Interim Management Statement

Bluehone AIM VCT2 PLC
15 April 2008

Bluehone AIM VCT2 plc
Interim management statement
For the three month period from 1 December 2007 to 29 February 2008


Investment Objective

The Company's investment objective is to provide shareholders with a tax
efficient means of gaining long term capital growth and an attractive dividend
stream, primarily through investment in a diversified portfolio of AIM or PLUS
market traded companies and unquoted companies which anticipate a stock market
quotation.

Performance Summary

                                                        As at   As at 30 November
                                            29 February  2008                2007      Movement          
Ordinary shares
Net assets                                             £27.7m              £27.9m
Net asset value per share                              72.51p              72.76p            (0.34)%
Share price                                            50.50p              57.50p           (12.17)%
Discount to NAV                                         30.4%              20.97%
C shares
Net assets                                              £2.7m               £2.8m
Net asset value per share                              89.94p              95.73p            (6.05)%
Share price                                            92.00p              92.00p              0.00%
Premium/ (discount) to NAV                              2.29%             (3.90)%

                                          For the three month
                                              period ended 29
                                                February 2008
Total return
Ordinary shares
Net asset value 1                                    (0.3)%
Share price2                                        (12.2)%

C shares
Net asset value 1                                   (6.1)%
Share price2                                          0.0%

FTSE AIM3                                              (2.8)%

1NAV total return = NAV + reinvested dividends; Source: F&C Asset Management

2Share price total return = mid to mid share price + reinvested dividends;
Source: Datastream

3Source: Datastream

Investment Performance

The first quarter of the year has seen the difficult market conditions
experienced towards the end of last year continue, with only some respite during
February. The markets are now showing many of the characteristics we last saw
during the 2001-03 bear market. Investors have continued to shun this end of the
market and share prices have fallen in individual stocks on little or no news,
but in anticipation of worse news to come.

Once again the FTSE AiM All-Share index has proved an unreliable benchmark for
what is actually being experienced by the majority of the companies on the
market as the index is supported by the larger resource stocks, a sector which
VCT's cannot generally invest in. The index fell by just 3.1% over the period,
however the resource sector which accounts for 17% of the market increased by
more than 10% over the period. This compares with the FTSE Small Cap (ex-IT)
index and the FTSE All-Share index which were down 7.2% and 8.2% respectively
and which reflect more closely what has been happening to smaller company
valuations generally.

The NAV per share of the ordinary portfolio decreased by 0.34% over the quarter,
from 72.76p to 72.51p. The portfolio was sustained by the strong performance
from Portland Gas which joined the market in January following its successful
de-merger from Egdon Resources.  The value of the Portland Gas holding increased
by £2.8m over the quarter.

The NAV per share of the C share portfolio decreased by 6.05% to 89.94p.  This
portfolio underperformed the ordinary portfolio due to its much smaller holding
in Portland Gas.

Share Capital Changes

In the three month period to 29 February 2008, the Company repurchased and
cancelled 150,000 ordinary shares at a cost of £76,500.

Investment Activity

Due to reduced liquidity and more difficult trading conditions across the AiM
market, there was very little portfolio activity over the quarter. No equity
purchases were made in new companies, however, follow-on investments were made
in K3 Business Technology and Clarity Commerce Solutions at a total cost of
£106k.

The shares acquired during the quarter were:

Ordinary Portfolio:

Company                            Date                Cost (£'000)            VCT status

New Investments
Total new investment                                              0

Follow-on Investments
K3 Business Technology             January                       32            Qualifying
Clarity Commerce Solutions         February                      74            Qualifying

Total follow-on investment                                      106


C Portfolio:

There were no purchases during the quarter.


Company                            Date                Cost (£'000)            VCT status

New Investments
Total new investment                                              0

Follow-on Investments
Total follow-on investment                                        0


Investment Realisation

Two companies were subject to takeover bids during the quarter, providing the
Fund with £1.63m of cash.  The takeover of BBI by its largest shareholder,
Inverness Medical, provided £1.42m of liquidity after the holding was sold into
the market at a premium to the cash bid price.  The total realised profit for
this investment was £994k.  In January, the Board of Tellings Golden Miller
recommended a takeover approach from Arriva at 45p per share, realising profits
of £167,000 for the Trust.

Ordinary Portfolio:

Company                            Date            Proceeds (£'000)           Gain/(loss)                        
                                                                                  (£'000)

Knowledge Technology               December                       9                  (27)
Egdon Resources                    January                       76                    72
BBI                                January                    1,214                   893
Tellings Golden Miller             January                      214                   167
Knowledge Technology               February                       -                   (1)

Total                                                         1,513                 1,104


C Portfolio:

Company                            Date            Proceeds (£'000)           Gain/(loss)
                                                                                  (£'000)
BBI                                January                      201                   101
Total                                                           201                   101


Top ten investment holdings - combined portfolio

Position as at    Position as at                                                     Percentage of total
                                                                                   investments* as at 29
   29 February     30 November 2007                                                        February 2008
          2008


                                    Company
             1                  (-) Portland Gas+                                                   23.6
             2                  (2) Jelf                                                             4.0
             3                  (6) Cambridge Sensors                                                3.3
             4                  (3) Vectura                                                          3.1
             5                  (5) Bond International Software                                      3.0
             6                  (7) U4EA                                                             2.9
             7                  (-) Build Store                                                      2.0
             8                  (-) FDM                                                              2.0
             9                  (9) Quadnetics                                                       1.9
            10                  (8) Servoca                                                          1.8
         Total                                                                                      47.6

Notes:

* Includes cash and interest bearing securities.

+ During January 2008 Egdon Resources de-merged and floated its gas storage
 business under the name of Portland Gas.  As at 30 November 2007 Egdon
Resources was 15.1% of total investments.

Sector breakdown - combined portfolio

(Including cash and interest bearing securities)
                                   Percentage of total investments at Percentage of total investments at
                                                     29 February 2008                   30 November 2007
Industrials                                                      25.4                               28.9
Oil and gas                                                      25.2                               15.1
Technology                                                       18.0                               19.4
Health care                                                       9.8                               15.8
Financials                                                        6.4                                6.6
Consumer services                                                 6.3                                9.4
Consumer goods                                                    1.5                                1.8
UK Government securities                                          1.1                                1.1
Telecommunications                                                1.0                                1.0
Net current assets                                                5.3                                0.9
Total                                                           100.0                              100.0


Daily and key information

Further information regarding the Company, including daily net asset values
published since the end of the period and quarterly factsheets, can be found at
the Company's website www.bluehoneaimvct2.com

Year end:           30 November 2008
                    
Dividends paid:     Any interim dividend will be paid around September and any                
                    final dividend in April. The interim dividends paid for the 
                    year to 30 November 2007 were:
                    1.75 pence per ordinary share

                    1.0 pence per C share

                    In addition, a final dividend of 1.75 pence per ordinary 
                    share has been proposed for the year ended 30 November 2007.  
                    This was approved by shareholders at the Annual General 
                    Meeting and will be paid on 30 April 2008 to shareholders 
                    who were on the register on 28 March 2008.

Issued Share Capital: 38,146,588 ordinary shares of 10p each and 2,950,085 C
shares of 50p each


For further information please contact:

Robert Mitchell, Bluehone Investors LLP: 0207 496 8929
Sally Mills, Bluehone Investors LLP: 0207 496 8929
Scott Macrae, F&C Asset Management plc:  0207 628 8000


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