TIDMDA2O 
 
Downing Absolute Income VCT 2 plc 
Interim Management Statement 
for the period ended 30 June 2010 
 
In  accordance with Rule 4.3 of the Disclosure  and Transparency Rules of the UK 
Listing  Authority,  Downing  Absolute  Income  VCT  2 plc  presents  an Interim 
Management Statement covering the period from commencement to 30 June 2010.  The 
statement  also includes relevant  financial information between  the end of the 
period and the date of this statement. 
 
Performance 
                                                              30 Jun   Initial 
                                                                2010       NAV 
 
                                                               Pence     Pence 
 
 Unaudited Net Asset Value per Ordinary Share                   94.1      94.4 
 
 Unaudited Net Asset Value per 'A' Share                         0.1       0.1 
 
 Unaudited Net asset value per Ordinary Share and 'A' Share     94.2      94.5 
 
 
 
Investment portfolio summary at 30 June 2010 
                                                             Valuation 
                                                              movement 
                                                                 since 
                                          Cost   Valuation    purchase 
 
                                          GBP'000        GBP'000        GBP'000 
 
 
 
 Fenkle Street LLP                       1,500       1,500           - 
 
 Tramps Nightclub Limited                1,422       1,422           - 
 
 Bowman Care Homes Limited               1,200       1,200           - 
 
 Antelope Pub Company Limited            1,087       1,087           - 
 
 Lullingstone Limited                    1,023       1,023           - 
 
 Woolmer Properties Limited                860         860           - 
 
 Edison House Limited                      290         290 
 
 Rettalack Surfpods Limited                266         266 
 
 Chapel Street Services Limited            250         250           - 
 
 Chapel Street Food & Beverage Limited     250         250           - 
 
 Looe Road Student Accomodation            164         164           - 
 
 Ridgeway Pub Company Limited              154         154           - 
 
 Chapel Street Hotel Limited                10          10           - 
 
 Total                                   8,476       8,476           - 
 
 
All portfolio items were additions during the period. 
 
The following investments have been made since 1 July 2010. 
 
                                   GBP'000 
 
 New investments 
 
 Rostima Limited                    112 
 
 Follow-on investments 
 
 Edison House Limited               567 
 
 Looe Road Student Accomodation      88 
 
 Lullingstone Limited                32 
 
 Rettalack Surfpods Limited         143 
 
 Woolmer Properties Limited          61 
 
                                  1,003 
 
 
Investment disposals 
There  were no  investment disposals  from the  date of  commencement to 30 June 
2010 or since the period end. 
 
Changes to share capital 
 
                        Ordinary Shares         'A' Shares 
                          of 0.1p each         of 0.1p each 
 
                           Shares    GBP'000       Shares    GBP'000 
 
 As at incorporation            2       -            -       - 
 
 Shares issued         20,000,000      20   30,000,000      30 
 
 As at 30 June 2010    20,000,002      20   30,000,000      30 
 
 
No shares have been issued or bought back for cancellation since the period end. 
 
Cancellation of share premium account 
On 14 July 2010, the Company received Court approval to cancel its share premium 
account and create a new distributable special reserve. 
 
Material events 
Other than described above, there were no material events during the period from 
incorporation to 30 June 2010 or in the period from 1 July 2010 to the date of 
this announcement. 
 
 
 
[HUG#1438614] 
 
 
 
 
 
 
 
 
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. 
All reproduction for further distribution is prohibited. 
 
Source: Downing Absolute Income VCT 2 Plc via Thomson Reuters ONE
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