Mobeus I&g 2 Regulatory News (MIG)

Mobeus Income & Growth 2 VCT plc

(the "Company")

LEI: 213800LY62XLI1B4VX35

Partial Realisation of investment in MPB Group Limited

The Company is pleased to announce the partial disposal of its equity investment in MPB Group Limited ("MPB") on 31 March 2021, as part of a £49.8m primary and secondary funding round led by Vitruvian Capital Partners LLP ("Vitruvian"), which includes additional capital to fund MPB's further expansion. The Company has received net proceeds of £1.00 million from the partial sale (c. 25%) of its equity investment and generated a 7.8x return on the cost of the shares sold. These proceeds bring total proceeds received to date to 91% of the VCT's total amount invested in MPB.

In isolation, the impact of this partial equity sale on the Company's NAV per share of 87.22 pence as at 31 December 2020 is an increase of 0.45 pence per share. Shareholders should note that this increase excludes any impact upon the value of the remaining equity investment in MPB. The value of this retained equity holding will be reflected within the calculation of the NAV per share at 31 March 2021, which the Board expects to announce as part of the Company's Annual Report in June 2021.

The Company emphasises that the increase in NAV per share over 87.22 pence per share from this partial realisation is in isolation from other changes in the Company's balance sheet, including the uplift of 4.21 pence already announced on 2 March 2021 in respect of the admission to trading on AIM of Virgin Wines UK plc, the further uplift of 1.86 pence announced on 31 March 2021 in respect of the admission to trading on AIM of Parsley Box Group plc and any other valuation and transaction movements in the Company's investment portfolio, that may also have affected the NAV per share at 31 December 2020.

The Board and Mobeus Equity Partners LLP are delighted with the results of partnering with the management of MPB in growing this business since investing originally in June 2016. We are pleased to retain an equity investment and look forward to working with Vitruvian and management to achieve both further growth and development of the business and additional shareholder value.

For further information, please contact:

Mobeus Equity Partners LLP, Company Secretary 020 7024 7600