3rd Quarter Results

5 December 2022

                                    Oxford Technology 2 VCT Plc (the "Company")

Legal Entity Identifier: 2138002COY2EXJDHWB30    

 3rd Quarter Results 

Oxford Technology 2 VCT Plc presents its quarterly update for the 3 month period ending 30 November 2022. The Directors have reviewed the valuation of its entire portfolio as at that date. The unaudited net asset value (NAV) for each Class of ordinary share (and other associated data) as at 30 November 2022 is shown in the table below:

	Unaudited NAV p 30/11/2022	Unaudited NAV p 31/08/2022	Change in NAV	Cumulative Dividends to 30/11/22 p	Total Return p	Shares in Issue
Share Class
OT1	49.9	38.4	29.9%	55.0	104.9	5,431,655
OT2	26.0	26.1	-0.4%	22.5	48.5	5,331,889
OT3	38.6	33.2	16.2%	42.0	80.6	6,254,596
OT4	29.1	33.0	-12.0%	48.0	77.1	10,826,748

The primary drivers of these changes are movements in the share prices of the Company’s two significant AIM holdings. The share price of Scancell Holdings Plc (“Scancell”) has almost doubled from 11p at 31 August 2022 to 23.5p at 30 November 2022, whereas the share price of Arecor Therapeutics Plc has reduced from 270p to 240p.

In the half year accounts to 31 August 2022, the Board deemed it prudent to apply a 15% discount to its valuation methodologies with respect to unquoted trading companies, to recognise that trading conditions and margins are likely to suffer significant negative pressures in the current economic climate. This discount has been increased to 20% at 30 November 2022. The Board hopes this discount can be reversed in due course.