Interim Results

Oxford Technology 2 VCT PLC
3 October 2001


                Oxford Technology 2 Venture Capital Trust plc

                              Interim Statement

                                For the period

                        1 March 2001 to 31 August 2001

                       Statement on behalf of the Board

  Oxford Technology 2 VCT is now close to being fully invested, in the sense
that it is unlikely to invest in new companies. Its remaining capital is
intended to make follow-on investments in existing investees.

  Net assets per share have increased from £0.99 at 28 February 2001 to £1.48
at 31 August 2001. But almost all of this rise is accounted for by the rise in
value of one investment, and this company has yet to achieve any sales, so
that the risks remain high.

  The Board is pleased with the development of the portfolio as a whole.
Details of the investments are given in the September 2001 newsletter.



On behalf of the Board.

John Jackson

Chairman

1 October 2001



                        Unaudited financial statements

Summarised Statement of Total                Six months  Six months      Year

Return for the period                        1 Mar 01    18 Feb 00   18 Feb 00

                                         to 31 Aug 01 to 31 Aug 00 to 28 Feb 01

                                                £'000       £'000       £'000


Gain/(losses) on investments                    2,940         (26)      117
Income                                            119         241       260
Expenses                                         (104)        (74)     (168)
                                                  ---         ---       ---
Net return before taxation                      2,955         141       209
Tax on ordinary activities                          -         (35)      (22)
                                                  ---         ---       ---
Return attributable to equity shareholders      2,955         106       187
Dividends in respect of equity shares               -           -      (60)
                                                  ---         ---       ---
Transfers to reserves                           2,955         106       127
                                                 ====        ====      ====
Revenue earnings/(loss) per share                0.25p       2.24p     1.17p
Capital return/(loss) per share                 49.00p     (0.44)p     1.97p
Total return per ordinary share                 49.25p      1.80p      3.14p
                                                 ====      ====        ====

Summarised Balance Sheet                          31 Aug 01 31 Aug 00 28 Feb 01

                                                      £'000     £'000     £'000
Unquoted investments                                  6,430       350     1,955
Government stocks                                     2,346     4,119     2,374
Other net current assets                                127     1,458     1,619
                                                        ---       ---       ---
Net assets                                            8,903     5,927     5,948
                                                       ====      ====      ====
Capital and Reserves
Called up share capital                                 600       600       600
Share premium: Share issues                           5,400     5,400     5,400
Expenses on share issues                              (179)     (179)     (179)
                                                        ---       ---       ---
                                                      5,821     5,821     5,821
Capital reserve - unrealised                          3,057      (26)       117
Revenue reserve                                          25       132        10
                                                        ---       ---       ---
                                                      8,903     5,927     5,948
                                                       ====      ====      ====
Net asset value per share                              148p       99p       99p
                                                       ====      ====      ====

Cash flow statement for the period                      Six       Six      Year

                                                     months    months  18 Feb 00
                                                                      
                                                   1 Mar 01 18 Feb 00  to 28 Feb
                                                  to 31 Aug to 31 Aug         01
                                                         01        00
                                                      £'000     £'000      £'000
                                                     
Net cash inflow/(outflow) from operating              (112)     (162)       234
activities
Taxation recovered                                        -         -         -
Capital expenditure and financial investment
                          Purchase of investments   (1,531)   (5,050)   (6,918)
      Redemption on maturity of government stocks         -       760     2,479
                                                        ---       ---       ---
Net cash outflow for capital expenditure and        (1,531)     4,290   (4,439)
financial investment
                                   Dividends paid      (60)         -         -
                                                        ---       ---       ---
Net cash inflow from financing                      (1,703)     4,452   (4,205)
Financing
                                  Issue of shares         -     6,000     6,000
     Expenses paid in connection with share issue         -     (179)     (179)
                                                      _____     _____     _____
Net cash inflow from financing                            -     5,821     5,821
                                                      =====     =====     =====
Increase/(decrease) in cash                         (1,703)     1,369     1,616
                                                      =====     =====     =====