Final Results

Baronsmead VCT 2 PLC 26 May 2000 Unaudited Preliminary Results - Year Ended 31 March 2000 Investment Objective Baronsmead VCT 2 is a tax efficient listed company which aims to achieve long-term capital growth and generate tax free dividends for private investors. * NAV increased by 25.0% to 119.59p * Total return since launch 34.6% * Final dividend of 1.9p per share proposed to make 3.2p total (1999 - 3.0p) * Seven new investments during year Clive Parritt, Chairman said 'Baronsmead VCT 2 has become one of the largest VCTs during the year and the result of a sizeable increase in the value of the equity investments and by raising new share capital. The net asset value increased from £9.5 million to £31.0 million by 31 March 2000. This subsequently increased to £48.4 million after the year end when 14.1 million new shares were allotted. The portfolio of investments has made good progress in the last year and now the priority is to sustain this quality as it increases in size. The pace of change within entrepreneurial businesses has quickened and we will remain alert to this and how the digital revolution will impact all companies in the future.' Enquiries: David Thorp 0171 853 6900, Friends Ivory & Sime Private Equity plc Keith Hannay 0131 465 1000, Friends Ivory & Sime plc Unaudited Statement of Total Return (incorporating the revenue account) of the Company Year to 31 March 2000 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - 5,782 5,782 Income 1,397 - 1,397 Investment management fee (126) (378) (504) Other expenses (195) - (195) Return on ordinary activities 1,076 5,404 6,480 before tax Tax on ordinary activities (285) 102 (183) Return attributable to 791 5,506 6,297 equity shareholders Dividends in respect of equity shares (783) - (783) Transfer to reserves 8 5,506 5,514 Return per ordinary 10p share: 3.36p 23.37p 26.73p Basic Unaudited Statement of Total Return (incorporating the revenue account) of the Company Period from 29 January 1998 to 31 March 1999 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - 86 86 Income 449 - 449 Investment management fee (33) (98) (131) Other expenses (143) - (143) Return on ordinary activities 273 (12) 261 before tax Tax on ordinary activities (54) 20 (34) Return attributable to 219 8 227 equity shareholders Dividends in respect of equity shares (211) - (211) Transfer to reserves 8 8 16 Return per ordinary 10p share: 3.17p 0.11p 3.28p Basic Unaudited Balance Sheet 31.3.00 31.3.99 £'000 £'000 Assets Investments Listed investments 2,515 - Alternative Investment Market 5,106 1,014 Unquoted investments 4,776 1,326 Listed fixed interest investments 15,372 4,097 ______ _____ 27,769 6,437 Net current assets 3,276 3,050 Total assets less current liabilities 31,045 9,487 Financed by Shareholders' funds 31,045 9,487 Net asset value per ordinary share 119.59p 95.65p Unaudited Cash Flow Statement Year ended 31 March 2000 1999 £'000 £'000 Operating activities Investment income received 697 119 Deposit interest received 168 152 Underwriting commission received - 1 Investment management fees charged to revenue (99) (23) Other cash payments (194) (96) --------- --------- Net cash inflow from operating activities 572 153 --------- --------- Taxation Advance corporation tax paid (15) (16) --------- --------- Capital expenditure and financial investment Purchase of investments (27,228) (7,500) Disposals of investments 11,647 1,149 Investment management fee charged to capital (294) (70) --------- --------- Net cash from capital expenditure and financial investment (15,875) (6,421) --------- --------- Ordinary dividends paid (463) (66) --------- --------- Net cash outflow before financing (15,781) (6,350) --------- --------- Financing Issue of ordinary shares 17,058 9,972 Expenses of issue (728) (524) Expenses of issue and cancellation of shares (163) - --------- --------- Net cash inflow from financing 16,167 9,448 --------- --------- Increase in cash 386 3,098 --------- --------- Reconciliation of net cash flow to movement in net cash Increase in cash in the year 386 3,098 Net cash at 1 April 1999 3,098 - --------- --------- Net cash at 31 March 2000 3,484 3,098 --------- --------- Notes 1. Revenue return per Ordinary Share is based on a weighted average of 23,557,284 Ordinary Shares in issue during the year. 2. The final dividend of 1.90p per share, if approved, will be paid on 7 July 2000 to shareholders on the Register on 9 June 2000. Shareholders who subscribed for new shares under the Offer for Subscription dated 9 February 2000 are not entitled to the final dividend. 3. There were 25,960,360 Ordinary Shares in issue at 31 March 2000. 4. These are not statutory accounts in terms of Section 240 of the Companies Act 1985. Full statutory accounts for the period to 31 March 1999, which were unqualified, have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 31 March 1999 have been reported on by the Company's auditors or delivered to the Registrar of Companies. A full annual report will be sent to shareholders and will be available for inspection at Princes Court, 7 Princes Street, London, the registered office of the Company. 5. The Annual General Meeting will be held at The Brewery, Chiswell Street, London on 3 July 2000 at 10.30am.

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