Interim Results

Oxford Technology 2 VCT PLC
02 October 2002

                 Oxford Technology 2 Venture Capital Trust plc

                               Interim Statement

                                 For the period

                         1 March 2002 to 31 August 2002

                        Statement on behalf of the Board

Oxford Technology 2 VCT is now fully invested in the sense that it will make no
further investments in new companies, although it retains some capital with
which to support existing investees, if the need arises. In the current
difficult investment climate, it is particularly important to be able to do
this.

At 31 August 2002, the net assets per share were £1.40 compared to £1.48 at 31
August 2001 and £1.42 at 28 February 2002.

During the period, Jetmask effectively failed and CHRdesign was sold at a loss.
However, some investees made good solid progress, including, particularly,
Equitalk, CDL, Insense, Orthogem and Oxford Sensor Technology. The investment
with the highest valuation, Intellikraft, is at a critical stage, with first
production expected in October. The next few months will be critical; the
potential remains high, but so too do the risks.

The Board is pleased with the development of the portfolio as a whole and
details of the investments are given in the October 2002 newsletter.

On behalf of the Board

John Jackson

Chairman

                        Unaudited financial information

Summarised Statement of Total                                     Six months            Six months                  Year

Return for the period                                               1 Mar 02              1 Mar 01              1 Mar 01

                                                                to 31 Aug 02          to 31 Aug 01          to 28 Feb 02

                                                                       £'000                 £'000                 £'000
Gain / (loss) on investments                                            (69)                 2,940                 2,637
Income                                                                    26                   119                   123
Expenses                                                                (88)                 (104)                 (179)
                                                                       _____                 _____                 _____
Net return before taxation                                             (131)                 2,955                 2,581
Tax on ordinary activities                                                 -                     -                     2
                                                                       _____                 _____                 _____
Return attributable to equity shareholders                             (131)                 2,955                 2,583
Dividends in respect of equity shares                                      -                     -                     -
                                                                       _____                 _____                 _____
Transfers to / (from) reserves                                         (131)                 2,955                 2,583
                                                                       =====                 =====                 =====
Revenue earnings / (loss) per share                                  (1.03)p                 0.25p               (0.90)p
Capital return / (loss) per share                                    (1.15)p                49.00p                43.95p
Total return per ordinary share                                      (2.18)p                49.25p                43.05p
                                                                       =====                 =====                 =====

Summarised Balance Sheet                                           31 Aug 02             31 Aug 01             28 Feb 02

                                                                       £'000                 £'000                 £'000
Unquoted investments                                                   7,550                 6,430                 7,340
Government stocks                                                          -                 2,346                   290
Other net current assets                                                 850                   127                   901
                                                                       _____                 _____                 _____
Net assets                                                             8,400                 8,903                 8,531
                                                                       =====                 =====                 =====
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                  2,762                 3,057                 2,746
                                             realised                   (77)                     -                     8
Revenue reserve                                                        (106)                    25                  (44)
                                                                       _____                 _____                 _____
                                                                       8,400                 8,903                 8,531
                                                                       =====                 =====                 =====
Net asset value per share                                               140p                  148p                  142p
                                                                       =====                 =====                 =====

Cash flow statement for the period                                Six months            Six months                  Year

                                                                    1 Mar 02              1 Mar 01              1 Mar 01

                                                                to 31 Aug 02          to 31 Aug 01          to 28 Feb 02

                                                                       £'000                 £'000                 £'000
Net cash inflow / (outflow) from operating activities                   (20)                 (112)                    35
Taxation recovered                                                         -                     -                  (20)
Capital expenditure and financial investment
                              Purchase of investments                  (465)               (1,531)               (2,679)
          Redemption on maturity of government stocks                    288                     -                 2,015
                  Proceeds on disposal of investments                    189                     -                     -
                                                                       _____                 _____                 _____
Net cash inflow / (outflow) for capital expenditure                       12               (1,531)                 (664)
and financial investment
Dividends paid                                                             -                  (60)                  (60)
                                                                       _____                 _____                 _____
Decrease in cash                                                         (8)               (1,703)                 (709)
                                                                       =====                 =====                 =====



                      This information is provided by RNS
            The company news service from the London Stock Exchange