Offer for Subscription

21 NOVEMBER 2012

Baronsmead VCT plc, Baronsmead VCT 2 plc, Baronsmead VCT 3 plc, Baronsmead VCT
4 plc and Baronsmead VCT 5 plc

OFFER FOR SUBSCRIPTION

Baronsmead VCT plc, Baronsmead VCT 2 plc, Baronsmead VCT 3 plc, Baronsmead VCT
4 plc and Baronsmead VCT 5 plc (together, "the Companies") announce that they
have published a Prospectus (comprising a Securities Note, Registration
Document and Summary) in relation to offers for subscription for new Ordinary
Shares of 10p each in each of the Companies to raise, in aggregate, up to £30
million (before issue costs) (the "Offers"). The Companies (other than
Baronsmead VCT 4 plc) have also published a circular to shareholders (the 
"Circular") seeking shareholder approval for matters in connection with the
Offers (in the case of Baronsmead VCT plc, Baronsmead VCT 2 plc, and Baronsmead
VCT 5 plc) and changes to the investment polices of Baronsmead VCT plc,
Baronsmead VCT 2 plc, and Baronsmead VCT 3 plc and giving notice of general
meetings to be held on 11 December 2012 (the "General Meetings").

The Offers will open on 11 December 2012 (subject to the passing of the
resolutions to be proposed at the General Meetings) and are expected to close
no later than 5 April 2013 (unless fully subscribed by an earlier date or
previously extended by the directors to no later than 30 April 2013).

To obtain a copy of the Securities Note, private investors and financial
advisers should call ISIS EP LLP on 020 7506 5717. A downloadable version of
the Securities Note will also be available from www.baronsmeadvcts co.uk.

Copies of the Prospectus and Circular are available, free of charge, from the
Companies' registered office at 100 Wood Street, London, EC2V 7AN.

In accordance with the Listing Rules, the Prospectus and Circular have been
submitted to the National Storage Mechanism and will shortly be available for
inspection at www.morningstar.co.uk/uk/NSM.

Enquiries:

For further information, please contact:

Michael Probin - VCT Investor Relations Director

ISIS EP LLP

Telephone: [phone]