Offer Update

14 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 plc have been advised that, on the basis of the
Subscription Forms received as at 12.00 noon on 14 December 2012, the Offer for
Baronsmead VCT plc is 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 2 plc, Baronsmead VCT 3 plc, 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
to date for these Offers are as follows:

Baronsmead VCT 2 plc £4.4 million

Baronsmead VCT 3 plc £3.5 million

Baronsmead VCT 4 plc £2.8 million

Baronsmead VCT 5 plc £1.4 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]