Joint Offer Update

17 March 2010

                              Joint Announcement                               

                 Baronsmead VCT 3 plc and Baronsmead VCT 4 plc                 

                               ("the Companies")                               

     Joint Offer for Subscription to raise up to £16 million in aggregate      

                   by way of an issue of New Ordinary Shares                   

                              ("the Joint Offer")                              

                   Joint Offer Update - Close of Joint Offer                   

The Board of the Companies are pleased to announce that applications in respect
of the Joint Offer have been received for £16 million. As the Joint Offer is
fully subscribed it is now closed.

It is anticipated that the shares will be allotted on or before Thursday 25
March with respect to successful applications received between Monday 1 March
2010 and Wednesday 17 March 2010 (when the Joint Offer became fully
subscribed).

Michael Probin, ISIS EP LLP 0207 506 5796

Robin Smeaton, The City Partnership (UK) Limited 0131 243 7210

Barry Lawson, Secretary to the Companies 0207 506 5652

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