Race 2 was sailed on 20 August 2012. The fleet sailed on Course ‘R’ in a North Wester of 15 to 18 Knots.
Lipton Cup 2012 Race 2. Start Time: 12:50:00
| Points | Sail No | Boat | Skipper | Bow No. | Club | Finishing Place | Points |
| 1 | 30 | Southern Charter UCT Maverick | Neil Malan/Oliver Hobson | 16 | UCTYC | 1 | 1 |
| 2 | 71 | Intasure Hooligan | Alan Lawrence | 13 | FHBSC | 2 | 2 |
| 3 | 74 | PYC Choose Life | Richard Weddel | 4 | PYC | 3 | 3 |
| 4 | 79 | Orion B2G2 | Ricky Robinson | 10 | RNYC | 4 | 4 |
| 5 | 24 | RMS Harbour Lights | Greg Davis | 12 | RCYC | 5 | 5 |
| 6 | 68 | Dynamic ID Systems | Lerroy Rudolf | 11 | ZVYC | 6 | 6 |
| 7 | 31 | HMYC Colourpress | Craig Millar | 22 | HMYC | 7 | 7 |
| 8 | 33 | Berthas Restaurant | David Shilton | 6 | DYC -WP | 8 | 8 |
| 9 | 41 | MBYC | Riaan Turner | 17 | MBYBC | 9 | 9 |
| 10 | 7 | Team Intasure | Andrea Giovannini/Markus Progli | 1 | FBYC | 10 | 10 |
| 11 | 25 | Envirobiz | Tony Norris/Finn de Haan | 21 | TSC | 11 | 11 |
| 12 | 19 | Rijk’s Cellar | Dominique Provoyeur/Ken Venn | 5 | LYC | 12 | 12 |
| 13 | 78 | JML/RCYC/Lalizas | Murray Willcox | 18 | DCYC | 13 | 13 |
| 14 | 52 | Black Marlin | Ashwin Daniels | 7 | DYC-BLD | 14 | 14 |
| 15 | 36 | Bumbo | Randolph Verheij | 20 | TYC | 15 | 15 |
| 16 | 60 | JML3 | Theo Yon | 15 | HBYC | 16 | 16 |
| 17 | 43 | Team Escape | Rodney Tanner | 3 | GBYC | 17 | 17 |
| 18 | 58 | Orion | Richard Rath | 19 | ABYC | 18 | 18 |
| 19 | 62 | Foster Wealth | Barnard Farmer | 2 | SBYC | 19 | 19 |
| 20 | 66 | KYC Challenger | Rob Clark | 14 | KYC | 20 | 20 |
| 21 | 38 | Bandito | Judy Provoyeur | 23 | IYC | 21 | 21 |
| 22 | 83 | JML2 | William Whittaker | 24 | MAC | 22 | 22 |
| 23 | 3 | Welsh Witch | John Young | 25 | GLYC | 23 | 23 |
| 24 | 50 | Cape Recife | Jonathan Cole | 9 | DYC-PTA | 24 | 24 |
| 25 | 63 | Blue Tango II | Mark Goad | 8 | DYC-KZN | 25 | 25 |