ECL2 Eclipse Vct 2

    Interim Management Statement
             



Eclipse VCT 2 plc ("Eclipse 2" or "Fund")

11 November 2008

Interim Management Statement
For the period from 1 August 2008 to 31 October 2008

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure
and Transparency rules, Eclipse VCT 2 plc presents an Interim
Management Statement for the period 1 August 2008 to 31 October
2008.  The statement also includes relevant financial information
between the end of the period and the date of this statement.

Financial highlights

                                Three months
                                          to                  Year to
                                  31 October Six months to 31 January
                                        2008  31 July 2008       2008

Total net assets (�'000s)             15,189        17,426     20,928
Net asset value per share
("NAV")                               81.50p        92.20p    110.70p
Cumulative dividend paid since        13.25p        10.25p     10.25p
launch
Total return (NAV plus
dividends paid)                       94.75p       102.45p    120.95p
Net (loss)/profit after tax
(�'000s)                             (4,076)       (2,631)      (248)
Share price                            80.0p         90.0p     105.0p


Investment performance
The overall environment for small companies, both AIM listed and
unquoted, remains challenging.  A few of our portfolio companies,
notably in the consumer arena, have already felt some impact from the
credit crunch and economic slowdown.  Others, which have not yet seen
an impact, remain cautious about future prospects, given the level of
uncertainty about the direction of the economy. Small companies are
generally more fragile during harsh economic conditions, but our
focus will remain on supporting those companies that have robust
business models and strong management teams, who can manage through
the present climate and capitalise on opportunities that might
arise. These businesses will create attractive investment returns in
the longer term.

Since the half-year period end the total return has dropped 7.7p
(from 102.45p to 94.75p), 4.5p of which is attributable to the fall
in value of AIM listed stocks and 2.1p to the unquoted portfolio. The
biggest downward movers were The Grill Group Limited (�395,000),
Plastics Capital (�266,800), Hexagon Human Capital (�122,200) and
Cantono (�84,000).  Sentiment on the international stock markets, and
the AIM market in particular, remains volatile and small trades in
shares have had a disproportionate impact on the share prices for
most stocks.  It is unlikely that a material recovery in the AIM
stock valuations will occur until the level of uncertainty decreases,
investors' confidence improves, and pricing multiples move to reflect
trading performance.

There have been no changes to the valuations on the unquoted
portfolio since the half-year period end, other than The Grill Group
above, although we remain cautious in the short term.

Investment Activity
No new transactions have been completed since the period end.  A
small follow on investment has been made in First Sports Limited.  As
the Fund is near fully invested it is not envisaged that many new
investments will be completed in the foreseeable future, although the
manager continues to look out for opportunities that present
exceptional value in the current market.  We will also continue to
support our portfolio where appropriate.

The total value of the investment portfolio at 31 October 2008 was
�17.6 million, with approximately �12.8 million by value invested in
AIM-quoted and unquoted companies, with the remainder in cash and
money market securities.

Ten largest qualifying holdings

Company           Investment class    Carrying    Percentage of total
                                   value �'000         investments*
Luther Pendragon
Limited                   Unquoted       1,234                   8.1%
The History Press
Limited                   Unquoted       1,070                   7.0%
Lilestone
Holdings Limited          Unquoted         811                   5.3%
Perfect Pizza
Limited                   Unquoted         800                   5.2%
CSL DualCom
Limited                   Unquoted         713                   4.7%
Sweet Cred
Holdings Limited          Unquoted         687                   4.5%
Promotion Space
Limited                   Unquoted         655                   4.3%
Audio Visual
Machines Limited          Unquoted         592                   3.9%
The Kendal Group
Limited                   Unquoted         576                   3.8%
First Sports
Group Limited             Unquoted         550                   3.6%

* including cash and money market securities

Dividends
An interim dividend of 3p per share was paid to shareholders on 31
October 2008.

Investment objective
Eclipse 2 invests in a diversified portfolio of unquoted and
AIM-quoted UK companies with the strategy focussing on the delivery
of absolute returns and a regular tax-free dividend stream for
investors where possible.

Material events and transactions
In addition to the investment activities and dividend stated above,
the Fund bought back 319,780 ordinary shares of 10 pence each at a
weighted average price of 79.8 pence per share.

The Fund's Board is not aware of any other significant event or
transaction which has occurred between the 1 November 2008 and the
date of publication of this statement which would have a material
impact on the financial position on the Fund, and has not been
detailed above.



For further information please contact:
Octopus Investments Limited - 020 7710 2800

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