Interim Management Statement

Matrix Income & Growth 2 VCT plc (the Company)

                    UNAUDITED INTERIM MANAGEMENT STATEMENT                     

                     For the quarter ended 31 January 2008                     

NEW INVESTMENTS

Date      Name of company     Ordinary Share Fund C Share Fund  Total         
                                                                investment      
                                                                               
December  Monsal Holdings Ltd -                   £769,000      £769,000       
2007                                                                           
                                                                uary 2007      
                                                                               
Supplier of engineering services to water and waste sectors.                   

DISPOSALS OF INVESTMENTS - Ordinary Share Fund

Date            Name of company          Proceeds         Total gain/  
                                                            (loss)     
                                                                       
January 2008    BBI Holdings PLC         £262,370          £146,082    
                                                                       
January 2008    Gyro International      £2,412,074        £1,662,061   
                Limited                                                
                                                                       
January 2008    Clarity Commerce          £49,500          £(92,183)   
                Solutions plc                                          

DISPOSALS OF INVESTMENTS - C Share Fund

Date         Name of company              Proceeds         Total gain  
                                                                       
January 2008 BBI Holdings PLC             £182,878          £99,985    

NET ASSET VALUE PER SHARE

                            Ordinary Share Fund             C Share Fund       
                                                                               
                          31 January  30 April        31 January   30 April    
                          2008        2007            2008         2007        
                                                                               
Net assets attributable   £12,610,681 £12,912,394     £8,984,322   £8,885,025  
to shareholders                                                                
                                                                               
Shares in issue           11,711,489  12,041,147      9,145,990    9,145,990   
                                                                               
Net asset value per 1p                                                         
Share :                                                                        
                                                                               
- Excluding current year  106.39 p    105.65 p        96.32 p      94.85 p     
income                                                                         
                                                                               
- Including current year  107.68 p    107.24 p        98.23 p      97.15 p     
income                                                                         

SHARE BUY-BACKS

The Company did not buy back any of its own shares during the quarter.

After the period-end, the Company has bought back a total of 191,835 Ordinary
Shares at a price of 78.5 pence per share.

The number of shares in issue at the date of this announcement is 11,519,654
Ordinary Shares and 9,145,990 C Shares.

Please note that all the information above is unaudited.

For further information, please contact:

Robert Brittain, for Matrix-Securities Limited, Company Secretary: 020 7925
3300