Issue of Equity

Baronsmead VCT 3 plc

Allotment of Shares and Closing of Offer

On 22 January 2014 Baronsmead VCT plc, Baronsmead VCT 2 plc, Baronsmead VCT 3
plc, and Baronsmead VCT 4 plc ("the Companies" and each a "Company") published
a Prospectus in relation to offers for subscription for new ordinary shares of
10p each in each of the Companies ("New Shares"), to raise in aggregate up to £
40 million (before issue costs) (the "Offers" and each an "Offer"). The Company
announced that its Offer had become fully subscribed on 19 February 2014.

The Company announces the allotment of New Shares has taken place today at an
offer price of 112.40p per share ("Offer Price") pursuant to the Offer raising
£10,000,000 (before issue costs).

In accordance with the Prospectus, the Offer Price at which the New Shares have
been allotted in the Company was calculated on the basis of the following
formula:

Latest published net asset value of an existing Share (adjusted as necessary
for dividends declared but not yet paid) at the time of allotment divided by
0.97 (to allow for issue costs of 3.0 per cent.) and rounded up to the nearest
0.1p per Share.

As a result, the Offer Price was calculated as follows:

              Offer Price of New Shares allotted on 14 March 2014              

                                                   Baronsmead VCT 3 plc
                                                  (pence per Share)

Latest published NAV as at 28 February 2014        108.96

Latest published NAV divided by 0.97               112.33

Offer Price (rounding up to nearest 0.1p)          112.40

The number of New Shares allotted and the total number of Shares in issue
following the allotment are shown below:

                                             New Shares    Shares
                                             allotted      in issue following allotment (1)

Baronsmead VCT 3 plc                         8,896,261     84,628,180

1. Includes 9,699,214 Ordinary Shares held in Treasury

The New Shares rank pari passu in all respects with the existing Ordinary
Shares.

Application has been made to the UK Listing Authority for the New Shares to be
admitted to the Premium Segment of the Official List and to the London Stock
Exchange for such New Shares to be admitted to trading on its main market for
listed securities. It is expected that admission to the Official List will
become effective and that dealings in the New Shares will commence on, or
around, 19 March 2014. Definitive documents of title and income tax relief
certificates are expected to be dispatched within ten business days of
allotment.

Following the allotment of the New Shares, the Offer closed.

For further information, please contact:

Michael Probin - VCT Investor Relations Director

ISIS EP LLP

Telephone: [phone]