Offers for Subscription - Update

21 December 2012

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

Offers for Subscription - Update

On 20 November 2012 Baronsmead VCT plc, Baronsmead VCT 2 plc, Baronsmead VCT 3
plc, Baronsmead VCT 4 plc and Baronsmead VCT 5 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 £30
million (before issue costs) (the "Offers" and each an "Offer"). The Offers
opened on 11 December 2012.

The directors of Baronsmead VCT 3 plc have been advised that, on the basis of
the Subscription Forms received as at on the close of business on 20 December
2012, the Offer for Baronsmead VCT 3 plc became fully subscribed and is now
closed. Subscribers to this Offer whose Subscription Forms are received after
its closure will have their Subscription re-allocated or returned in accordance
with their instructions on their Subscription Form and the Terms and Conditions
of Subscriptions.

The Offers for Baronsmead VCT plc and Baronsmead VCT 2 plc became fully
subscribed and closed on 14 and 17 December 2012 respectively. The Offers for
Baronsmead VCT 4 plc and Baronsmead VCT 5 plc are not yet fully subscribed and
will remain open until 5 April 2013 (unless fully subscribed by an earlier date
or previously extended by the directors to no later than 30 April 2013). Valid
applications as at the close of business on 20 December 2012 for these Offers
were as follows:

Baronsmead VCT 4 plc £3.8 million; and

Baronsmead VCT 5 plc £2.1 million

The first allotment of new ordinary shares in the Companies is expected to be
on or around 21 December 2012 with dealings expected to commence three Business
Days thereafter.

For further information, please contact:

Michael Probin - Investor Relations

ISIS EP LLP

Telephone: [phone]