Interim Management Statement

Octopus Apollo VCT 3 PLC (formerly Octopus Protected VCT PLC)
Interim Management Statement

28 October 2010

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and
Transparency rules, Octopus Apollo VCT 3 plc ("Apollo 3" or "Fund") presents an
Interim Management Statement for the period 1 August 2010 to 30 September
2010.  The statement also includes relevant financial information between the
end of the period and the date of this statement.

Financial Summary

+-----------------------------+-------------------------+----------------------+
|                             | 8 months to 30 September|   6 months to 31 July|
|                             |                     2010|                  2010|
+-----------------------------+-------------------------+----------------------+
|                             |                         |                      |
+-----------------------------+-------------------------+----------------------+
|Net assets (£'000s)          |                   23,925|                24,015|
+-----------------------------+-------------------------+----------------------+
|Net profit/(loss) after tax  |                         |                      |
|(£'000s)                     |                    (179)|                  (89)|
+-----------------------------+-------------------------+----------------------+
|Net asset value per share    |                         |                      |
|("NAV")                      |                    87.9p|                 88.3p|
+-----------------------------+-------------------------+----------------------+
|Cumulative dividends paid    |                         |                      |
|since launch                 |                     7.5p|                  7.5p|
+-----------------------------+-------------------------+----------------------+
|NAV plus cumulative dividends|                         |                      |
|paid                         |                    95.4p|                 95.8p|
+-----------------------------+-------------------------+----------------------+

Investment performance
At 30 September 2010 the NAV plus cumulative dividends paid of the Fund was
95.4p, which compares to 95.8p at 31 July 2010.  The performance of the Fund has
been relatively stable in the period under review, due to a proportion of its
assets being held in cash and cash equivalent securities, and because there have
been no changes in the valuations of the companies in its portfolio.

During the period under review, the cash invested into Vulcan Services II
Limited was deployed into Bluebell Telecom Limited, a company providing
landline, mobile and data solutions to businesses.

Top Ten Unquoted Qualifying Investment Portfolio by Value as at 30 September
2010

+------------------------+------------------+------------------+---------------+
|                        |                  |    Carrying value|               |
|Company                 |  Investment class|             £'000|% of Net Assets|
+------------------------+------------------+------------------+---------------+
|Salus Services 1 Limited|        Care homes|             2,000|           8.4%|
+------------------------+------------------+------------------+---------------+
|Bluebell Telecom Limited|Telecommunications|             2,000|           8.4%|
+------------------------+------------------+------------------+---------------+
|Pubco Services Limited  |Restaurants & bars|             2,000|           8.4%|
+------------------------+------------------+------------------+---------------+
|Greenco Services Limited|     Environmental|             2,000|           8.4%|
+------------------------+------------------+------------------+---------------+
|Clifford Thames Group   |                  |                  |               |
|Limited                 |        Automotive|             2,000|           8.4%|
+------------------------+------------------+------------------+---------------+
|Bruce Dunlop &          |                  |                  |               |
|Associates International|                  |                  |               |
|Limited                 |             Media|             1,018|           4.3%|
+------------------------+------------------+------------------+---------------+
|Tristar Limited         |Chauffeur services|             1,000|           4.2%|
+------------------------+------------------+------------------+---------------+
|Diagnos Limited         |        Automotive|             1,000|           4.2%|
+------------------------+------------------+------------------+---------------+
|CSL DualCom Limited     |  Security devices|             1,000|           4.2%|
+------------------------+------------------+------------------+---------------+
|Businessco Services 2   |                  |                  |               |
|Limited                 | Business services|             1,000|           4.2%|
+------------------------+------------------+------------------+---------------+


Dividends
For the period ended 31 July 2010, the Board declared a dividend of 1.5p per
share. This dividend will be paid on 29 October 2010 to those shareholders who
are on the register on 8 October 2010.

Material events and transactions
The Fund's Board is not aware of any other significant event or transaction
which has occurred between the 1 October 2010 and the date of publication of
this statement which would have a material impact on the financial position on
the Fund.

For further information please contact:
Stuart Nicol - Fund Manager
Octopus Investments Limited - 0800 316 2347

ENDS


[HUG#1456491]








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Source: Octopus Apollo VCT 3 plc via Thomson Reuters ONE