Half Yearly Report

Ventus 2 VCT plc

Half-yearly Financial Report

for the six month period ended 31 August 2015

Registered No: 05667210

Chairman's Statement

I am pleased to present the financial report of Ventus 2 VCT plc (the "Company") for the six month period ended 31 August 2015.

The Investment Manager, Temporis Capital LLP, has continued its successful management of the portfolio with a focus on delivering predictable dividends to shareholders.

During the period, construction was completed of the wind farm owned by Benard Matthews Green Energy Halesworth Limited, a company in which all three share funds of the Company hold an equity investment. The wind farm operates five Senvion MM82 turbines and has a generating capacity of 10.25 megawatts.

The hydroelectric schemes on the Glenfalloch Estate owned by Darroch Power Limited and Upper Falloch Power Limited are in the late stages of construction. It is expected they will be operational by the end of the year. All three share funds hold equity investments in these companies and have provided mezzanine loans.

Investment policy

To achieve its objectives, the Company's strategy has been to focus on investing in companies developing or operating renewable energy projects with installed capacities of 2 to 20 megawatts. The opportunity for VCTs to make further investments in renewable energy projects is limited given new investments in companies benefiting from Renewable Obligation Certificates or Feed-in Tariffs will be excluded from the VCT scheme. The Company is focused on optimising the value of the investments it holds.

In accordance with the strategic objectives set by the Board, the Investment Manager has continued to focus the Company's activities on wind and hydroelectric investments generating stable long-term income with the objective of providing predictable dividends to shareholders. In order to improve stability of cash returns from investee companies and enhance the predictability of dividends to shareholders of the Company, more recent investments are, on average, structured with lighter leverage than earlier investments. Further information can be found in the Investment Manager's Report below.

The Investment Manager's Report provides a detailed analysis of the portfolio held by each of the ordinary, "C" and "D" share funds including a schedule which sets out the stage of investment and the renewable energy technology type of the assets held by each investee company.

Dividend policy

As disclosed in the annual report and financial statements for the year ended 28 February 2015, the Directors anticipate a realistic target range in the medium term beyond 28 February 2015 of 4p to 6p per ordinary share per annum and 6p to 8p per "C" share per annum. The Company intends to pay a minimum of 5p per "D" share per annum starting in the year ending 29 February 2016 with a target dividend 6p to 8p per "D" share from the year ending 28 February 2019 onwards. It should be stressed that these are intentions only, and no forecasts are intended or should be inferred.

The charts below show historical annual dividends for ordinary and "C" shares, as well as target dividends for the next five years.

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Dividend targets are intentions only. Valuation models are based on assumptions that are subject to change. No forecasts are intended or inferred.

The interim dividends for the current financial year are set out in the section below.

Net Asset Value, Results and Dividend - Ordinary Shares

At 31 August 2015, the net asset value ("NAV") of the ordinary share fund of the Company attributable to equity shareholders stood at £19,302,000 or 79.1p per ordinary share.

The revenue profit attributable to ordinary shareholders for the six month period ended 31 August 2015 was £583,000 or 2.40p per ordinary share. The capital gain attributable to ordinary shareholders for the period was £751,000 or 3.07p per ordinary share, resulting in a net gain to ordinary shareholders for the period of £1,334,000 or 5.47p per ordinary share.

The value of investments held by the Company's ordinary share fund at 31 August 2015 was £17,763,000 compared to £16,975,000 at 28 February 2015. The Investment Manager's Report gives details of investments made and proceeds received during the period together with information about the valuation of all investee company holdings within the portfolio.

The Company has declared an interim dividend of 2.50p per ordinary share which will be paid on 13 January 2016 to all ordinary shareholders on the register as at the close of business on 11 December 2015.

Net Asset Value, Results and Dividend - "C" Shares

At the period end, the NAV per "C" share of the Company stood at £13,639,000 or 120.9p per "C" share.

The revenue profit attributable to "C" shareholders for the period was £361,000 or 3.20p per "C" share. The capital loss attributable to "C" shareholders for the period was £235,000 or 2.09p per "C" share, resulting in a net profit attributable to "C" shareholders for the six month period ended 31 August 2015 of £126,000 or 1.11p per "C" share.

The value of investments held at 31 August 2015 by the "C" share fund was £13,020,000 compared to £12,875,000 at 28 February 2015.

The Company has declared an interim dividend of 3.50p per "C" share which will be paid on 13 January 2016 to all "C" shareholders on the register as at the close of business on11 December 2015.

Net Asset Value, Results and Dividend - "D" Shares

At the period end, the NAV per "D" share of the Company stood at £2,129,000 or 106.9p per "D" share.

The revenue profit attributable to "D" shareholders for the period was £66,000 or 3.34p per "D" share. The capital gain attributable to "D" shareholders for the period was £188,000 or 9.41p per "D" share, resulting in a net gain attributable to "D" shareholders for the six month period ended 31 August 2015 of £254,000 or 12.75p per "D" share.

The value of investments held at 31 August 2015 in the "D" share fund was £1,933,000 compared to £712,000 at 28 February 2015.

The Company has declared an interim dividend of 2.00p per "D" share which will be paid on13 January 2016 to all "D" shareholders on the register as at the close of business on 11 December 2015.

VCT Qualifying Status

The Company retains Robertson Hare LLP to review its compliance with VCT regulations. The Directors are satisfied that the Company has continued to fulfil the conditions for maintaining VCT status.

Key Performance Indicators

The Directors consider the following key performance indicators, which are typical for VCTs, to best measure the Company's performance and to provide shareholders with a summary of how the business' objectives are pursued:

1 The "per share" value is determined in respect of the weighted average number of shares in issue during the period, except in respect of the dividends paid in the period, which is determined on the basis of the number of shares eligible to receive dividends at the time the dividends were paid.

2 The on-going charges ratio represents the Company's total operating expenditure during the period (excluding investment costs) as a percentage of the average NAV of the Company during the six month period.

The total annual running costs cap is set out in Note 3 to the financial statements.

3 The "per share" value is determined in respect of the number of shares in issue at the period end, except in respect of the total shareholder return which includes dividends paid and is determined on the basis of the number of shares eligible to receive dividends at the time the dividends were paid.

4 The total shareholder return represents the NAV at period end plus the cumulative dividends paid since incorporation.

The performance of the Company is reviewed in the Investment Manager's Report, including the Company's compliance with HM Revenue & Customs ("HMRC") VCT regulations.

Alan Moore

Chairman

29 October 2015

Principal Risks and Uncertainties

Under the Financial Conduct Authority's Disclosure and Transparency Rules, the Directors are required to identify those material risks to which the Company is exposed and take appropriate steps to mitigate those risks. Other than the inherent risks associated with investment activities, which are discussed in the Investment Manager's Report, the risks described below are those which the Directors consider to be material. The Directors do not expect that the risks and uncertainties presented will change significantly over the current financial year.

· Failure to meet and maintain the investment requirements for compliance with HMRC VCT regulations may result in the Company losing its status as a VCT.

The Board mitigates this risk by regularly reviewing investment management activity and each new investment with appropriately qualified advisers and, typically, by obtaining pre-approval from HMRC for each qualifying investment.

· Inadequate control environment at service providers may lead to inaccurate reporting or misappropriation of assets

This risk is mitigated by only appointing service providers of a high standing under agreements that set out their responsibilities and by obtaining assurances from them that all exceptions have been reported to the Board. In addition, the Board has appointed an independent external party, Roffe Swayne, to report directly to the Board in respect of the Company's internal controls undertaken by the Investment Manager on behalf of the Company.

· Non-compliance with the Listing Rules of the Financial Conduct Authority, Companies Act Legislation and other applicable regulations may result in termination of the Company's Stock Exchange listing or other sanctions

This risk is mitigated by employing external advisers fully conversant with applicable statutory and regulatory requirements who report regularly to the Board on the Company's compliance.

· Reliance on the UK Government's continued support for the renewable energy sector and the risk of adverse changes in the application of government policies particularly in respect of the renewable energy sector and tax legislation.

The future level of Government-mandated support for renewables has important implications for the industry and could impact the value of investments the Company has made in companies which own and operate renewable projects. However, the Directors believe that any future reductions in renewable energy tariffs should not impact any existing investments in companies operating renewable energy assets, as the UK Government has a consistent history of grandfathering financial support mechanisms for existing projects and has a long term commitment to the renewable energy sector.

Going Concern

The Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing the accounts. The Company's major cash flows are within the Company's control (namely investments and dividends) or are reasonably predictable (namely the operating expenses). The Company is able to forecast cash inflows comprising proceeds from investments to a reasonable degree. Having reviewed a cash flow forecast for the next 18 months, the Board has a reasonable expectation that the Company is able to continue in operational existence for a period of at least 12 months from the date of this report.

Under changes to the UK Corporate Governance code, the Board is required to include a 'longer term' viability statement in the next annual report. This will detail the Board's reasonable expectation as to the Company's viability based on a robust assessment of its current position in respect to its principal risks. This will also state whether the Board has a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment, which is expected to be a period significantly longer than 12 months. This viability statement will be included in the annual report for the year ending 29 February 2016.

Responsibility Statement

The Directors acknowledge responsibility for the interim results and approve this half-yearly report. The Directors confirm that to the best of their knowledge:

(a) the condensed financial statements have been prepared in accordance with International Accounting Standard 34 ("IAS 34") Interim Financial Reporting and give a true and fair view of the assets, liabilities, financial position and the profit or loss of the Company as required by Disclosure and Transparency Rule ("DTR") 4.2.4R;

(b) the interim management report, included within the Chairman's Statement and Investment Manager's Report, includes a fair review of the information required by DTR 4.2.7R, being the important events of the first half of the year and the principal risks and uncertainties for the remaining six months of the year as set out above; and

(c) the condensed financial statements include a fair review of related party transactions and changes thereto, as required by DTR 4.2.8R.

The Responsibility Statement has been approved by the Board.

Paul Thomas

Director

29 October 2015

Investment Manager's Report

In line with the strategic objectives set by the Board, the Investment Manager has continued to focus the Company's activities on renewable energy investments generating stable long-term income with the objective of providing predictable dividends to shareholders.

The three share funds of the Company are now fully invested in companies that own wind, hydro and landfill gas projects. All development investments have either been developed out, sold or written off. During the period, the Company's investments in Blawearie Wind Limited, BEL Holdco Limited and BEL Acquisition Limited, which in the aggregate were immaterial, were written down to nil or nominal values.

Under the current VCT regulations, new investments in renewable energy companies that benefit from Renewable Obligation Certificates ("ROCs") or Feed-in Tariffs are excluded as qualifying investments for VCTs. As such, the Company is limited in its ability to make further investments in accordance with the Investment Policy and has no plans to make further investments. The VCT restrictions do not affect any of the Company's existing investments.

The ordinary share fund of the Company has investments in companies operating eight UK wind farms with an aggregate installed capacity of 69.35 megawatts. Five of these investee companies are also owned in part by the "C" share fund and one such company is also owned in part by the "D" share fund. The ordinary share fund also has investments in three companies with hydroelectric projects with combined capacity of 4.79 megawatts. Two of those companies (Darroch Power Limited and Upper Falloch Power Limited), whose projects are still under construction, are also owned in part by the "C" share and "D" share funds. Finally, the ordinary share fund has an investment in a company operating a landfill gas project with a capacity of 2.3 megawatts.

The "C" share fund has investments in companies operating seven UK wind farms with an aggregate installed capacity of 75.15 megawatts. Five of these seven companies are also owned in part by the ordinary share fund and one is also owned in part by the "D" share fund. The "C" share fund has also invested jointly with the ordinary and "D" shares in Darroch Power Limited and Upper Falloch Power Limited (2.8 megawatts combined).

The "D" share fund currently has one operational investment, Bernard Matthews Green Energy Halesworth Limited, which operates a 10.25 megawatt wind farm and which is also owed in part by the ordinary and "C" share funds. The "D" share fund has also invested jointly with the ordinary and "C" shares in Darroch Power Limited and Upper Falloch Power Limited (2.8 megawatts combined).

The following table shows key information about the renewable energy projects owned by the Company's investee companies:

* The revenues earned by Renewable Power Systems (Dargan Road) Limited consist primarily of generator availability payments and are not dependent on electricity output.

Performance of investee companies during the period was generally satisfactory. One of the three turbines at the Achairn wind farm was out of operation for most of the period because of a damaged blade, however revenues were fully protected under warranty claims. In the six months ended 31 August 2015, the Bernard Matthews Green Energy Halesworth wind farm became operational. The Derrydarroch and Upper Falloch hydro projects were under construction during the period and are scheduled to be completed in November 2015.

The investment manager is working actively to increase the value of the Company's portfolio through improvements in the operations of underlying assets and, when possible, the optimisation of the financial structure of investee companies.

Ordinary share portfolio

A summary of the ordinary share fund's unaudited investment valuations as at 31 August 2015 and gains and losses during the six month period ended 31 August 2015 is given below.

BEL Holdco Limited was written down to a nil value in the prior year. However, liquidation proceeds of £3,000 were received during the six month period ended 31 August 2015 which have been treated as a realised gain.

Ben Glas Power Limited was sold during the six month period ended for a consideration of £87,000. This has been recognised as a realised gain in the income statement.

"C" share portfolio

A summary of the "C" share fund's unaudited investment valuations as at 31 August 2015 and gains and losses during the six month period ended 31 August 2015 is given below.

"D" share portfolio

A summary of the "D" share fund's unaudited investment valuations as at 31 August 2015 and gains during the six month period ended 31 August 2015 is given below.

Q Investment complies with VCT regulations on qualifying holdings.

PQ Part of the investment complies with VCT regulations on qualifying holdings.

* A company in which Ventus VCT plc has also invested (or in which Ventus VCT plc had invested prior to the investment being realised).

** A company in which Temporis Capital Renewable Infrastructure EIS Fund and Ventus VCT plc have also invested

The Company, Ventus VCT plc and Temporis Capital Renewable Infrastructure EIS Fund are managed by

Temporis Capital LLP.

Valuation of Investments

It is the accounting policy of the Company to hold its investments at fair value. The Company's investments in investee companies which operate renewable energy assets are valued using a discounted cash flow methodology. The Company has changed its approach to the valuation methodology. Previously, the valuation analysis was performed using a discount factor applied to the leveraged cash flows of the investee companies. However, to determine the valuations as at 31 August 2015, the Company has applied a discount rate to the unleveraged cash flows to determine the enterprise value of the investee company and then has subtracted the market value of any senior debt (including any prepayment fees and swap break costs) to calculate the value of the equity and/or mezzanine debt in the investee company. In recent years an active market for the purchase of operational renewable energy assets has emerged; the revised valuation approach conforms with the methodology that has become prevalent in the market. It is, therefore, deemed a more appropriate method to value the Company's investments. The discount rates used to value the unleveraged cash flows of investee companies range from 7.5% to 10%, with discount rates applied to the cash flows of operating wind farms generally being in the range of 8.25% to 9%.

The key assumptions that have a significant impact on discounted cash flow valuations for these assets are the discount rate, the price at which the power and associated benefits can be sold, the amount of electricity the investee companies' generating assets are expected to produce and operating costs.

The fair value of the Company's investments in project companies which have not passed an initial satisfactory operational period are determined to be the price of investment subject to a periodic impairment review.

Sensitivity of Net Asset Value to Changes in Key Assumptions

The charts below illustrate the sensitivity of the NAV of the Company's share funds to changes of certain key input assumptions applied to the unleveraged cash flows in the valuation models.

The price at which the output from the generating assets is sold is a factor of both wholesale electricity prices and Government subsidies. The selling price is often fixed in the medium term under power purchase agreements. For periods outside the terms of these agreements the assumed future prices are estimated using external third party forecasts which take the form of specialist consultancy reports.

Specifically commissioned external consultant reports are used to estimate the expected generating output of the investee company's generating assets taking into account their type and location. The analysis set out below describes the sensitivity of each share fund's NAV to a higher (P75) or lower (P25) probability of exceedance of the forecast long term average output versus the base case (P50).

The discount factor and inflation rate applied to the cash flows are regularly reviewed by the Investment Committee of the Investment Manager to ensure they are set at the appropriate levels. The Investment Committee and the Board will also give consideration to the specific performance characteristics of the particular type of generating technology being used. The range of discount factors which form the base case in the sensitivity analysis is set out in the section above. The base case inflation rate used in the sensitivity analysis is 2.5%.

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Investment Policy

The Company has focused on investing in companies developing renewable energy projects with installed capacities of up to 20 megawatts. Investments are generally in companies which own and operate projects initiated by specialist small-scale developers and smaller projects which are not attractive to large development companies and utilities.

Asset Allocation

The Investment Manager seeks to allocate the Company's investments in equity securities and loan stock of companies owning renewable energy projects, primarily wind energy and hydroelectric. Up to 10% of net proceeds raised from share offers may be allocated to companies developing early stage renewable energy projects prior to planning permissions being obtained.

The Company together with Ventus VCT plc has an allocation agreement in place with the Investment Manager. The allocation agreement prescribes the allocation of investments between the two companies and their share funds in accordance with the ratio of available funds in each share fund, subject to adjustment in consideration of maintaining the VCT status of both companies, concentration risk, expected timing of realisations and projected dividend profiles.When there is a conflict or potential conflict of interest between the investment strategy of the Company and that of another fund managed by Temporis Capital LLP, the matter is referred to the Investment Manager's compliance officer who ensures any conflicts are dealt with fairly. Any investment made in a company in which another fund managed by the Investment Manager has invested or intends to invest will be approved by the Directors who are independent of the Investment Manager, unless the investment is made at the same time and on the same terms or in accordance with a specific pre-existing agreement between the Company and the Investment Manager.

The Company's policy is to maintain cash reserves of at least 5% of net proceeds raised from share offers for the purpose of meeting operating expenses and purchasing its shares in the market. Circumstances may arise which would require the Company to hold less than 5% of net proceeds in cash for a limited period of time.

In order to comply with VCT requirements, at least 70% by value of the Company's investments are required to be comprised of qualifying investments.

The Company typically owns 25% to 50% of the equity share capital of each investee company and a portion of its investment in each investee company may be in the form of loan stock.

The Company's uninvested funds are placed on deposit or invested in short-term fixed income securities until suitable investment opportunities are found.

Risk Diversification

The geographical focus of the Company's portfolio is the UK and the majority of investments made to date are in the wind sector. Funds are invested in a range of companies with small-scale projects so project risk is not concentrated in only a few schemes. The portfolio contains projects at different stages of the asset lifecycle, ranging from pre-planning to construction and then into operation. However, the portfolio is now mostly comprised of companies which own operating assets. Investments are made via subscriptions for new share capital, acquiring existing share capital or via loan stock instruments in order to secure a negotiated level of return from the project. The majority of investments are made in special purpose companies set up specifically to develop each project.

Gearing

The Company does not intend to borrow funds for investment purposes. However the Company is exposed to gearing through its investee companies which typically fund the construction costs of each project through senior debt which is non-recourse to the Company. The Investment Manager is involved in assisting investee companies in negotiating the terms of this finance to ensure competitive terms are achieved. The interest rate is typically fixed for the duration of the loan so that investee companies are not exposed to changes in market interest rates.

To the extent that borrowing should be required by the Company for any purpose, the Directors will restrict the borrowings of the Company. The aggregate principal amount at any time outstanding in respect of money borrowed by the Company will not, without the previous sanction of an ordinary resolution of the Company, exceed a sum equal to 10% of the adjusted share capital and reserves of the Company in accordance with its Articles.

Maximum Exposures

In order to gauge the maximum exposure of the Company to various risks, the following can be used as a guide:

i) Investments in qualifying holdings

Under VCT regulations, at least 70% of the Company's funds should be invested in qualifying holdings. When there is an issue of new shares, the 70% requirement does not apply to the new funds raised for any accounting periods which end earlier than three years from the date of allotment of the new shares.

For the purposes of the 70% qualifying holdings requirement, disposals of qualifying investments for cash may be disregarded for a period of six months. Where a VCT breaches any requirement due to factors outside of its control, it may apply to HMRC for a determination that the breach will be disregarded for a period of 90 days while the breach is remedied.

ii) Concentration limits

Under VCT regulations, no more than 15% of the Company's total assets should be in a single investee company at the time the investment is made in that investee company.

iii) Investments in pre-planning projects

In accordance with the Company's investment policy, a maximum of 10% of the net funds raised from share offers may be invested in companies developing pre-planning projects.

Temporis Capital LLP

Investment Manager

29 October 2015

Directors and Advisers

Directors

Alan Moore (Chairman)

Paul Thomas

Colin Wood

Company Secretary

The City Partnership (UK) Limited

Thistle House

21 Thistle Street

Edinburgh

EH2 1DF

Auditor

BDO LLP55 Baker Street

London

W1U 7EU

Principal Banker

Barclays Bank Plc

1 Churchill Place

London

E14 1DF

Investment Manager & Registered Office

Temporis Capital LLP

Berger House

36/38 Berkeley Square

London

W1J 5AE

Registrar

Capita Registrars

The Registry

34 Beckenham Road

Beckenham

Kent

BR3 4TU

Broker

Panmure Gordon (UK) Limited

One New Change

London

EC4M 9AF

VCT Taxation Adviser

Robertson Hare LLP

Suite C, First Floor

4 - 6 Staple Inn

London

WC1V 7QH

Solicitors

Howard Kennedy LLP

No.1 London Bridge

London

SE1 9BG

Independent Review Report to Ventus 2 VCT plc

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six month period ended 31 August 2015 which comprises the Condensed Statement of Comprehensive Income, the Condensed Statement of Financial Position, the Condensed Statement of Changes in Equity, the Condensed Statement of Cash Flows and the related explanatory notes.

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The half-yearly financial report is the responsibility of and has been approved by the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, ''Interim Financial Reporting'', as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting its responsibilities in respect of half-yearly financial reporting in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six month period ended 31 August 2015 is not prepared, in all material respects, in accordance with International Accounting Standard 34, as adopted by the European Union, and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

BDO LLP

Chartered Accountants

London, United Kingdom

29 October 2015

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Condensed Statement of Comprehensive Income

For the six month period ended 31 August 2015 (unaudited)

The Company has only one class of business and derives its income from investments made in the UK.

The total column of this statement represents the Company's Condensed Statement of Comprehensive Income, prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as adopted by the European Union. The revenue and capital columns shown above constitute supplementary information prepared under the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" 2009 ("SORP") published by the Association of Investment Companies. 

The accompanying notes set out below form an integral part of these Financial Statements.

Condensed Statement of Comprehensive Income

For the six month period ended 31 August 2014 (unaudited)

The Company has only one class of business and derives its income from investments made in the UK.

The total column of this statement represents the Company's Condensed Statement of Comprehensive Income, prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as adopted by the European Union. The revenue and capital columns shown above constitute supplementary information prepared under the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" 2009 ("SORP") published by the Association of Investment Companies. 

The accompanying notes set out below form an integral part of these Financial Statements.

Condensed Statement of Financial Position

as at 31 August 2015 (unaudited)

Approved by the Board and authorised for issue on 29 October 2015.

Paul Thomas

Director

Ventus 2 VCT plc. Registered No: 05667210

The accompanying notes set out below form an integral part of these Financial Statements.

Condensed Statement of Changes in Equity

for the six month period ended 31 August 2015 (unaudited)

The revenue reserve and realised capital reserve are distributable reserves. The special reserves may be used to fund buy-backs and pay dividends if they are considered by the Board to be in the interests of the shareholders.

The accompanying notes set out below form an integral part of these Financial Statements.

Condensed Statement of Changes in Equity

for the six month period ended 31 August 2014 (unaudited)