Interim Management Statement

Matrix Income & Growth 2 VCT plc (the Company)                 

                    UNAUDITED INTERIM MANAGEMENT STATEMENT                     

                     For the quarter ended 31 January 2012                     

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Matrix Income & Growth 2 VCT plc presents an Interim
Management Statement for the quarter ended 31 January 2012. The statement also
includes relevant financial information between the end of the period and the
date of this statement.

NET ASSET VALUE PER SHARE

                                               Ordinary Shares         
                                                                       
                                       31 January 2012  31 October 2011
                                                                       
Net assets attributable to                 £25,456,970      £25,212,783
shareholders                                                           
                                                                       
Shares in issue                             25,244,882       25,359,455
                                                                       
Net asset value per 1p Share:                                          
                                                                       
- Including current year income                100.84p           99.42p
                                                                       
- Excluding current year income                 99.27p           98.33p

DIVIDENDS

No dividends were paid during the quarter.

Since the quarter end, the Board has today declared an interim dividend of 4p
per share for the year ending 30 April 2012, made up of 2p from income and 2p
from capital. The dividend will be paid on 20 April 2012 to shareholders on the
register on 28 March 2012.

SHARE BUY-BACKS

During the quarter the Company bought back 114,573 Ordinary Shares of 1p each
at 69p per share. A further 93,775 Ordinary Shares at a price of 69p per share
and 191,032 Ordinary Shares at a price of 68.48p per share were bought back
after the period end. There were 24,960,075 Ordinary Shares in issue at the
date of this announcement.

INVESTMENT PORTFOLIO

There have been a number of new investments during the period.

On 1 November 2011, the Company invested a further £95,723 into the acquisition
vehicle Vanir Limited to support a management buyout (MBO) of EMaC Limited, the
leading provider of outsourced service plans to franchised dealers in the
automotive sector, bringing the Company's investment in EMaC to £1.1 million.

In January 2012, the Company invested £1 million in each of three acquisition
companies Ackling Management Limited, Fosse Management Limited and Peddars
Management Limited, to identify future opportunities for investment.

In December 2011, the Company made a partial disposal of its investment in
DiGiCo to ISIS Equity Partners. The Company has received total cash proceeds of
£3.02 million over the life of this investment, representing a 3 times cash
return to date. In addition, the Company continues to hold a residual loan
stock and small equity investment in this company, valued in total at £1.33
million.

Repayments of loan stock were received from Focus Pharma Holdings Limited of £
206,325 including loan premium in January 2012 and £77,370 from Fullfield
(Motorclean). In addition, three acquisition companies, Backbarrow Limited,
Rusland Management Limited and Torvar Limited redeemed their loan stock and
associated premium for £999,000 each, and the Company sold the equity in these
companies in exchange for shares in Watchgate Limited. These companies had been
unable to identify suitable opportunities within the appropriate period.

CHANGE OF OWNERSHIP AT MATRIX PRIVATE EQUITY PARTNERS ("MPEP")

Since April 2004, the Company's Manager MPEP has been owned jointly by its
executive partners and Matrix Group Limited ("Matrix"). On 12 January 2012, the
executive partners reached an agreement to acquire Matrix's interest in the
business. The acquisition is subject to approval from the FSA of the change of
control in MPEP and is expected to be completed on or around 30 June 2012.

Please note that all the information above is unaudited.

Other than described above, there were no material events during the period and
to the date of this announcement.

For further information, please contact:

Robert Brittain, for Matrix Private Equity Partners LLP, Company Secretary: 020
3206 7102