited       Technology                              360          2.6%

Surrey NanoSystems
Limited                Technology                              320          2.3%

                       Consumer lifestyle &
GetOptics Limited      wellbeing                               314          2.3%

Money Workout Limited  Technology                              312          2.3%


Dividends
As announced in the recently published half-year report, the interim dividend of
0.5p per share was paid on 23 July 2010 to all shareholders on the register 9
July 2010. Total dividends paid since launch are 2.0p.

Material events and transactions
The Fund's Board is not aware of any other significant event or transaction
which has occurred between 31 July 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
Octopus Investments Limited - 0800 316 2349

ENDS


[HUG#1436508]








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