Joint Offer for Subscription

18 January 2010

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OF
AMERICA.

                              Joint Announcement                               

                         Joint Offer for Subscription                          

                 Baronsmead VCT 3 plc and Baronsmead VCT 4 plc                 

The boards of Baronsmead VCT 3 plc and Baronsmead VCT 4 plc ("the Companies")
are pleased to announce the launch of a joint offer for subscription for new
ordinary shares of 10p each in the capital of each of the Companies to raise,
in aggregate, up to £16 million (the "Joint Offer"). The Joint Offer is open to
existing shareholders and new investors.

Full details of the Joint Offer are contained in the summary, securities note
and registration document, which together constitute a prospectus (the
"Prospectus") which was published by the Companies today.

Copies of the Prospectus have been sent to the Document Viewing Facility of the
Financial Services Authority, located at 25 The North Colonnade, Canary Wharf,
London E14 5HS and will shortly be available for inspection during normal
business hours.

Copies of the Prospectus will also shortly be available free of charge from the
following:

  * Baronsmead VCT 3 plc website: www.baronsmeadvcts.co.uk/vct3
   
  * Baronsmead VCT 4 plc website: www.baronsmeadvcts.co.uk/vct4
   
  * ISIS EP LLP, 100 Wood Street, London EC2V 7AN, Telephone: [phone]
   
  * Noble & Company Limited, 120 Old Broad Street, London EC2N 1AR, Telephone:
    0207 763 2200
   
  * RAM Capital Partners, 74 Chancery Lane, London WC2A 1AD, Telephone: 020
    3006 7530
   
Contacts:

Barry Lawson, Secretary to the Companies: 020 7506 5658

Michael Probin, ISIS EP LLP: 020 7506 5796