Interim Management Statement

Matrix Income & Growth 2 VCT plc (the Company)

                    UNAUDITED INTERIM MANAGEMENT STATEMENT                     

                     For the quarter ended 31 January 2009                     

FOLLOW-ON INVESTMENTS

The Company made two follow-on investments into existing portfolio companies:

Date      Name of company     Ordinary Share Fund  C Share Fund         Total
                                                                     investment
                                                                               
November  PXP Holdings                    £96,245       £67,191        £163,436
2008      Limited (Pinewood                                                    
          Structures)                                                          
                                                                               
Designer, manufacturer and supplier of timber frames for housing               
                                                                               
January   Monsal Holdings                       -       £85,450         £85,450
2009      Limited                                                              
                                                                               
Engineering services to water and waste sectors                                

NET ASSET VALUE PER SHARE

                            Ordinary Share Fund             C Share Fund       
                                                                               
                          31 January   31 October       31 January  31 October 
                                 2009         2008            2009         2008
                                                                               
Net assets attributable    £8,198,678   £8,854,954      £7,985,474   £8,336,391
to shareholders                                                                
                                                                               
Shares in issue            11,269,333   11,375,533       9,145,990    9,145,990
                                                                               
Net asset value per 1p                                                         
Share:                                                                         
                                                                               
- Excluding current year      70.76 p      76.75 p         85.24 p      89.87 p
income                                                                         
                                                                               
- Including current year      72.75 p      77.84 p         87.31 p      91.15 p
income                                                                         

SHARE BUY-BACKS

The Company bought back 106,200 Ordinary Shares at a price of 36p per share. No
C Shares were bought back during the period.

After the period end, 10,000 Ordinary Shares were bought back at 42p per share.

OFFER FOR SUBSCRIPTION

On 19 January 2009 the Company launched an Offer for Subscription for new C
Shares to raise £10 million, with an over-allotment facility to raise a further
£5 million. Copies of the Securities Note can be found at 
http://www.matrixgroup.co.uk/asset_management/vcts/mig_2_vct_c_share.

DIVIDENDS

The Board will determine what final dividends to propose when it is considering
the annual accounts for the year ending 30 April 2009. The Board expects
however, that, subject to unforeseen circumstances, the dividends payable on
the Ordinary Shares and C Shares will not be less than 1p per share. It is the
Board's intention that all shareholders in the C Share Fund at that time will
be entitled to such dividends as may be so proposed for the C Share Fund.

Please note that all the information above is unaudited.

For further information, please contact:
Robert Brittain, for Matrix-Securities Limited, Company Secretary: 020 3206 7102