Offer & Allotment of Shares

1st 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
first allotment on 1st March 2010 of New Ordinary Shares pursuant to the Joint
Offer which has raised £11,212,000 at that date. 

Based on the latest published Net Asset Values as at 19th February 2010, Offer
Prices of the New Ordinary Shares allotted on 1st March 2010 were as follows:

Baronsmead VCT 3 plc 102.5p per New Ordinary Share

Baronsmead VCT 4 plc 95.5p per New Ordinary Share

In accordance with the Prospectus dated 18th 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 1 March 2010          

                                Baronsmead VCT 3   Baronsmead VCT 4
                                       plc               plc       
                                                                   
                                 (pence per New     (pence per New 
                                 Ordinary Share)   Ordinary Share) 
                                                                   
Latest published NAV                  96.75             90.12      
                                                                   
Latest published NAV divided         102.38             95.37      
by 0.945                                                           
                                                                   
Offer Price (Rounding up to           102.5              95.5      
nearest 0.5p)                                                      

The was an early investment incentive whereby investors whose subscription
forms were received by 5 pm on Friday 26 February 2010 received an additional
allocation of 1 per cent of the amount of their application by way of
additional shares.

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                5,601,586         65,301,139   
                                                                   
Baronsmead VCT 4 plc                6,012,140         61,904,859   

 1. Includes shares allotted with respect to the early investment incentive and
    any commissions waived and reinvested
   
 2. Includes treasury shares
   
Dealings in the New Ordinary Shares of each Company are expected to
commence on 4 March 2010. CREST accounts are expected to be credited within
five business days of allotment and definitive documents of title are expected
to be dispatched within ten business days of allotment.

The Directors along with employees and partners of the Manager have subscribed
a total of £281,000 under the Joint Offer.

The directors of the Companies were allotted the following shares as a result
of their subscriptions to the Joint Offer:

Baronsmead VCT 3 plc        Number of      Number of    Number of     Total    
                         Ordinary Shares   Ordinary     Ordinary     Holding   
                          held prior to     Shares     Shares held             
                         the Joint Offer   allotted     after to      % (1)    
                                           under the    the Joint              
                                          Joint Offer     Offer                
                                                                               
Mark Cannon Brookes          180,655         5,073       185,728      0.284    
                                                                               
Andrew Karney                82,709            -         82,709       0.127    
                                                                               
Gillian Nott OBE             25,461         30,439       55,900       0.086    
                                                                               
Robert Owen                  10,709            -         10,709       0.016    
                                                                               
Anthony Townsend                -            7,609        7,609       0.012    

 1. Includes treasury shares
   
Baronsmead VCT 4 plc        Number of      Number of    Number of     Total    
                         Ordinary Shares   Ordinary     Ordinary     Holding   
                          held prior to     Shares     Shares held             
                         the Joint Offer   allotted     after to      % (1)    
                                           under the    the Joint              
                                          Joint Offer     Offer                
                                                                               
Philip Dunne                 337,605           -         337,605      0.545    
                                                                               
Ian Kirkpatrick               8,016          1,633        9,649       0.016    
                                                                               
Robert Owen                  115,703           -         115,703      0.187    
                                                                               
Alan Pedder CBE              56,887         13,612       70,499       0.114    

 1. Includes treasury shares
   
For further information please contact:

Michael Probin VCT Investor Relations ISIS EP LLP 020 7506 5796