Interim Results

Oxford Technology 2 VCT PLC
05 November 2003


                 Oxford Technology 2 Venture Capital Trust plc

                               Interim Statement


                                 For the period


                         1 March 2003 to 31 August 2003


                        Statement on behalf of the Board

I am pleased to report that Oxford Technology 2 VCT has made reasonable progress
in the period to 31 August 2003.  Net assets per share increased from £0.84 on
28 Feb 2003 to £0.90 on 31 August 2003.

As usual, some investees experienced some problems, but others made good
progress.

The Board is pleased with the overall development of the portfolio.

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 03              1 Mar 02              1 Mar 02


                                                                to 31 Aug 03          to 31 Aug 02          to 28 Feb 03


                                                                       £'000                 £'000                 £'000
Gain / (loss) on investments                                             415                  (69)               (3,355)
Income                                                                     6                    26                    68
Expenses                                                                (97)                  (88)                 (186)
                                                                       _____                 _____                 _____
Net return before taxation                                               324                 (131)               (3,473)
Tax on ordinary activities                                                 -                     -                     -
                                                                       _____                 _____                 _____
Return attributable to equity shareholders                               324                 (131)               (3,473)
Dividends in respect of equity shares                                      -                     -                     -
                                                                       _____                 _____                 _____
Transfers to / (from) reserves                                           324                 (131)               (3,473)
                                                                       =====                 =====                 =====
Revenue loss per share                                               (1.50)p               (1.03)p               (1.97)p
Capital return / (loss) per share                                      6.91p               (1.15)p              (55.92)p
Total return / (loss) per ordinary share                               5.41p               (2.18)p              (57.89)p
                                                                       =====                 =====                 =====

Summarised Balance Sheet                                           31 Aug 03             31 Aug 02             28 Feb 03

                                                                       £'000                 £'000                 £'000
Unquoted investments                                                   4,992                 7,550                 4,462
Other net current assets                                                 390                   850                   596
                                                                       _____                 _____                 _____
Net assets                                                             5,382                 8,400                 5,058
                                                                       =====                 =====                 =====
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                   (50)                 2,762                 (465)
                                             realised                  (136)                  (77)                 (136)
Revenue reserve                                                        (253)                 (106)                 (162)
                                                                       _____                 _____                 _____
                                                                       5,382                 8,400                 5,058
                                                                       =====                 =====                 =====
Net asset value per share                                                90p                  140p                   84p
                                                                       =====                 =====                 =====

Cash flow statement for the period                                Six months            Six months                 Year

                                                                    1 Mar 03              1 Mar 02              1 Mar 02


                                                                to 31 Aug 03          to 31 Aug 02          to 28 Feb 03


                                                                       £'000                 £'000                 £'000
Net cash outflow from operating activities                              (98)                  (20)                 (146)
Capital expenditure and financial investment
                              Purchase of investments                  (115)                 (465)                 (664)
          Redemption on maturity of government stocks                      -                   288                   288
                  Proceeds on disposal of investments                      -                   189                   189
                                                                       _____                 _____                 _____
Net cash outflow for capital expenditure and                           (115)                    12                 (187)
financial investment
                                                                       _____                 _____                 _____
Decrease in cash                                                       (213)                   (8)                 (333)
                                                                       =====                 =====                 =====
Notes to the Unaudited Financial Information
1 The financial information for each of the interim periods ended 31 August 2003 and 31 August 2002 is unaudited and
does not constitute statutory accounts within the meaning of the Companies Act 1985. It has been prepared using
accounting policies consistent with those set out in the company's statutory accounts for the year ending 28 February
2003. The financial information for the year ended 28 February 2003 has been extracted from the company's statutory
accounts for that period which contained an unqualified audit report and which have been filed with the Registrar of
Companies.
2 The calculation of earnings per share for the period is based on the return attributable to shareholders divided by
the weighted average number of shares in issue during the period.
3 The unrealised depreciation or appreciation on the valuation of investments and the gains and losses arising on the
disposal of investments are dealt with in the capital reserve.
4 Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company's
Registered Office.


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