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 1D WTD MTD YTD Absolute - - - - Rel.Sector - - - - Rel.Market - - - - VALUATION 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 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 Law Debenture 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 Monks Investment Trust 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 Bankers Investment Trust 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 Pantheon International 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 Allianz Technology Trust 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 Avg 0.5 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 Chrysalis Investments 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.