Joint Offer Update

23 March 2010

                 Baronsmead VCT 3 plc and Baronsmead VCT 4 plc                 

Offer for subscription of New Ordinary Shares to raise up to approximately £
16,000,000 in aggregate ('the Joint Offer')

Baronsmead VCT 3 plc and Baronsmead VCT 4 plc ("the Companies") announce the
final allotment on 23 March 2010 of New Ordinary Shares pursuant to the Joint
Offer which has raised £16,000,000 in aggregate at that date. 

The first allotment took place on 1 March 2010 with respect to £11,212,000 that
had been raised by Friday 26 February 2010. The final allotment was with
respect to £4,788,000 subscribed between Monday 1 March and Wednesday 17 March
2010 when the Joint Offer became fully subscribed.

Based on the latest published net asset values as at 12 March 2010, the Offer
Prices of the New Ordinary Shares allotted on 23 March 2010 were as follows:

Baronsmead VCT 3 plc 104.50p per New Ordinary Share

Baronsmead VCT 4 plc 97.00p per New Ordinary Share

In accordance with the Prospectus dated 18 January 2010, the Offer Prices at
which the New Ordinary Shares were allotted in each Company were calculated
separately on the basis of the following formula (the "Pricing Formula"):

Latest published net asset value of an existing Ordinary Share divided by 0.945
(to allow for issue costs of 5.5 per cent.) rounded up to the nearest 0.5p per
share.

As a result, the Offer Prices have been calculated as follows:

         Offer Prices of New Ordinary Shares Allotted on 23 March 2010         

                                    Baronsmead VCT 3 plc  Baronsmead VCT 4 plc 
                                                                               
                                       (pence per New        (pence per New    
                                       Ordinary Share)       Ordinary Share)   
                                                                               
Latest published NAV                        98.53                 91.65        
                                                                               
Latest published NAV divided by            104.26                 96.98        
0.945                                                                          
                                                                               
Offer Price (rounded up to nearest         104.50                 97.00        
0.5p)                                                                          

The number of shares allotted and the total number of shares in issue for each
of the Companies after the allotment are shown below:

                               Shares allotted (1) Shares in issue 
                                                      following    
                                                    allotment (2)  
                                                                   
Baronsmead VCT 3 plc                2,318,712         67,619,851   
                                                                   
Baronsmead VCT 4 plc                2,497,970         64,402,829   

 1. Includes shares allotted with respect to any commissions waived and
    reinvested
   
 2. Includes treasury shares (Baronsmead VCT 3 - 5,967,317; Baronsmead VCT 4 -
    4,348,593)
   
Dealings in the New Ordinary Shares of each Company are expected to
commence on 26 March 2010. CREST accounts are expected to be credited within
five business days of allotment and definitive documents of title and income
tax relief certificates are expected to be dispatched within ten business days
of allotment.

For further information please contact:

Michael Probin VCT Investor Relations ISIS EP LLP 020 7506 5796