Octopus Apollo VCT2 plc

Interim Management Statement

Octopus Apollo VCT 2 PLC
Interim Management Statement

16 June 2009

In accordance with Rule 4.3 of the UK Listing Authority's  Disclosure
and Transparency  rules, Octopus  Apollo  VCT 2  plc ("Apollo  2"  or
"Fund") presents an  Interim Management  Statement for  the period  1
February 2009 to 15 June 2009.  The statement also includes  relevant
financial information between the end of  the period and the date  of
this statement.

Financial Summary

|                       |             | Three months |              |
|                       | Four months |        ended |              |
|                       |       ended |     30 April |   Year to 31 |
|                       | 31 May 2009 |         2009 | January 2009 |
|                       |             |              |              |
| Net assets (000s)     |      £8,105 |       £8,103 |       £8,119 |
| Net loss after tax    |             |              |              |
| (000s)                |       £(14) |        £(16) |       £(106) |
| Net asset value per   |             |              |              |
| share ("NAV")         |       92.2p |        92.1p |        92.3p |
| Cumulative dividends  |             |              |              |
| paid since launch     |       1.25p |        1.25p |        1.25p |
| Total return (NAV     |             |              |              |
| plus dividends paid)  |      93.45p |       93.35p |       93.55p |

Investment performance
At 31 May 2009 the NAV of the Fund was 92.2p, which compares to 92.3p
on 31 January 2009.  The performance of the Fund has been  relatively
stable in the first few months of its financial year, due to a  large
proportion of  its assets  being  held in  cash and  cash  equivalent
securities, and because there have been no changes in the  valuations
of the companies in its portfolio.

During the period under review a number of investments were made.  In
February 2009 the Fund invested  £700,000 in CSL Dualcom Limited  and
£800,000 in  Diagnos  Limited.  Both are  successful  and  profitable
businesses, and you can find more  details on these companies in  the
annual report, published on 22 may 2009.  A small further  investment
of £9,000  was  made into  Bruce  Dunlop &  Associates  International
Limited, an existing portfolio company.

Additionally, the  Fund  has invested  £200,000  into each  of  Salus
Services I Limited, PubCo Services Limited, GreenCo Services  Limited
and BusinessCo Services Limited. These are companies which have  been
established to seek suitable qualifying investments across a range of

Top Ten Unquoted Qualifying Investment Portfolio by Value

                                                          % of equity
                                           Carrying value     held by
Company                   Investment class          £'000    Apollo 2
Funeral Services
Partnership Limited               Unquoted            875        2.0%
Diagnos Limited                   Unquoted            800         N/A
Bruce Dunlop & Associates
International Limited             Unquoted            759        1.2%
CSL Dualcom Limited               Unquoted            700         N/A
Tristar Limited                   Unquoted            500        1.3%
Vulcan Services II
Limited                           Unquoted            500       12.5%
PubCo Services Limited            Unquoted            200        5.0%
GreenCo Services Limited          Unquoted            200        5.0%
BusinessCo Services
Limited                           Unquoted            200        5.0%
Salus Services I Limited          Unquoted            200        5.0%

As referred to  in the  recent annual  report, the  Board proposed  a
final revenue dividend of 1p per  share in respect of the year  ended
31 January 2009.  This dividend,  if approved by shareholders at  the
AGM on  17  July  2009,  will  be paid  on  31  July  2009  to  those
shareholders on the register on 3 July 2009.

On 5 June 2009, Apollo 1 purchased 100,500 shares for cancellation  a
price of 83.0 pence per share.

Investment strategy
The Fund is being invested on the  basis of taking lower risk than  a
typical VCT. The Fund aims to  receive its return from interest  paid
on secured loan  notes as well  as an  exposure to the  value of  the
shares  of  a  company.    The  investment  strategy  is  to   derive
sufficient return from the secured  loan notes to achieve the  Fund's
investment aims and to use any equity exposure to boost returns.   As
portfolio companies are unquoted the Fund will receive a return  from
an equity holding when a company is sold.

The Manager of  the Fund  aims to reduce  risk by  investing in  well
managed and profitable businesses with strong recurring  cash-flows.
Furthermore with the majority of the investment being in the form  of
a secured loan, in  the unlikely event of  the business failing,  the
Fund will rank ahead of unsecured creditors and equity investors.

Material events and transactions
The Fund's  Board is  not aware  of any  other significant  event  or
transaction which has occurred  between the 1  February 2009 and  the
date of publication  of this  statement which would  have a  material
impact on the financial position on the Fund.

For further information please contact:
Stuart Nicol - Fund Manager
Octopus Investments Limited - 0800 316 2347



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