Completion of merger

Crown Place VCT PLC
13 January 2006


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO
AUSTRALIA, CANADA, JAPAN, OR THE UNITED STATES OF AMERICA. THIS ANNOUNCEMENT
DOES NOT CONSTITUTE OR FORM PART OF AN OFFER TO SELL, PURCHASE, EXCHANGE OR
SUBSCRIBE FOR ANY SECURITIES OR SOLICITATION OF SUCH AN OFFER IN THE UNITED
STATES OF AMERICA OR ANY OTHER JURISDICTION. THE SECURITIES REFERRED TO IN THIS
ANNOUNCEMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, AND WILL NOT BE OFFERED OR SOLD IN THE
UNITED STATES EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION

13 January 2006

Crown Place VCT PLC (formerly Murray VCT 3 PLC) ('the Company')
Completion of Merger

Merger Effective

Further to the announcements made by the Company, Murray VCT PLC and Murray VCT
2 PLC on 12 January 2006, the Directors are pleased to announce that, following
satisfaction of all conditions of the Merger, the Merger becomes effective
today. The New Shares have been admitted to the Official List and dealings in
the New Shares commenced on the London Stock Exchange's market for listed
securities at 8:00 am today.

Following the Merger, the aggregate number of VCT 3 Shares in issue is
86,099,873 (including 3,702,781 held in Treasury).

CREST accounts in respect of New Shares issued to former holders of VCT Shares
and VCT 2 Shares are expected to be credited today and certificates in respect
of New Shares in certificated form are expected to be dispatched by 27 January
2006.

Name Change

The change in the name of Murray VCT 3 PLC to 'Crown Place VCT PLC' has become
effective and the Company's ticker symbol is 'CRWN'.

Changes to the Board

Each of Peter Timms, James Cooper and Alexander Mair has resigned as a director
of the Company. Andrew Cubie will remain on the Board of the Company. Each of
Patrick Crosthwaite, Vikram Lall, Rachel Beagles and Geoffrey Vero has been
appointed as a non-executive director of the Company with immediate effect Mr.
Crosthwaite has been appointed as chairman. Further details relating to the
Directors can be found in the Prospectus sent to shareholders on 18 November
2005.

Amendments to Management Agreement

The amendments to the Management Agreement detailed in the Company's Circular
dated 18 November 2005 (the 'Circular') have today become effective.

The definitions set out on pages 6 to 9 of the Circular shall, unless the
context requires otherwise, bear the same meanings in this announcement.


Enquiries

Patrick Reeve 020 7422 7830
Emil Gigov 020 7422 7830
Close Venture Management Limited

Todd Nugent 0131 266 7011
Noble Grossart Limited, financial advisers to the Company

John West 020 7920 3150
Clemmie Carr
Tavistock Communications

The directors of the Company accept responsibility for the information relating
to the Company and its directors in this document. To the best of the knowledge
and belief of such directors (who have taken all reasonable care to ensure that
such is the case), the information relating to the Company and its directors
contained in this document, for which they are solely responsible, is in
accordance with the facts and does not omit anything likely to affect the import
of such information.

Noble Grossart Limited is acting exclusively for the Company and for no one else
in connection with the matters described herein and will not be responsible to
anyone other than the Company for providing the protections afforded to clients
of Noble Grossart Limited nor for providing advice in relation to the matters
described herein.

Details of the current and past directorships and partnerships of Patrick
Crosthwaite are as follows:

Present directorships and               Past directorships and partnerships:
partnerships

Tonbridge Services Limited              Carr Sheppards Crosthwaite Limited
Tonbridge School                        Bell Nominees Limited
St. Augustine's Chapel Charity          HCL Nominees Limited
                                        Mayflower Management Company Limited
                                        R. & R. Nominees Limited
                                        Tudor Nominees Limited
                                        Henderson Crosthwaite Holdings
                                        Limited
                                        Henderson Crosthwaite (Old) Limited
                                        Henderson Crosthwaite Trustees
                                        Limited
                                        Fenn Nominees Limited
                                        Gerrard Investment Management Limited

Details of the current and past directorships and partnerships of Rachel Beagles
are as follows:

Present directorships and partnerships    Past directorships and partnerships:

Business and Education London South                                          -
Newlon Housing Trust

Details of the current and past directorships and partnerships of Geoffrey Vero
are as follows:

Present directorships and partnerships    Past directorships and partnerships:

Govern Finance Limited                    Thos. Storey (Engineers) Limited
Westcane Limited                          Kennford Properties Limited
Mill Hill School Foundation               Beaumont Industries Limited*
Mill Hill School Enterprises              EURAC Limited
Numis Corporation PLC                     Optoplast Limited
Akers Biosciences, Inc                    ABN AMRO Capital Limited
EPIC Reconstruction plc                   Chamberlain Plastics Limited
                                          CAL Group Limited
                                          CAL Group Services Limited
                                          Medihealth Limited
                                          OLD CAL Limited
                                          ABN AMRO Quoted Investments
                                          (UK) Limited
                                          Modular Stock Limited
                                          Numis Securities Limited




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