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FTSE COMPANY REPORT Share price analysis relative to sector and index performance

British Smaller Cos. VCT 2 PLC BSC Closed End Investments — GBP 0.508 at close 20 April 2021

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 21-Apr-2015 21-Apr-2015 21-Apr-2015

1D WTD MTD YTD Absolute - - - - Rel.Sector - - - - Rel.Market - - - -

VALUATION Data unavailable Data unavailable Data unavailable Trailing PE 15.5 EV/EBITDA 15.4 PB 0.9 PCF 70.1 Div Yield 5.9 Price/Sales 10.9 Net Debt/Equity -ve

Div Payout 97.1 ROE 5.9

DESCRIPTION

Data unavailable Data unavailable Data unavailable The Company operates as a venture capital trust and has been approved by HM Revenue & Customs as an authorised venture capital trust under Section 274 of the Income Tax Act 2007.

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: British Smaller Cos. VCT 2 PLC 20 April 2021

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

31-Mar-2021 31-Mar-2021 31-Mar-2021 45 30 1.1

40 +1SD 1.05 25 +1SD 35 1 +1SD 30 20 0.95 Avg Avg 25 0.9 15 -1SD Avg 20 0.85 10 15 0.8 -1SD -1SD 10 5 0.75 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020

Murray International Trust (Ord) 120.0 Murray International Trust (Ord) 100.0 CVC Credit Partners European Opportunities (GBP) 2.3 European Opportunities Trust 120.0 European Opportunities Trust 100.0 Hipgnosis Songs Fund 2.2 Corp 120.0 Law Debenture Corp 100.0 Pacific Horizon Investment Trust 2.0 HICL Infrastructure 64.6 HICL Infrastructure 64.5 Scottish Mortgage Inv Tst 2.0 54.0 Monks Investment Trust 54.3 Baillie Gifford US Growth Trust 1.9 Closed End Investments 21.4 Closed End Investments 21.5 Closed End Investments 1.2 British Smaller Cos. VCT 2 PLC 15.5 British Smaller Cos. VCT 2 PLC 15.4 British Smaller Cos. VCT 2 PLC 0.9 Schroder Oriental Income Fund -110.8 Schroder Oriental Income Fund 0.0 JPMorgan European Invest Tst (Inc Shs) 0.7 Capital Gearing Trust -114.2 Standard Life UK Small CosTst 0.0 Riverstone Energy 0.6 Standard Life UK Small CosTst -120.0 GCP Infrastructure Investments 0.0 Nb Global Monthly Income Fund 0.5 Avi Global Trust -120.0 Avi Global Trust 0.0 KKV Secured Loan Fund 0.4 GCP Infrastructure Investments -120.0 CVC Credit Partners European Opportunities (GBP) 0.0 SME Credit Realisation Fund 0.4 -150 -100 -50 0 50 100 150 0 20 40 60 80 100 120 0 0.5 1 1.5 2 2.5

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

31-Mar-2021 31-Mar-2021 31-Mar-2021 80 ‖ ‖ ‖ ‖ 8.5 15 ‖ ‖ ‖ 70 8 14 60 7.5 13 +1SD 50 7 +1SD Avg 12 40 6.5 11 Avg 30 6 Avg 10 20 5.5 10 5 -1SD 9 -1SD -1SD 0 ‖ ‖ ‖ ‖ 4.5 8 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020

Baillie Gifford Shin Nippon 80.0 KKV Secured Loan Fund 18.1 Bluefield Solar Income Fund 15.0 JPMorgan US Smaller Co IT 80.0 SME Credit Realisation Fund 16.0 15.0 European Opportunities Trust 80.0 Nb Global Monthly Income Fund 10.8 Schroder Oriental Income Fund 15.0 Pacific Horizon Investment Trust 80.0 KKV Secured Loan Fund 10.6 Baillie Gifford US Growth Trust 15.0 Jpmorgan Japan Small Cap Growth & Income 80.0 Honeycomb Investment Trust 9.5 Standard Life UK Small CosTst 15.0 Closed End Investments 80.0 British Smaller Cos. VCT 2 PLC 5.9 Closed End Investments 15.0 British Smaller Cos. VCT 2 PLC 70.1 Closed End Investments 2.1 British Smaller Cos. VCT 2 PLC 10.9 Strategic Equity Capital -100.0 0.0 Jpmorgan Japan Small Cap Growth & Income 0.0 Smithson Investment Trust -100.0 JPMorgan Indian Inv Trust 0.0 Henderson European Focus Trust 0.0 Bluefield Solar Income Fund -100.0 Edinburgh Worldwide Inv Tst 0.0 JLEN Environmental Assets Group 0.0 JPMorgan Indian Inv Trust -100.0 0.0 Ecofin Global Utilities and Infrastructure Trust 0.0 JPMorgan China Growth & Income -100.0 Aberdeen New India Investment Trust 0.0 TR European Growth Trust 0.0 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 0 2 4 6 8 10 12 14 16 18 20 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: British Smaller Cos. VCT 2 PLC 20 April 2021

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

31-Mar-2021 31-Mar-2021 31-Mar-2021 1 100 ‖ ‖ ‖ 9 0.9 8 +1SD 0.8 80 +1SD 0.7 7 0.6 60 6 0.5 Avg 5 0.4 40 Avg 0.3 4 0.2 20 -1SD 3 0.1 0 ‖ ‖ ‖ ‖ 0 2 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020

Value And Indexed Property Income Trust 0.5 Murray International Trust (Ord) 100.0 Allianz Technology Trust 50.0 Aberforth Split Level Income Trust 0.5 Law Debenture Corp 100.0 JPMorgan China Growth & Income 49.7 Honeycomb Investment Trust 0.5 European Opportunities Trust 100.0 Pershing Square Holdings 48.9 Greencoat UK Wind 0.5 HICL Infrastructure 100.0 Middlefield Canadian Income PCC 43.5 International Public Partnership Middlefield Canadian Income PCC 0.3 100.0 Edinburgh Worldwide Inv Tst 42.1 British Smaller Cos. VCT 2 PLC 97.1 Closed End Investments 0.1 British Smaller Cos. VCT 2 PLC 5.9 Closed End Investments 46.1 JPMorgan US Smaller Co IT Closed End Investments 0.0 Aberdeen Diversified Income And Growth Trust 0.0 5.4 0.0 Schroder Oriental Income Fund 0.0 Aberforth Split Level Income Trust -42.7 Fundsmith Emerging Equities Trust 0.0 Foresight Solar Fund 0.0 Riverstone Energy -50.0 Jpmorgan Claverhouse IT 0.0 Avi Global Trust 0.0 KKV Secured Loan Fund -50.0 British Smaller Cos. VCT 2 PLC 0.0 GCP Infrastructure Investments 0.0 Schroder UK Public Private Trust -50.0 0 0.1 0.2 0.3 0.4 0.5 0.6 0 20 40 60 80 100 120 -60 -40 -20 0 20 40 60

ROE vs. PB — sector Du Pont Analysis

2.2 CCPG 1.6 7 SONG

2.0 SMT PHI 1.4 6 USA MUT 1.8 SEIT IEM 1.2 MTE PIN CHRY 5 JETGFCSS AUGM 1.6 MNKS BIOG GVP 1 WWH LTI 4 JESC MCT 1.4 ASITFSVIAT 0.8 PB HSL JMI SYNCBGUKCGTTEM BBGI MWY ATSANII TRG PCT Regression MTUPCFTBRFIFAS JGGIBGFD EWI 3 JMFBGSCBCIJSGISTS PNLBSIF 1.2 BRNASCFABDLWIDIVI JMG THRG MNP JCGI EDINSCPTFIFSOIUEMASLLWDBORITVEIL BGCGTRIGClosed EndJAGI RICAInves3INBHMG BRGE 0.6 SECAGTCTYJLENEGLSLSTMPLASEIJEMIMYI HICLINPP BNKRUKW BRSCJUSC JAM BBH JUSNCYFTRYGSSAASIVI PAC BHGG SDP JRSSJGFSFLELTAJIISEQI DGN BRWMARR ATR BGEU CCJIHINTFGTAJOT SAIN RCP IBTHGT SSONBGS 2 1.0 JCHVOFJARANESF MGCIHEFT ATSTHNEAAIF MNLCMHY GCPTIGTIITSST HDIV MRCH JFJ 0.4 MAJE WTAN FEV FCITEATHVPE FJV ATT SCINKPCEPG LBOWBSCSMIFBUT PCGH FEETDIG MRC HRI NAITGABI ICGTSLPE APAX NAS IPU BRLAVIP HONY HHI 0.8 CLDNJEO SWEF 1 JETIADIGKKVXSUPP NBPE BPET PSH 0.2

0.6 RSE 0 0 KKVL NBMI 2017 2018 2019 2020 2021 0.4 SCRF 0 5 10 15 20 25 30 35 40 45 50 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: British Smaller Cos. VCT 2 PLC 20 April 2021

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales.

British Smaller Cos. VCT 2 PLC 20 April 2021 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

Beijing +86 10 5833 2202 London +44 (0) 20 7866 1810 Rio de Janeiro +55 (21) 3736 3726 Tokyo +81 (3) 3581 2811 Boston +1 888 747 FTSE (3873) Milan +39 02 3604 6953 San Francisco +1 888 747 FTSE (3873) Toronto +1 416 572 7979 Chicago +1 888 747 FTSE (3873) Mumbai +91 22 6649 4180 Seattle +1 888 747 FTSE (3873) Dubai +971 4 375 1868 New York +1 888 747 FTSE (3873) Shanghai +86 21 6058 9131 Hong Kong +852 2164 3333 Paris +33 (0)1 53 76 82 89 Sydney +61 (0)2 9293 2864

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