Manager Change

Murray VCT 3 PLC
08 February 2005


Embargoed for: 07.00 a.m. 8 February 2005

                 Murray VCT 3 PLC and Close Venture Management

The Board of Murray VCT 3 PLC is pleased to announce that Close Venture
Management has agreed to take over the management of the portfolio. The Board
also announces that it has served notice terminating its management agreement
with Murray Johnstone Limited in six months' time, or earlier if agreement for a
shorter notice period is reached with Murray Johnstone Limited.

Similar announcements are being made at the same time by the Boards of Murray
VCT PLC, Murray VCT 2 PLC and Murray VCT 4 PLC.

The Murray VCT Boards have each come to their decisions individually but each of
the companies operate in accordance with a co-investment arrangement which
regulates the allocation of funds each invests in investee companies. More than
two thirds of the investee companies in which the Murray VCT funds are invested
are co-invested between two or more of the Murray VCT companies.

The failed management buy out of part of the Aberdeen group's private equity and
investment business by its senior executives, which was abruptly terminated at
the end of September 2004, caused each of the Murray VCT Boards (as they are in
any event required to do) to review Murray Johnstone's performance and to
consider, as they should, alternatives available from other service providers.

Given Close Venture Management's willingness to accept the appointment as
manager of each of the Murray VCT companies and to co-invest on a basis which
relates to cash available across the whole of Close's venture capital trust
portfolio, each of the Boards reached its own unanimous conclusion that
shareholders' interests would undoubtedly be best served by appointing Close
Venture Management to manage the Murray funds under the terms of a new
co-investment agreement which will be implemented as soon as management of the
funds moves to the new manager.

Details of the change of manager and of a special resolution of the Company to
change the name of the Company to Crown Place VCT 3 PLC will be circulated to
shareholders in due course.

Commenting upon the proposed change Peter Timms, Chairman of Murray VCT 3, said,
'I am delighted that we have been able to secure the appointment of Close
Venture Management as manager of our funds. Close has an excellent reputation
and its record as a manager of venture capital trusts speaks for itself. The
move to Close Venture Management will bring to an end a period of uncertainty
for Murray VCT 3 and the board is confident the appointment should bring
significant benefits in terms of shareholder value in the medium term'.


Patrick Reeve, Managing Director of Close Venture Management, added: 'We were
very pleased to be asked to take over the management of the Company. Close
Brothers has a strong commitment to venture capital trusts and we look forward
to working with the Board to improve shareholder value.'

For further information please visit www.closeventures.co.uk or contact:

Murray VCT 3 PLC      Close Venture Management     Tavistock Communications
Peter Timms           Patrick Reeve/Emil Gigov     John West /
Chairman              Managing Director/Director   Clemmie Carr
Tel: [phone]     Tel: [phone]           Tel: [phone]





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