Offer for Subscription

Fund Raising Announcement

Baronsmead VCT plc

Baronsmead VCT 2 plc

Baronsmead VCT 3 plc

Baronsmead VCT 4 plc

Offers for Subscription and Issue of Offers Document

Baronsmead VCT plc, Baronsmead VCT 2 plc, Baronsmead VCT 3 plc and Baronsmead
VCT 4 plc ("the Companies" and each a "Company") have today launched separate
offers for subscription for new ordinary shares of 10p each to raise up to 
£4.135 million per Company and £16.54 million in aggregate ("the Offers"). Full
details of the Offers are contained in the Offers Document, which was published
by the Companies today.

The Offers opened on 12 January 2012 and will each close at 12.00 noon on 5
April 2012 (each Company may close its offer earlier than 5 April 2012 if its
offer is fully subscribed by an earlier date or may extend such offer).

The Offers Document and a brief investor guide will shortly be available for
downloading from the Companies' website www.baronsmeadvcts.co.uk. The Offers
Document will also be available for inspection at the National Storage
Mechanism, which is located at http://www.hemscott.com/nsm.do.

For further information, please contact:

Michael Probin - Investor Relations

ISIS EP LLP

Telephone: [phone]