Intention to Launch a Joint Offer for Subscription

Announcement of Intention to Launch a Joint Offer for Subscription to Raise, in
aggregate, the Sterling Equivalent of up to €20 million

The Directors of Baronsmead VCT 3 plc are pleased to announce that they intend
to launch a joint top-up offer with Baronsmead VCT plc, Baronsmead VCT 2 plc
and Baronsmead VCT 4 plc ("the Companies" and each a "Company") to raise, in
aggregate, the sterling equivalent of up to €20 million (approximately £17.5
million) before expenses (the "Joint Offer"). It is anticipated that each
Company participating in the Joint Offer will seek to raise a maximum of the
sterling equivalent of €5 million (approximately £4.38m) before expenses
pursuant to existing shareholder authorities.

Funds raised under the Joint Offer will be used by each of the Companies to
make investments in accordance with their existing investment policies,
maintain liquidity and enable payment of dividends and costs without reducing
the overall amounts available for investment.

It is intended that the subscription document for the Joint Offer, which will
contain the full terms and conditions, will be available in late November / early 
December 2011.

For further information contact:

Michael Probin VCT Investor Relations ISIS EP LLP: 020 7506 5796