Re NAV at 31 October 2003

British SmallerTechCompaniesVCT2PLC
09 December 2003


BRITISH SMALLER TECHNOLOGY COMPANIES VCT 2 PLC

At a recent Board meeting the directors resolved to adopt the new BVCA valuation 
guidelines for the purposes of valuing the portfolio and deriving the net asset 
value per Ordinary share on a quarterly basis. Due to the time elapsed since the 
end of the third quarter, the directors have decided it is more relevant to 
announce the net asset value at 31 October 2003 (month 10).

On this basis, which is consistent with the basis of valuation that will be
applied in the Annual Report to 31 December 2003, the net asset value of the
Company was 85.1p per Ordinary share.




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