Offer Update

22 February 2010

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OF
AMERICA.

                              Joint Announcement                               

                 Baronsmead VCT 3 plc and Baronsmead VCT 4 plc                 

   Supplementary Prospectus in relation to the Joint Offer for Subscription    

Baronsmead VCT 3 plc and Baronsmead VCT 4 plc ("the Companies") announce that
they have published a supplementary prospectus (the "Supplementary Prospectus")
relating to the joint offer for subscription for New Ordinary Shares of 10p
each in the capital of each of the Companies to raise, in aggregate, up to £16
million.

The Supplementary Prospectus refers to the publication of the Companies' annual
report and accounts (the "2009 Accounts") for their respective financial years
ended 31 December 2009, certain information from which is incorporated by
reference into the Supplementary Prospectus. In addition, the Supplementary
Prospectus discloses a revision to the intended subscription by one of the
directors of Baronsmead VCT 3 plc, and a proposed change to the board of
directors of Baronsmead VCT 3 plc to take effect in May 2010.

Copies of the Supplementary Prospectus and the 2009 Accounts have been sent to
the Document Viewing Facility of the Financial Services Authority, located at
25 The North Colonnade, Canary Wharf, London E14 5HS and will shortly be
available for inspection during normal business hours.

Copies of the Supplementary Prospectus and the 2009 Accounts are also available
free of charge from the following:

  * Baronsmead VCT 3 plc website: www.baronsmeadvcts.co.uk/vct3
   
  * Baronsmead VCT 4 plc website: www.baronsmeadvcts.co.uk/vct4
   
  * ISIS EP LLP, 100 Wood Street, London, EC2V 7AN, Telephone: [phone]
   
  * Execution Noble & Company Limited, the Old Truman Brewery, 91 Brick Lane,
    London E1 6QL, Telephone: [phone]
   
  * RAM Capital Partners, 74 Chancery Lane, London WC2A 1AD, Telephone: 020
    3006 7530
   
Contacts:

Barry Lawson, Secretary to the Companies: 020 7506 5652

Michael Probin, ISIS EP LLP: 020 7506 5796