Result of Equity Issue

Baronsmead VCT 3 PLC
26 April 2002


TO:           RNS

FROM:          BARONSMEAD VCT 3 PLC

DATE:          26 April 2002

TITLE:          Results of Equity Issue


BARONSMEAD VCT 3 PLC

OFFER FOR SUBSCRIPTION

The Board of Baronsmead VCT 3 plc is pleased to announce that pursuant to the
Offer for Subscription to existing shareholders which closed on 28 March 2002, a
further 2,705 Ordinary Shares at 10 pence per share have been allotted and
issued. The offer price was 99 pence per Ordinary Share. This brings the total
number of Ordinary Shares issued under the Offer for Subscription to 276,447.

Trading in these additional shares is expected to commence on 29 April 2002 at
8.00am.

The total number of shares in issue is now 33,500,146.


For further information please contact:


David Thorp, ISIS Capital plc:               0207 560 1100

Rhonda Nicoll, Friends Ivory & Sime plc :    0131 465 1000


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