Offers for Subscription - Update

4 February 2014

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

Offers for Subscription - Update

On 22 January 2014 Baronsmead VCT plc, Baronsmead VCT 2 plc, Baronsmead VCT 3
plc and Baronsmead VCT 4 plc (together the "Companies") published a Prospectus
in relation to offers for subscription for new ordinary shares of 10p each in
each of the Companies to raise, in aggregate, up to £40 million (before issue
costs) (the "Offers" and each an "Offer").

The directors of Baronsmead VCT plc have been advised that, on the basis of
subscription forms received as at the close of business on 3 February 2014 and
assuming that they are all accepted, the Baronsmead VCT Offer is fully
subscribed. Investors whose subscription forms are received after this date
will have their subscription re-allocated or returned in accordance with their
instructions on their subscription form and the terms and conditions of the
Offers.

The Offers for Baronsmead VCT 2 plc, Baronsmead VCT 3 plc and Baronsmead VCT 4
plc are not yet fully subscribed and are expected to close no later than 12
noon on 2 April 2014 (unless fully subscribed by an earlier date or previously
extended by the directors to no later than 25 April 2014). On the basis of
subscription forms received as at the close of business on 3 February 2014, the
amounts subscribed in respect of these Offers were as follows:

Baronsmead VCT 2 plc £5.6 million

Baronsmead VCT 3 plc £3.7 million

Baronsmead VCT 4 plc £2.8 million.

The first allotment of new ordinary shares for all of the Offers is expected to
be on or around 14 March 2014. Dealings in the new ordinary shares are expected
to take place three days following allotment.

For further information, please contact:

Michael Probin - VCT Investor Relations Director

ISIS EP LLP

Telephone: [phone]