Interim Results

Aberdeen Grwth Opp VCT2 PLC
31 August 2005

Aberdeen Growth Opportunities VCT 2 PLC



Interim Results



The directors announce the interim unaudited results for the forty four weeks
ended 30 June 2005.



Investment Activity



The company was formed in August 2004 but until the allotment of shares in
February, April and May 2005 there were no funds available for investment. The
investments made to date have therefore been made in a relatively short time
compared to the period covered by this report. A total of £7.7 million has been
subscribed by shareholders and three private equity and nine AIM investments
have been made at a total cost of £1.6 million during the reporting period.
Since 30 June 2005, one further private equity investment has been completed.
The balance of funds raised has been invested in a range of bonds, gilts, unit
trusts and cash to await investment in qualifying companies as required by VCT
legislation.



The following investments have been made since launch:



Gladstone PLC (February 2005) - £125,000 Gladstone develops software for the
leisure industry and in particular for gym membership applications. Aberdeen
Growth Opportunities VCT and Talisman First VCT also invested on the admission
of the company to AIM.



Travel Class Holdings Limited (February 2005) £125,000 Travel Class provides
activity based holidays for schoolchildren. Aberdeen Development Capital,
Aberdeen Growth Opportunities VCT and Aberdeen Growth VCT also invested in the
management buy-out.



Accuma Group PLC (March 2005) - £100,000 Accuma provides advice on debt
solutions to individuals. Aberdeen Growth Opportunities VCT also invested in the
AiM placing.



Software Radio Technology (UK) Limited (March 2005) £125,000 Software Radio
Technology is a leading edge digital wireless communication development
business. Aberdeen Growth Opportunities VCT and Aberdeen Growth VCT also
invested in a £6.2 million development capital round of funding.



Spectrum Interactive PLC (April 2005) £117,000 Spectrum Interactive operates
payphones and provides internet access through terminals located in public
areas. Aberdeen Growth Opportunities VCT, Aberdeen Growth VCT and Murray VCT 4
also invested in the AiM placing.



Elevation Events PLC (May 2005) - £100,000 Elevation Events is building a group
of events management, corporate hospitality and related niche businesses.
Aberdeen Growth Opportunities VCT, Aberdeen Growth VCT and Murray VCT 4 also
invested to fund the first acquisition.



Original Shoe Company Limited (May 2005) £250,000 Original Shoe is a retailer of
branded clothing and footwear mainly in Scotland. Aberdeen Development Capital,
Aberdeen Growth Opportunities VCT, Aberdeen Growth VCT, Murray VCT 4 and
Talisman First VCT also invested to provide development capital to fund the
geographic expansion of the business.



Talarius PLC (May 2005) £150,000 Talarius is building a group of businesses
operating in the high street gaming sector. Aberdeen Growth VCT, Murray VCT 4
and Talisman First VCT also invested in a round of funding to enable the AiM
quoted company to complete an acquisition.



United Clearing PLC (May 2005) £98,000 United Clearing provides software
solutions to mobile communications operators. Murray VCT 4 and Talisman First
VCT also invested to provide development capital to this AiM quoted company.

Axeon PLC (June 2005) - £150,000 Axeon exploits semiconductor intellectual
property focusing on the automotive industry. Aberdeen Growth Opportunities VCT,
Aberdeen Growth VCT and Murray VCT 4 also invested on the admission of the
company to AiM.



Leisure & Gaming PLC (June 2005) £150,000 Leisure & Gaming is acquiring
companies in the online gaming sector. Aberdeen Growth VCT, Murray VCT 4 and
Talisman First VCT also invested to fund an acquisition by this AiM quoted
company.



System C Healthcare PLC (June 2005) £150,000 System C Healthcare provides
information services and IT systems to the healthcare sector in England.
Aberdeen Growth VCT and Murray VCT 4 also invested in the AiM placing.



Kingsley Cards Limited (July 2005) - £200,000 Kingsley Cards designs, produces
and distributes greeting cards. Aberdeen Growth Opportunities VCT, Aberdeen
Growth VCT, Murray VCT 4 and West Yorkshire Pension Fund also invested to
provide development capital to the business.



Portfolio Developments



In the Company's Prospectus it was anticipated that the portfolio of investments
would consist of approximately 50% in private equity investments in relatively
mature companies, 25% in earlier stage companies and 25% in AiM quoted
investments. These proportions will vary from time to time and, at present,
there are a larger number of AiM transactions becoming available to the Company
and therefore there have been a higher proportion of investments in this
category. The AiM portfolio will be actively traded and during the reporting
period one AiM investment was realised resulting in a gain of £29,000 (29%) over
cost. At the period end, the remaining AiM portfolio had achieved an uplift over
cost of £45,000 (4%). The private equity investments portfolio was valued at
cost at the period end and all of the companies were trading in line with
expectations. These investments by their nature are less liquid and it will be
some time before these companies have developed to the point where exits will be
sought.



Market conditions



Interest rate increases imposed to control inflation, in particular in the
housing market, have contributed to a significant downturn in retail sales which
is affecting GDP growth. Interest rates were reduced by a quarter point in
August reversing the previous trend. However, the rate of inflation announced
within days of that decision showed an unexpected increase and this has again
introduced uncertainty to the market over the direction and timing of the next
change. Oil prices have been at relatively high levels for some time as the
impact of supply and demand imbalances has been felt in increased prices.
Inflation forecasts for the medium term show no significant movement away from
the Government's target. Manufacturing output is continuing to decline although
the construction sector remains strong.



Net Asset Value



The Net Asset Value per share at 30 June 2005 was 95.8p compared with 95p
immediately after launch. The increase reflects the uplift achieved in the AiM
portfolio.



The unlisted companies in which Aberdeen Growth Opportunities VCT 2 is invested
are valued in accordance with the British Venture Capital Association
guidelines. Investments are normally valued at cost until they have been held
for at least one year; thereafter investments are valued by reference to their
underlying performance.



International Accounting Standards apply to accounting years starting on 1
January 2005 or thereafter and these new regulations require that listed
holdings, including AIM stocks, are valued at their bid price where previously
they would have been valued at their closing mid-market price in line with
industry practice. Where trading restrictions apply, an appropriate level of
discount will be applied.



Co-investment



Aberdeen Growth Opportunities VCT 2 has co-invested with other funds managed by
the Aberdeen Asset Management Group in a number of investments and is expected
to continue to do so. The advantage of this arrangement is that, together, the
funds are able to underwrite a wider range and size of transaction than would be
the case on a stand-alone basis.



Dividends



The Board does not intend to declare an interim dividend for the period ended 30
June 2005.

Dividends will be paid tax-free to shareholders but the timing of capital
dividends, which will depend on the achievement of realisations, cannot be
reliably predicted.





Outlook



Deal flow is strong with a growing number of investment opportunities under
consideration throughout Aberdeen Murray Johnstone Private Equity's regional
network of seven offices, ensuring a continual flow of opportunities in which
the company can invest. The primary focus is to ensure that the Company builds a
properly diversified portfolio of good quality assets which will deliver
sustained long term performance. The Manager is confident that Aberdeen Growth
Opportunities VCT 2 will achieve the minimum investment target of 70% to comply
with the Venture Capital Trust legislation within the three year qualifying
period which ends on 31 December 2007.



 ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
 Statement of Total Return (incorporating the Revenue Account of the Company*)
 For the 44 weeks ended 30 June 2005 (unaudited)

                                                                           44 weeks ended
                                                                            30 June 2005


                                                                  Revenue           Capital           Total
                                                                    £'000             £'000           £'000

Gains on investments                                                    -                98              98

Income from investments                                                44                 -              44
Other income                                                           32                 -              32
Investment management fees                                            (3)              (13)            (16)
Other expenses                                                      (103)                             (103)
                                                                                          -

Net return/(loss) on ordinary activities before                      (30)                85              55
taxation

Tax on ordinary activities                                              -                -                -

Return/(loss) attributable to equity Shareholders                    (30)                85              55


Return per Ordinary share (pence)                                  (1.27)              3.59            2.32

* The revenue column of this statement is the profit
and loss account of the Company.





ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
 Balance Sheet
 As at 30 June 2005
                                                                          30 June 2005
                                                                           (unaudited)
                                      Notes                                      £'000
 Fixed assets
 Investments                                                                     6,833

 Current assets
 Debtors                                                                           115
 Cash and overnight deposits                                                       668

                                                                                   783

Creditors
Amounts falling due within one
year                                                                               209

 Net current assets                                                                574

                                                                                 7,407

 Capital and reserves
 Called up share capital                                                           773
 Share premium                          2                                        6,579
 Capital reserves                       2                                           85
 Revenue reserve                        2                                         (30)
 Equity Shareholders' interest
                                                                                 7,407

Net Asset Value per Ordinary share
(pence)                                                                          95.8p









ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
Cash Flow Statement
For the forty four weeks ended 30 June 2005

                                                                     Forty four weeks
                                                                      to 30 June 2005
                                                                           (unaudited)
                                                                                £'000
 Operating activities
 Investment income received                                                        14
 Deposit interest received                                                         30
 Investment management fees paid                                                  (5)
 Secretarial fees paid                                                            (7)
 Cash paid to and on behalf of Directors                                         (22)
 Other cash payments                                                             (26)
 Net cash inflow from operating activities                                       (16)

Taxation
Corporation tax                                                                     -

 Financial investment
 Purchase of investments                                                      (7,854)
 Sale of investments                                                            1,049

 Net cash outflow from financial investment                                   (6,805)

 Equity dividends paid                                                              -

Net cash (outflow)/inflow before financing                                    (6,821)

 Financing
 Issue of Ordinary shares                                                       7,731
 Expenses of share issue                                                        (242)
Net cash inflow from financing                                                  7,489

Increase in cash                                                                  668





Notes to the Financial Statements

1.Accounting policies


Basis of preparation The accounts have been prepared in accordance with
applicable accounting standards and with the Statement of Recommended Practice
'Financial Statements of Investment Trust Companies'. The accounts are prepared
under the historical cost convention, modified to include the revaluation of
fixed asset investments


The company had the option to prepare its financial statements in accordance
with the International Financial Reporting Standards ('IFRS'), as adopted by the
International Accounting Standards Board ('IASB').  The Board has elected to
adopt UK Generally Accepted Accounting Principles ('UK GAAP') and therefore to
use the new Financial Reporting Standards issued as part of the programme to
converge UK GAAP with IFRS.


Income

Dividends receivable on equity shares are treated as revenue for the period on
an ex-dividend basis.  Where no ex-dividend date is available dividends
receivable on or before the period end are treated as revenue for the period. 
Provision is made for any dividends not expected to be received.


The fixed returns on debt securities and non-equity shares are recognized on a
time apportionment basis so as to reflect the effective yield on the debt
securities and shares.  Provision is made for any fixed income not expected to
be received.  Interest receivable from cash and short term deposits and interest
payable are accrued to the end of the period.


Expenses

All expenses are accounted for on an accruals basis.  Expenses are charged
through the revenue account except as follows:

-          expenses which are incidental to the acquisition of an investment are 
           included within the cost of the investment

-          expenses which are incidental to the disposal of an investment are 
           deducted from the disposal proceeds of the investment

-          expenses are charged to capital reserves where a connection with the 
           maintenance or enhancement of the value of the investments can be 
           demonstrated.  In this respect the investment management fee has been 
           allocated 20% to revenue and 80% to capital reserves to reflect the 
           company's investment policy and prospective income and capital
           growth.



Taxation

Deferred taxation is provided for by the liability method on timing differences,
except where there is a reasonable probability that such liability will not
arise in the foreseeable future.  The provision is calculated at the rate at
which it is estimated that the tax will be payable.  The tax effect of different
items of income/gain and expenditure/loss is allocated between capital reserves
and revenue account on the same basis as the particular item to which it relates
using the company's effective rate of tax for the period.


Investments

Investments are measured initially at cost and are recognized at trade date. 
For financial assets acquired, the cost is the fair value of the consideration,
with changes in fair value going to the profit and loss account. Subsequent to
initial recognition investments are valued at fair value. For listed investments
this is assumed to be bid market prices.  Unlisted investments are valued by
Directors at fair value, in line with the guidelines of the British Venture
capital Association.









                                                                                                                        
                                               Share      Capital
                                             premium      reserve   Revenue
                                             account     realised   reserve
                                               £'000        £'000     £'000

2. Movement in reserves

At 26 August 2004                                  -            -         -
Issue of shares                                6,958            -         -
Expense of share issue                          (379)           -         -
Increase in unrealized appreciation                -           67         -
Investment management fees                         -          (13)        -
Net gains on realization of investments            -           31         -
Retained net revenue for period                    -            -         -
As at 30 June 2005                             4,685         (398)       49
                                                                                                                        
The financial information contained in this report has been prepared on the
basis of the accounting policies set out in the Annual Report. The results for
the year ended 31 August 2001 are abridged from the full accounts for that year,
which received an unqualified report from the auditors and have been filed with
the Registrar of Companies.


3. Earnings per share

Earnings per Ordinary share have been calculated using the weighted average
number of shares in issue during the period of 2,364,820.  Between 26 August
2004 and 15 February 2005 only 2 ordinary shares were in issue and therefore the
weighted average number of shares and the returns per share are not directly
comparable to the change in net asset value per ordinary share in the period.
Net Asset Values per Ordinary share have been calculated using the number of
shares in issue at 31 May 2005 of 10,188,708.


A summary of investment changes for the period under review and an investment
portfolio summary as at 30 June 2005 are attached.

A full copy of the Interim Report and Financial Statements will be printed and
issued to shareholders.

Copies of this announcement will be available to the public at the office of
Aberdeen Asset Management PLC, 123 St Vincent Street, Glasgow and at the
registered office of the Company, One Bow Churchyard, Cheapside, London.



By Order of the Board



ABERDEEN ASSET MANAGEMENT PLC, SECRETARY





31 August 2005





ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
SUMMARY OF INVESTMENT CHANGES
For the 44 weeks ended 30 June 2005




                                    Net proceeds       Net investment/    Appreciation/       Valuation
                                 of share issue *      (disinvestment)   (depreciation)     30 June 2005
                                     £'000        %             £'000            £'000     £'000         %
Unlisted investments
Equities                                 -        -               156                -       156       2.1
Loan stocks                              -        -               344                -       344       4.6
                                         -        -               500                -       500       6.7
AIM investments
Equities                                 -        -             1,011               76     1,087      14.7

Listed investments
Fixed income                             -        -             4,218                7     4,225      57.0
Unit trusts                              -        -             1,006               15     1,021      13.8
Total investments                        -        -             6,735               98     6,833      92.2

Other net assets                     7,352    100.0           (6,779)                -       573       7.8

Total assets                         7,352    100.0              (44)               98     7,406     100.0


     * After issue expenses of £378,581 which were equivalent to 5% of monies raised.





ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
PORTFOLIO SUMMARY
As at 30 June 2005


                                                                                Bookcost   Valuation
                                                                                30/06/05    30/06/05          % of
Investment                          Nature of business                             £'000       £'000  total assets

Unlisted
Original Shoe Company               Branded clothing and footwear retailer           250         250           3.3
Software Radio Technology (UK)      Digital wireless communication                   125         125           1.7
                                    development business
Travel Class                        Provider of activity based educational           125         125           1.7
                                    holidays for children
                                                                                     500         500           6.7
AIM
Axeon                               Developer of semi conductor intellectual         150         180           2.5
                                    property rights
Leisure & Gaming                    Online gaming                                    150         165           2.2
System C Healthcare                 Provider of information services and IT          150         151           2.0
                                    systems to the healthcare sector
Talarius                            Adult gaming centres                             150         147           2.0
United Clearing                     Provider of software based solutions to           98         119           1.6
                                    mobile communications operators
Spectrum Interactive                Provider of payphones and internet               117         112           1.5
                                    access throughout the UK
Elevation Events Group              Integrated events management and                 100         108           1.5
                                    corporate hospitality
Gladstone                           Developer of specialist membership               125         105           1.4
                                    software for the leisure industry
                                                                                   1,040       1,087          14.7
Listed fixed income
KFW 6.375% 7/12/05                                                                   905         906          12.2
GE FRN 5.019% 4/5/07                                                                 901         901          12.2
Cades 5.25% 7/12/06                                                                  705         708           9.6
EIB 6.125% 7/12/05                                                                   704         704           9.5
Barclays FRN 5.19% 12/3/12                                                           601         600           8.0
BNG 4.625% 7/12/06                                                                   404         406           5.5
                                                                                   4,220       4,225          57.0
Listed unit trusts
Aberdeen International Fixed                                                       1,006       1,021          13.8
Interest
                                                                                   1,006       1,021          13.8

TOTAL                                                                              6,766       6,833          92.2




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