1st Quarter Results

2 June 2026

                                    Oxford Technology 2 VCT Plc (the "Company")

Legal Entity Identifier: 2138002COY2EXJDHWB30    

 1st Quarter Results 

Oxford Technology 2 VCT Plc presents its quarterly update for the 3-month period ending 31 May 2026. The Directors have reviewed the valuation of its entire portfolio as at that date. The unaudited net asset value (NAV) per share for each Class (and other associated data) as at 31 May 2026 is shown in the table below:

	Unaudited NAV p per share 31/05/26	Audited NAV p per share 28/02/26	Change in NAV %	Cumulative Dividends p per share to 31/05/26	Total NAV Return p per share	Shares in Issue
Share Class
OT1	51.0	41.1	24.1%	55.0	106.0	5,431,655
OT2	19.4	17.6	10.1%	22.5	41.9	5,331,889
OT3	24.0	18.9	27.1%	42.0	66.0	6,254,596
OT4	19.6	20.4	-3.9%	48.0	67.6	10,826,748

The drivers of these changes are movements in valuations of the two principal AIM quoted investments – Scancell Holdings Plc (“Scancell) and Arecor Therapeutics Plc (“Arecor”), and a quarter’s running costs.

Scancell’s share price increased from 13.3p per share at 28 February 2026 to 23.5 at 31 May 2026, having spiked very briefly at about 28p on 19 May 2026. This has had a very beneficial impact on the OT1 and OT3 Share Classes who are the main holders of Scancell shares.

The Board took the opportunity to sell a small proportion of the Scancell holding during the quarter, primarily for liquidity purposes. In addition to the 200k shares from the OT3 Share Class sold post period end that were reported in the 2026 Annual Report, a further 200k shares were sold from the OT3 Share Class, 200k shares were sold from the OT1 Share Class and 300k shares were sold from the OT2 Share Class. These sales took place at multiples of between 1.7 and 4.4 times original cost. These sales were just over 8% of the Company’s overall shareholding as at 28 February 2026.  The Company still holds nearly 10m Scancell shares (OT1: 5.3m, OT2: 0.9m and OT3: 3.6m). The 2026 Annual Report stated that for every 1.0p change in Scancell’s bid price, the OT1 Share Class NAV moves by about 1.0p per OT1 share, the OT2 Share Class NAV moves by about 0.2p per OT2 share, and the OT3 Share Class NAV moves by about 0.6p per OT3 share. Following these sales, these numbers are now 0.98p, 0.18p and 0.57p respectively.

The Board has been transparent that it is keen to retain the majority of its Scancell holdings until further value inflection points are reached, which will hopefully have a positive effect on the Scancell share price. But as has also been clearly reported, the Company needs liquidity and these sales have satisfied this requirement at the current time. It should be remembered that the OT2 shares in Scancell were originally acquired specifically to help future cash flow, rather than as a long term investment in their own right, and to date, it is pleasing to note that we have so far got more than half the original cash back, whilst still retaining nearly 75% of the original holding. The higher level of shares that were sold by the OT3 Share Class was to contribute to running costs, and it was also decided to sell 3.6% of the OT1 Share Class holding for a small amount of top slicing/profit taking.

There was no material new news in the quarter from Arecor (their financial results for the previous 12 months were in line with expectations). Management still expect to start the crucial Phase 2 Trial using the Sequel’s novel twiist™ automated insulin delivery system during the second half this calendar year, and the market awaits details of the commercial arrangements with Sequel and how the trial will be funded. The work on an oral GLP1 formulation continues. The Arecor share price slipped from 70p at 28 February 2026 to 62p at 31 May 2026 – and this was the primary driver for the reduced OT4 Share Class NAV per share.

The unquoted investments have been kept at their 28 February 2026 valuations. The Immunobiology Limited trial is continuing in Malawi as planned and no adverse safety issues have arisen to date; trading at both Select Technology and Diamond Hard Surfaces Limited continue in line with expectations.

No dividends were paid during the period under review. Apart from the Scancell sales referred to above, no other shares were bought or sold in any the portfolio companies in any of the four Share Classes.

The Directors are not aware of any other events or transactions which have taken place between 31 May 2026 and the publication of this statement which have had a material effect on the financial position of the Company.

At 31 May 2026, the Company’s issued share capital by Share Class is shown in the table above. The Company holds no shares in treasury and the total voting rights in the Company are 27,844,888. This figure of 27,844,888 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries: Lucius Cary Oxford Technology Management 01865 784466

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, this information is now considered to be in the public domain.