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Murray VCT 3 PLC (MYV)

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Thursday 07 April, 2005

Murray VCT 3 PLC

Change of Manager

Murray VCT 3 PLC
07 April 2005


                                Murray VCT 3 plc


                               Change of Manager


Further to recent announcements, the Board of Murray VCT 3 plc (the 'Company')
announces that following discussions with Murray Johnstone Limited as of
midnight on 6 April 2005 Close Venture Management Limited ('Close') has assumed
portfolio management and company secretarial responsibility for the Company.


On 6 April 2005, the Company reached agreement with Murray Johnstone for an
early handover of the management of the portfolio to Close. The Company has
agreed to pay Murray Johnstone the fees that they would otherwise have been
entitled to up to 8 August 2005 being the date upon which the original notice of
termination would have expired together with certain payments due on
termination.


Key features of the new Management Agreement with Close are as follows:-


Term: the new Management Agreement operates for an initial 12 month period and
is thereafter capable of being terminated by 12 months' notice given by either
the Company or Close. It also contains provisions regarding termination for
material breach. In addition, inter alia, the Company has the right to terminate
with immediate effect subject to the payment of fees in lieu of notice.


Fees: Close will be entitled to an annual fee of 1.75% of the Company's net
asset value. In addition, Close will be entitled to an incentive fee calculated
annually as 20% of the amount by which the actual growth in NAV (together with
revenue and capital dividends) exceeds the target growth in NAV of not less than
the Royal Bank of Scotland's base rate plus 2%. Close are also entitled to
receive an administration and secretarial fee of £50,000 per annum.


In addition, the Company and Close (and various other funds managed or advised
by Close) have agreed that co-investment will take place with effect from 16 May
2005 (or earlier depending on certain matters) on, inter alia, a basis which
relates to cash available across, inter alia, the whole of Close's venture
capital trust portfolio.



Media inquiries:


Beattie Communications - Derek Douglas - 01324 602550






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