Issue of Equity

Baronsmead VCT 3 PLC
02 April 2004

TO:             LONDON STOCK EXCHANGE, COMPANY ANNOUNCEMENTS

DATE:           2 April 2004

TITLE:          Issue of Equity







BARONSMEAD VCT 3 PLC

OFFER FOR SUBSCRIPTION

The Board of Baronsmead VCT 3 plc is pleased to announce that pursuant to an
Offer for Subscription, 289,563 Ordinary Shares at 10 pence per share have been
allotted and issued today at an offer price of 102 pence per Ordinary Share.


Trading in these additional shares is expected to commence on 5 April 2004 at
8.00am.


The total number of shares in issue is now 34,265,742.


For further information please contact:


                   David Thorp, ISIS Equity Partners plc:        0207 560 1100

                   Rhonda Nicoll, ISIS Asset Management plc:     0131 465 1000



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