BRITISH SMALLER COMPANIES VCT PLC

Share Issue/Capital Change • Dec 11, 2020

British Smaller Companies VCT plc and British Smaller Companies VCT2 plc (together "the Companies")

Statement regarding proposed top-up fundraisings

The Companies today announce that they are each planning to launch a top-up offer ("the Offers") of new ordinary shares for subscription in the 2020/21 tax year. It is envisaged that the Offers will each be limited to a maximum of €8 million (estimated to be £7.2 million at current exchange rates).

It is expected that full details of the Offers will be announced in January 2021 after which it is intended that each of the Offers will be open to existing shareholders for approximately four weeks and, unless the Offers have been fully subscribed by the end of that period, the Offers will then also be available to new investors. Unless fully subscribed by an earlier date it is anticipated that the Offers will remain open until 2 April 2021. Full details will be available on the Companies' website (www.bscfunds.com) following the announcement in January 2021.

Existing shareholders are those on the respective registers of the Companies on 10 December 2020.

For further information, please contact:

David Hall	YFM Private Equity Limited	Tel: 0113 244 1000
Alex Collins	Panmure Gordon (UK) Limited Tel: 0207 886 2767