Director/PDMR Shareholding

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

All relevant boxes should be completed in block capital letters.

1.  Name of the issuer             2.  State whether the notification relates  
                                       to (i) a                                
                                                                               
                                       transaction notified in accordance with 
                                       DTR 3.1.2 R,                            
                                                                               
                                       (ii) a disclosure made in accordance    
                                                                               
                                       LR 9.8.6R(1) or                         
                                                                               
                                       (iii) a disclosure made in accordance   
                                       with section 793 of the Companies Act   
                                       (2006).                                 
                                                                               
    BARONSMEAD VCT 2 PLC               RELATED TO (iii)                        
                                                                               
3.  Name of person discharging     4.  State whether notification relates to a 
    managerial                         person                                  
                                                                               
    responsibilities/director          connected with a person discharging     
                                       managerial responsibilities/director    
                                       named in 3 and identify the connected   
                                       person                                  
                                                                               
    GILL NOTT                          Mr R NOTT (SPOUSE)                      
                                                                               
5.  Indicate whether the           6.  Description of shares (including class),
    notification is in respect of      debentures or derivatives or financial  
    a holding of the person            instruments relating to shares          
    referred to in 3 or 4 above or                                             
    in respect of a non-beneficial                                             
                                                                               
    interest 1                                                                 
                                                                               
    AS IN 4                            ORDINARY SHARES OF 10P                  
                                                                               
7.  Name of registered             8.  State the nature of the transaction     
    shareholders(s) and, if more                                               
    than one, the number of shares                                             
    held by each of them                                                       
                                                                               
    AS 4                               DIVIDEND REINVESTMENT PLAN              
                                                                               
9.  Number of shares, debentures   10. Percentage of issued class acquired     
    or financial                       (treasury shares of that class should   
                                       not be taken into account when          
    instruments relating to shares     calculating percentage)                 
    acquired                                                                   
                                                                               
    176                                0.00023%                                
                                                                               
11. Number of shares, debentures   12. Percentage of issued class disposed     
    or financial                       (treasury shares of that class should   
                                       not be taken into account when          
    instruments relating to shares     calculating percentage)                 
    disposed                                                                   
                                                                               
13. Price per share or value of    14. Date and place of transaction           
    transaction                                                                
                                                                               
    79.5p                              20/07/09                                
                                                                               
15. Total holding following        16. Date issuer informed of transaction     
    notification and total                                                     
    percentage holding following                                               
    notification (any treasury                                                 
    shares should not be taken                                                 
    into account when calculating                                              
    percentage)                                                                
                                                                               
    23,341 (0.0312%)                   20/07/09                                

If a person discharging managerial responsibilities has been granted options by
the issuer

complete the following boxes

17.        Date of grant                  18. Period during which or date on   
                                              which exercisable                
                                                                               
19.        Total amount paid (if any) for 20. Description of shares or         
           grant of the option                debentures involved (class and   
                                              number)                          
                                                                               
21.        Exercise price (if fixed at    22. Total number of shares or        
           time of grant) or                  debentures over which options    
                                              held following notification      
           indication that price is to be                                      
           fixed at the time of exercise                                       
                                                                               
23.        Any additional information     24. Name of contact and telephone    
                                              number for queries               
                                                                               
                                              Paul Forster 020 7506 5652       

Name of authorised official of issuer responsible for making notification:     
                                                                               
Paul Forster, Secretary                                                        
                                                                               
Date of notification: 20/07/09                                                 

Notes: This form is intended for use by an issuer to make a RIS notification
required by DR 3.3.

(1)   An issuer making a notification in respect of a transaction relating to  
      the shares or debentures of the issuer should complete boxes 1 to 16, 23 
      and 24.                                                                  
                                                                               
(2)   An issuer making a notification in respect of a derivative relating the  
      shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23  
      and 24.                                                                  
                                                                               
(3)   An issuer making a notification in respect of options granted to a       
      director/person discharging managerial responsibilities should complete  
      boxes 1 to 3 and 17 to 24.                                               
                                                                               
(4)   An issuer making a notification in respect of a financial instrument     
      relating to the shares of the issuer (other than a debenture) should     
      complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.