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Kings Arms Yard VCT 2 PLC (KAY2)

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Monday 16 May, 2011

Kings Arms Yard VCT 2 PLC

Interim Management Statement

             Kings Arms Yard VCT 2 PLC Interim Management Statement

I am pleased to present Kings Arms Yard VCT 2 PLC's interim management statement
for  the period  from 1 January  to 16 May  2011 as required  by the  UK Listing
Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The  Company's unaudited net asset value (NAV), based on management accounts, as
at  31 March 2011 was £18.22 million (31 December 2010: £18.26 million) or 23.6
pence per share (31 December 2010: 23.6 pence per share).

The  current NAVs and  comparative figures are  calculated before accounting for
the  first dividend for the year to 31 December 2011 of 1 penny per share (total
cost:  £773,000)  which  will  be  paid  on  24 June 2011 to shareholders on the
register  as at  27 May 2011, subject  to agreement  by the  shareholders at the
Annual General Meeting on 16 May 2011.

The  Company's  net  asset  value  has  not changed materially since 31 December

The  following investments have been made during the period from 1 January 2011
to 16 May 2011:

|Name                               |£000's|                                   |
|                                   |      |                                   |
|Oxford Immunotec Limited (further  | 208  |International provider of T cell   |
|investment)                        |      |measurement solutions              |
|Vivacta Limited (further           | 116  |Medical diagnostics company        |
|investment)                        |      |                                   |
|Perpetuum Limited (further         | 103  |Provider of vibration energy       |
|investment)                        |      |harvesting                         |
|Celoxica Holdings Limited (further |  36  |Market data processing solutions   |
|investment)                        |      |                                   |
|Celona Technologies Limited        |  20  |Leading provider of real-time      |
|(further investment)               |      |Application Data Migration software|

During  the  period  from  1 January  2011 to  16 May 2011, the following quoted
shares have been sold:

|Name                    | Cost - £000's| Carrying value at  |Proceeds - £000's|
|                        |              | 31 December 2010 - |                 |
|                        |              |       £000's       |                 |
|MediGene AG             |     797      |        252         |       268       |
|Allergy Therapeutics PLC|     419      |         76         |       145       |

Top ten holdings as at 31 March 2011:

|          Investment          | Carrying value |
|                              |     £000's     |
| UniServity Limited           |     2,371      |
| Oxford Immunotec Limited     |     1,301      |
| Workshare Limited            |     1,233      |
| Level Four Software Limited  |     1,229      |
| Elateral Holdings Limited    |     1,214      |
| Xention Limited              |      607       |
| Haemostatix Limited          |      538       |
| Antenova Limited             |      496       |
| Imagesound plc               |      476       |
| Xtera Communications Limited |      396       |

Material Events and Transactions
As  mentioned above,  a dividend  of 1 penny  per share  will be paid on 24 June
2011 to  shareholders on the register as at 27 May 2011, subject to agreement by
the shareholders at the Annual General Meeting on 16 May 2011.

The  Company  has  re-introduced  a  Dividend  Reinvestment  Scheme  to existing
shareholders.   Details of this  Scheme can be  found in the  circular dated 18
April 2011 at Funds/ Kings_Arms_Yard_2.html.

There  have been no further significant events or transactions that the Board is
aware  of which would  have a material  impact on the  financial position of the
Company between 1 January 2011 and 16 May 2011.

Further  information regarding  historic and  current financial  performance and
other  useful shareholder information  can be found  on the Fund's website under Funds/Kings_Arms_Yard_2.html

Robert Wright, Chairman
16 May 2011

For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: 020 7601 1850

This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
Source: Kings Arms Yard VCT 2 PLC via Thomson Reuters ONE



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