Interim Management Statement

Matrix Income & Growth 2 VCT plc (the Company)                 

                    UNAUDITED INTERIM MANAGEMENT STATEMENT                     

                      For the quarter ended 31 July 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 July 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 July      30 April    31 July 2010     30 April
                                 2010         2010                         2010
                                                                               
Net assets attributable    £8,481,157   £8,118,298     £15,973,266  £15,172,651
to shareholders                                                                
                                                                               
Shares in issue            11,259,333   11,259,333      17,346,339   17,346,339
                                                                               
Net asset value per 1p                                                         
Share:                                                                         
                                                                               
- Excluding current year       75.2 p       72.5 p          92.3 p       88.0 p
income                                                                         
                                                                               
- Including current year       75.3 p       72.1 p          92.1 p       87.5 p
income                                                                         

DIVIDENDS

No dividends were paid during the quarter. However, after the quarter-end an
interim dividend in respect of the year ended 30 April 2010 of 1.0 pence per C
Share was paid on 13 August 2010 to C Shareholders on the register on 23 July
2010.

SHARE BUY-BACKS

There were no share buybacks during the period.

SHARE CLASS MERGER

On 13 August the Company issued a circular to shareholders proposing to merge
the Company's Ordinary and C Share classes, amend the Company's investment
policy and cancel the share premium account of the Company. All the resolutions
proposed at the Extraordinary General Meeting, held on 9 September 2010 in
consideration of the above matters, were duly passed by shareholders.

Each Ordinary Share was then converted into C Shares at a rate of 0.82701277
and rounded down to the nearest whole share, resulting in a further 9,311,976 C
Shares. The 26,657,715 C Shares then in issue were redesignated as new Ordinary
Shares. The balance of 1,947,957 Ordinary Shares arising from the conversion
were converted into deferred shares and bought back by the Company for an
aggregate price of one penny, and cancelled by the Company.

At 10 September 2010 the net asset value of the enlarged share class was £
24,228,910 and the number of new Ordinary Shares in issue 26,657,715, giving a
net asset value of 90.89p per new Ordinary Share.

INVESTMENT PORTFOLIO

No new investments were completed during the period.

In July, Digico Europe made a further partial repayment of loan stock of £
40,966 plus a premium of £3,051 for the Ordinary Share Fund and the C Share
Fund received £28,600 plus a premium of £2,130.

Monsal secured a strategic investment of £4 million from Four Winds Capital in
exchange for an equity stake in the business and an additional £10 million made
available to establish a new business. This investment increased the value of
the Company's investment in Monsal by £585,343 from the valuation held by the
Company at 30 April 2010. The Company also made a small additional investment
in Monsal of £1,717 at the same share price as Four Winds, but also received a
repayment of loan stock of £85,450.

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