Final Results

Oxford Technology 2 VCT PLC
9 May 2002

Preliminary Announcement for Oxford Technology 2 Venture Capital Trust plc for
the period ended 28 February 2002

Chairman's Statement

Oxford Technology 2 VCT is now fully invested in the sense that it will make no
further investments in new companies, but it retains some capital with which to
support existing investees. Net assets per share were £1.42 at 28 February 2002,
compared to £0.99 as at 28 February 2001, and £1.48 at 31 August 2001. These
investments are described in the periodic newsletters.

Interest on government stocks and bank deposits produced gross revenue of
£123,000 in the year. Net revenue return after taxation and management expenses
was a deficit of £54,000 and revenue return per share for the period was a loss
of 0.90p. Capital return was 43.95p per share.

John Jackson

Chairman

8 May 2002


Statement Of Total Return (Incorporating the Revenue Account)*

For The Period Ended 28 February 2001
                                                                       2002 Audited                              2001
                                                                                                              Audited
                                                   Revenue     Capital   Total £000    Revenue     Capital Total £000
                                                      £000        £000                    £000        £000

Gains on investments                                     -       2,637        2,637          -         117        117
Income                                                 123           -          123        260           -        260
Investment management fee                            (120)           -        (120)      (110)           -      (110)
Other expenses                                        (59)           -         (59)       (58)           -       (58)
                                                     _____       _____        _____      _____       _____      _____
Net return on ordinary activities before              (56)       2,637        2,581         92         117        209
taxation
Tax on ordinary activities                               2           -            2       (22)           -       (22)
                                                     _____       _____        _____      _____       _____      _____
Return attributable to equity shareholders            (54)       2,637        2,583         70         117        187
Dividends in respect of equity shares                    -           -            -       (60)           -       (60)
                                                     _____       _____        _____      _____       _____      _____
Transfers to reserves                                 (54)       2,637        2,583         10         117        127
                                                      ====        ====         ====       ====        ====       ====
Return per ordinary share                          (0.90p)      43.95p       43.05p      1.17p       1.97p      3.14p
                                                      ====        ====         ====       ====        ====       ====

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

All revenue and capital items in the above statement derive from continuing
operations. There were no recognised gains or losses for the period other than
those shown above.



Balance Sheet At 28 February 2002
                                             28 February 2002       28 February 2001
                                                      Audited                Audited
                                              £000       £000        £000       £000

Fixed assets
Investments                                             7,630                  4,329

Current assets
Debtors                                          5                     95
Cash at bank                                   907                  1,616
                                             _____                  _____
                                               912                  1,711
Creditors: amounts falling due within         (11)                   (92)
one year
                                             _____                  _____
Net current assets                                        901                  1,619
                                                        _____                  _____
Net assets                                              8,531                  5,948
                                                        =====                  =====

Capital and reserves
Called up share capital                                   600                    600
Share premium account                                   5,221                  5,221
Capital reserve - realised                                  8                      -
Capital reserve - unrealised                            2,746                    117
Revenue reserve                                          (44)                     10
                                                        _____                  _____
Shareholders' funds                                     8,531                  5,948
                                                        =====                  =====
Net asset value per share                                142p                    99p
                                                        =====                  =====



Cash Flow Statement For The Period Ended 28 February 2002

                                         2002       2001
                                      Audited    Audited
                                         £000       £000

Net cash inflow from operating             35        234
activities
Taxation paid                            (20)          -
Capital expenditure and financial
investment
Purchase of investments               (2,679)    (6,918)
Redemption / disposal of                2,015      2,479
government stocks
                                        _____      _____
Net cash outflow for capital            (664)    (4,439)
expenditure and financial
investment
Dividends paid                           (60)          -
                                        _____      _____
Net cash outflow before financing       (709)    (4,205)
Financing
Issue of shares                             -      6,000
Expenses paid in connection with            -      (179)
share issue
                                        _____      _____
Net cash inflow from financing              -      5,821
                                        _____      _____
Increase / (decrease) in cash           (709)      1,616
                                        =====      =====



Notes:

1. Basis of preparation.

The preliminary announcement has been prepared in accordance with applicable
accounting standards up to and including FRS 19 and with the Statement of
Recommended Practice 'Financial statements of investment trust companies' and
under the historical cost convention, modified to include the revaluation of
investments. The principal accounting policies have remained unchanged from
those set out in the company's 2001 financial statements.

2. Return per Ordinary Share

The calculation of revenue return per share is based on the net deficit for the
financial period of £54,000 (2001: profit of £70,000) divided by the weighted
average number of ordinary shares of 6,000,000 (2001: 5,954,117) in issue during
the period.

The calculation of capital return per share is based on the net capital return
for the financial period of £2,637,000 (2001: £117,000) divided by the weighted
average number of ordinary shares of 6,000,000 (2001: 5,954,117) in issue during
the period.

3. General

The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The balance sheet at 28 February 2002 and the statement of total return,
cash flow statement and associated notes for the period then ended have been
extracted from the company's 2002 statutory financial statements on which the
auditors' opinion is unqualified and does not include any statement under
section 237 of the Companies Act 1985.


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