Shareholder Initiative

Murray VCT 3 PLC
23 May 2005


23 May 2005
                                                                                         

                                MURRAY VCT 3 PLC


The Boards of Murray VCT, Murray VCT2 and Murray VCT3 ('the companies' or
'Murray VCTs') are aware that actions are being taken by a shareholder, Mr
Charles Clark ('the requisitionist') to try and encourage shareholder support
for changes he is proposing to board membership of the companies and potentially
thereafter to the management arrangements for the funds. This proposed
requisitionist action involves circulating shareholders with a letter seeking
shareholder support to introduce resolutions for changes to the Boards at the
companies' forthcoming AGMs and volunteering new board members to replace the
existing boards.


The boards were entirely unaware of this initiative until contacted by a
newspaper journalist. They have had no contact with the requisitionist. They
have insufficient information to determine the motivation and standing behind
this potentially hostile initiative.


The Boards of the VCTs are unanimous in recommending that shareholders take no
action in respect of this initiative. The Boards and their advisers will engage
with the proposed requisitionist as soon as is reasonably practical to ascertain
who is supporting the initiative, including providing briefings to the press,
what the requisitionist's ambitions are for potential changes to the companies
and what has given rise to such an unusual shareholder action, particularly as
there has been no prior engagement with the boards. The boards will then
circulate shareholders with the results of their investigations and board advice
(as they are bound to do under the provisions of the Listing Rules and the
Takeover Code), particularly where an attempt may be being made to obtain or
consolidate control of the companies.



For further information:

Gordon Beattie, Beattie Financial, Telephone: [phone]







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