Interim Management Statement

Matrix Income & Growth 2 VCT plc (the Company)                 

                    UNAUDITED INTERIM MANAGEMENT STATEMENT                     

                     For the quarter ended 31 January 2010                     

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Matrix Income & Growth 2 VCT plc presents an Interim
Management Statement for the quarter ended 31 January 2010. The statement also
includes relevant financial information between the end of the period and the
date of this statement.

NET ASSET VALUE PER SHARE

                            Ordinary Share Fund             C Share Fund       
                                                                               
                           31 January  31 October       31 January  31 October 
                                 2010         2009            2010         2009
                                                                               
Net assets attributable    £7,593,455   £7,464,008     £15,003,500  £14,853,313
to shareholders                                                                
                                                                               
Shares in issue            11,259,333   11,259,333      17,346,339   17,396,263
                                                                               
Net asset value per 1p                                                         
Share:                                                                         
                                                                               
- Excluding current year       67.8 p       66.4 p          86.9 p       85.6 p
income                                                                         
                                                                               
- Including current year       67.4 p       66.3 p          86.5 p       85.4 p
income                                                                         

SHARE BUY-BACKS

On 15 January 2010 the Company bought back 49,924 C Shares at a cost of 55.49p
per share.

No Ordinary Shares were bought back during the period.

INVESTMENT PORTFOLIO

In November, both Share Funds participated in a follow-on investment in British
International Holdings Limited. The Ordinary Share Fund invested £133,252 and
the C Share Fund invested £26,748 in the form of secured loan notes as part of
a working capital injection by shareholders.

The Company successfully realised its investment in PastaKing Holdings, the
Newton Abbot based supplier of fresh pasta meals for proceeds of £737,918 for
the Ordinary Share Fund and £514,393 for the C Share Fund. This realisation
contributed to total proceeds over the life of the investment of £895,350 for
the Ordinary Share Fund and £627,868 for the C Share Fund, representing a 3.25x
return on the original investment costs of £274,624 and £191,720 respectively.

In December, the Company invested in Iglu.com Holidays Limited via the
acquisition company Barnfield Management Investments Limited. The Ordinary
Share Fund invested £437,309 alongside £562,691 from the C Share Fund as part
of the acquisition by Matrix-advised VCTs of Iglu.com Limited, a specialist
provider of cruise and ski holidays.

Digico Europe made a further partial repayment of loan stock of £128,018 plus a
premium of £9,533 for the Ordinary Share Fund and the C Share Fund received £
89,373 plus a premium of £6,655.

Please note that all the information above is unaudited.

Other than described above, there were no material events during the period and
to the date of this announcement.

For further information, please contact:
Robert Brittain, for Matrix-Securities Limited, Company Secretary: 020 3206 7102