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Eclipse VCT 2 plc (ECL2)


Tuesday 19 June, 2007

Eclipse VCT 2 plc

Interim Management Statement

Eclipse VCT 2 plc ("Eclipse 2" or "Fund")

19 June 2007

Replacement - Half-yearly report

Interim management statement for the three month period from 1
February 2007 to 30 April 2007

Financial highlights

  * 5.3% growth in net asset value ('NAV') per ordinary share to
    122.0p (115.9p January 2007)
  * NAV total return of 29.7% to ordinary shareholders since launch.

Performance summary

                          As at 30 April 2007 As at 31 January 2007

Total net assets                       £22.7m                £21.5m
Net asset value per share              122.0p                115.9p
Share price                               98p                   98p
Discount to NAV                         24.4%                 18.3%
Total Return per share                123.25p               117.15p

Investment performance

The NAV per Ordinary Share on 30 April 2007 was 122.0p, up 5.3% on
the previous quarter. By value, the portfolio was approximately 48%
invested in unquoted companies and 19% invested in AIM-quoted
companies, with the balance being invested in money market securities
and cash.

Investment Activity

The fund sold its first unquoted investment, James Harvard
International Limited, at a profit. Eclipse 2 received £2.3 million,
2.4 times the original amount invested.

Three further qualifying unquoted investments were completed in the
period, Sweet Cred Ltd, Myla Ltd and Promotion Space Ltd. The total
value of the investment portfolio at 30 April 2007 is £15.3 million.

Top ten holdings

Company              Investment    Carrying       Percentage of total
                          class value £'000              investments
Luther Pendragon       Unquoted                                  7.1%
Limited                               1,595
Tanfield Group plc   AIM-quoted       1,371                      6.1%
Plastics Capital       Unquoted                                  5.1%
Limited                               1,150
Covion Limited         Unquoted       1,059                      4.7%
NPI Media Group        Unquoted                                  4.2%
Limited                                 955
First Sports Group     Unquoted                                  3.6%
Limited                                 800
Perfect Pizza          Unquoted                                  3.6%
Limited                                 800
Worthington Nicholls AIM-quoted                                  3.5%
plc                                     793
Gyro International     Unquoted                                  2.9%
Limited                                 646
Lilestone Holdings     Unquoted                                  2.6%
Limited                                 579


The proposed 1.0p per share tax-free dividend detailed in the annual
report and accounts was approved at the AGM on 7 June 2007 and paid
to shareholders on 11 June 2007.

Investment objective

Eclipse 2 invests in a diversified portfolio of unquoted and
AIM-quoted UK companies with the intention of maximising tax-free
capital and income returns to its investors.

Material events and transactions

Other than the investment activities and dividends stated above, the
Fund's board is not aware of any significant event or transaction
which has occurred between the 1 February 2007 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 Octopus Investments Limited on
020 7710 2800.




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