BRITISH SMALLER COMPANIES VCT PLC

Share Issue/Capital Change • Oct 3, 2022

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

Update on new combined offer for subscription (the "Offer")

Further to their announcement on 2 August 2022, the Companies are pleased to announce that, subject to obtaining the requisite regulatory approval, the Companies intend to launch a new combined Offer for subscription for tax year 2022-23.

The current intention is for the Companies, in aggregate, to raise up to £50 million, with overallotment facilities of up to a further £25 million in aggregate, before issue costs.

Any election to make use of their over-allotment facility will be subject to the decision of the individual boards of the Companies at the relevant time.

A prospectus with full details of the proposed Offer will be published on or around 30 November 2022 and will be available from the Companies' website, www.bscfunds.com.

3 October 2022

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