Net Asset Values and Allotment Procedures

23 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")                              

                   Net Asset Values and Allotment Procedures                   

Net Asset Values

The Boards of the Companies announce that the net asset values of their
Ordinary shares as at 12 March 2010 were as follows:

  * Baronsmead VCT 3 plc - 98.53p per share
   
  * Baronsmead VCT 4 plc - 91.65p per share
   
These net assets values will be used to determine the Offer Price for the Final
Allotment.

Final Allotment

It is anticipated that the shares will be allotted on Tuesday 23 March 2010
with respect to successful applications received between Monday 1 March 2010
and Wednesday 17 March 2010 when the Joint Offer became fully subscribed.

Offer Price per New Ordinary Share for the Final Allotment

Based on the net asset values as at 12 March 2010, Offer Prices of New Ordinary
Shares to be allotted in the Final Allotment will be 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 18th January 2010, the Offer Prices at
which the New Ordinary Shares will be allotted in each Company have been
calculated separately on the basis of the following formula (the "Pricing
Formula"):

Latest published net asset value of an existing Ordinary Share (NAV) 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 for the Final Allotment          

                                    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)                                                                          

Allotment Procedure

The amount of an investor's subscription will be split into two equal monetary
amounts, for example an investment of £20,000 will be split so that £10,000
will be invested in each Company. The following worked example shows how the
number of New Ordinary Shares that would be allotted to an investor who
subscribes £20,000 in the Joint Offer in time for the Final Allotment is
calculated. In the example below the allotment ignores any additional New
Ordinary Shares that may be allotted if an authorised financial adviser has
waived some or all of the introductory commission that would otherwise be due
to them and requested that this waived commission be reinvested in additional
shares for the benefit of their client.

      Worked Example of a subscription of £20,000 in the Final Allotment       

                                    Baronsmead VCT 3 plc  Baronsmead VCT 4 plc 
                                                                               
Amount allocated                           £10,000               £10,000       
                                                                               
Offer Price (pence per share)              104.50                 97.00        
                                                                               
Number of New Ordinary Shares*              9,569                10,309        

*Rounded down to the nearest whole share

Expected Timetable

The Final Allotment is due to take place on 23 March 2010. Share and tax
certificates are due to be sent to investors within ten business days of the
allotment of shares. Authorised financial advisers to whom introductory
commission is payable should expect to receive payment within ten business days
of the allotment of shares together with a statement showing how the commission
due to them has been calculated. If investors or advisers have any questions
about the allotment of New Ordinary Shares or the payment of introductory
commission they should contact The City Partnership (UK) Limited on 0131 243
7210 (no investment advice can be given).

Dealings in New Ordinary Shares will commence three business days after
allotment.

For further information please contact:

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