Portfolio Update

Octopus AIM VCT 2 plc

18 August 2021

Portfolio Update

The investment portfolio of Octopus AIM VCT 2 plc (the "Company") as at 18 August 2021 is as follows (the valuations being the unaudited valuations, at bid price, as at 31 July 2021):

Investee Company	Sector	Book cost (£000)	Movement in valuation (£000)	Fair Value (£000)
Learning Technologies Group plc	Software and Computer Services	701	5,935	6,636
Ergomed plc	Pharmaceuticals and Biotechnology	849	5,243	6,092
Breedon Group plc	Construction and Materials	573	4,573	5,146
GB Group plc	Software and Computer Services	337	4,442	4,779
Maxcyte, Inc.	Pharmaceuticals and Biotechnology	690	2,867	3,557
Craneware plc	Health Care Providers	479	2,881	3,360
EKF Diagnostics Holdings plc	Medical Equipment and Services	864	2,430	3,294
Hasgrove plc*	Media	153	2,898	3,051
Trackwise Designs plc	Technology Hardware and Equipment	1,289	1,744	3,033
SDI Group plc	Technology Hardware and Equipment	119	2,797	2,916
Animalcare Group plc	Pharmaceuticals and Biotechnology	824	1,906	2,730
Sosandar plc	Retailers	1,235	1,381	2,616
IDOX plc	Software and Computer Services	356	2,192	2,548
Gear4music (Holdings) PLC	Leisure Goods	353	2,006	2,359
Panoply Holdings plc	Software and Computer Services	653	1,465	2,118
Judges Scientific plc	Electronic and Electrical Equipment	209	1,908	2,117
Ilika plc	Energy	706	1,334	2,040
Renalytix plc	Health Care Providers	228	1,757	1,985
Brooks Macdonald Group plc	Investment Banking and Brokerage Services	610	1,154	1,764
PCI-Pal plc	Software and Computer Services	732	990	1,722
Ixico plc	Pharmaceuticals and Biotechnology	697	996	1,693
Intelligent Ultrasound Group plc	Medical Equipment and Services	1,220	398	1,618
Netcall plc	Software and Computer Services	356	1,221	1,577
Creo Medical Group plc	Medical Equipment and Services	981	587	1,568
VR Education Holdings plc	Software and Computer Services	1,253	315	1,568
LungLife AI, Inc.	Pharmaceuticals and Biotechnology	1,386	150	1,536
Next Fifteen Communications Group plc	Media	344	1,145	1,489
Quixant plc	Technology Hardware and Equipment	391	1,010	1,401
Popsa Holdings Ltd*	Software and Computer Services	780	618	1,398
Access Intelligence plc	Software and Computer Services	501	846	1,347
ReNeuron Group plc	Pharmaceuticals and Biotechnology	1,016	170	1,186
Spectral MD Holdings Limited	Health Care Providers	1,410	(335)	1,075
Gamma Communications plc	Telecommunications Service Providers	183	808	991
Glantus Holdings plc	Industrial Support Services	1,200	(235)	965
RWS Holdings plc	Industrial Support Services	99	857	956
Verici Dx plc	Pharmaceuticals and Biotechnology	264	685	949
Cambridge Cognition Holdings plc	Health Care Providers	400	543	943
Gooch & Housego plc	Technology Hardware and Equipment	281	637	918
Diaceutics plc	Health Care Providers	620	261	881
Adept Technology Group Plc	Telecommunications Service Providers	502	372	874
Vertu Motors plc	Retailers	776	94	870
British Honey Company Limited	Retailers	840	31	871
Advanced Medical Solutions Group plc	Medical Equipment and Services	495	364	859
Fusion Antibodies plc	Health Care Providers	497	245	742
In the Style Group Plc	Retailers	667	73	740
Beeks Financial Cloud Group plc	Software and Computer Services	301	356	657
Polarean Imaging Plc	Medical Equipment and Services	458	175	633
GENinCode UK Ltd.	Medical Equipment and Services	800	(182)	618
Restore plc	Industrial Support Services	171	418	589
Vectura Group plc	Pharmaceuticals and Biotechnology	332	228	560
Clinigen Group plc	Pharmaceuticals and Biotechnology	469	(3)	466
Synairgen plc	Pharmaceuticals and Biotechnology	98	337	435
Cloudcall Group plc	Software and Computer Services	624	(203)	421
Evgen Pharma plc	Pharmaceuticals and Biotechnology	700	(280)	420
Osirium Technologies plc Loan Notes	Software and Computer Services	400	0	400
Crimson Tide plc	Software and Computer Services	378	(25)	353
Mattioli Woods plc	Investment Banking and Brokerage Services	101	251	352
Oberon Investments Group plc	Investment Banking and Brokerage Services	320	16	336
DXS International plc	Software and Computer Services	200	75	275
Rosslyn Data Technologies plc	Software and Computer Services	286	(16)	270
Maestrano Group plc	Software and Computer Services	295	(69)	226
DP Poland plc	Travel and Leisure	678	(457)	221
Falanx Group Ltd.	Industrial Support Services	600	(390)	210
The Food Marketplace Ltd*	Retailers	200	0	200
Eluceda Limited*	Pharmaceuticals and Biotechnology	200	0	200
MyCelx Technologies Corp	Oil, Gas and Coal	980	(785)	195
Trellus Health plc	Health Care Providers	109	74	183
WANdisco plc	Software and Computer Services	96	85	181
Airnow plc*	Software and Computer Services	838	(663)	175
Escape Hunt plc	Travel and Leisure	659	(493)	166
KRM22 plc	Closed End Investments	454	(295)	159
TP Group plc	Aerospace and Defense	452	(301)	151
Genedrive Plc	Pharmaceuticals and Biotechnology	241	(90)	151
Verici DX plc	Pharmaceuticals and Biotechnology	40	106	146
Abingdon Health plc	Medical Equipment and Services	347	(206)	141
Feedback plc	Medical Equipment and Services	200	(60)	140
Osirium Technologies plc	Software and Computer Services	900	(770)	130
Velocity Composites plc	Aerospace and Defense	533	(408)	125
Enteq Upstream plc	Oil, Gas and Coal	687	(574)	113
Parsley Box Group plc	Personal Care, Drug and Grocery Stores	142	(50)	92
LoopUp Group plc	Software and Computer Services	197	(120)	77
Tasty plc	Travel and Leisure	336	(280)	56
Microsaic Systems plc	Electronic and Electrical Equipment	922	(886)	36
Mears Group plc	Software and Computer Services	50	(17)	33
Rated People Ltd*	Software and Computer Services	236	(205)	31
Diurnal Group plc	Pharmaceuticals and Biotechnology	88	(61)	27
1Spatial plc	Software and Computer Services	200	(178)	22
Haydale Graphene Industries plc	Industrial Materials	399	(381)	18
Midatech Pharma plc	Pharmaceuticals and Biotechnology	400	(398)	2
Location Sciences Group plc	Software and Computer Services	509	(508)	1

Nektan plc is also in Octopus AIM 2's portfolio but has not been included in the above table as it is currently in administration and Octopus AIM 2 has written down its equity and loan note interest in this company to zero.

Since 31 July 2021 Octopus AIM 2 has made no new investments.

Since 31 July 2021 Octopus AIM 2 has made no disposals.

Unless otherwise stated, all the investments set out above:

- are quoted on public markets;
- represent equity investments except in the case of Nektan plc and Osirium Technologies plc which include investment through loan stock; and
- are in portfolio companies incorporated in the UK with the exception of:

Breedon Group plc – Jersey
Maxcyte Inc – USA
VR Education Holdings plc – Ireland
Falanx Group Limited – British Virgin Islands
MyCelx Technologies Corp – USA
Nektan plc – Gibraltar

*Denotes unlisted company

Current Asset Investments (unaudited)

Investee Company	Sector	Book cost (£000)	Movement in valuation (£000)	Fair Value (£000)
Octopus UK Micro Cap Growth Fund	n/a	3,740	3,328	7,068
Octopus UK Multi Cap Income Fund	n/a	3,926	1,205	5,131
Money Market Funds	n/a	3,486	0	3,486

Since 31 July 2021 there have been no new investments or disposals of current asset investments.

The capitalisation of Octopus AIM 2 as at 31 July 2021 was as follows:

Shareholders' Equity		£000’s
Called up Equity Share Capital		13
Legal Reserves		47,180
Other reserves		83,130
Total		130,323

There has been no material change to the capitalisation since 31 July 2021.

For further information, please contact:

Uloma Adighibe

Octopus Company Secretarial Services Limited
Tel: 020 3935 4186