Half-yearly report.

(From Hugin)

Octopus Eclipse VCT 3 plc Half-Yearly Results

24 March 2010

Octopus Eclipse VCT 3 plc, managed by Octopus Investments Limited, today announces the Half-Yearly results for the six months ended 31 January 2010.

These results were approved by the Board of Directors on 24 March 2010.

You may view the Half-Yearly Report in full at www.octopusinvestments.com

by navigating to Services, Investor Services, Venture Capital Trusts, Octopus Eclipse VCT 3. All other statutory information will also be found there.

About Octopus Eclipse VCT 3 plc Octopus Eclipse VCT 3 plc ("Eclipse 3", "Fund" or "Company") is a venture capital trust ("VCT") which aims to provide shareholders with attractive tax-free dividends and long-term capital growth.

Eclipse 3 invests primarily in unquoted and AIM-quoted companies and aims to deliver absolute returns on its investments. Eclipse 3 was launched in August 2005 and raised approximately GBP29.1 million (GBP28.7 million net of expenses) through an offer for subscription. The Investment Manager is Octopus Investments Limited ("Octopus" or "Manager").

Eclipse 3 co-invests with the three other Eclipse funds which are all managed by the same investment team at Octopus. This is viewed as a benefit as it means Eclipse 3 will not only be able to invest in a wider range of opportunities but also in larger and more developed companies than are typically available to a single VCT.

Venture Capital Trusts (VCTs) VCTs were introduced in the Finance Act 1995 to provide a means for private individuals to invest in unlisted companies in the UK. Subsequent Finance Acts have introduced changes to VCT legislation. The tax benefits currently available to eligible new investors in VCTs include:

up-front income tax relief of 30%

exemption from income tax on dividends paid

exemption from capital gains tax on disposals of shares in VCTs

The Company has been provisionally approved as a VCT by HM Revenue & Customs.

In order to maintain its approval the Company must comply with certain requirements on a continuing basis. By the end of the Company's third accounting period at least 70% of the Company's investments must comprise 'qualifying holdings' of which at least 30% must be in eligible Ordinary shares.

A 'qualifying holding' consists of up to GBP1 million invested in any one year in new shares or securities in an unquoted company (including companies listed on AIM) which is carrying on a qualifying trade and whose gross assets do not exceed GBP7 million at the time of investment, and whose total number of employees is less than 50, also at the time of investment. The Company will continue to ensure its compliance with these qualification requirements.

Financial Summary

Six months to 28 Six months to 28 11-month period to February 2010 February 2009 31 July 2009 --------------------------------------------------------------------------------

Net assets (GBP'000s) 18,215 19,779 18,539

Net loss after tax (GBP'000s) 417 (2,640) (3,275)

Net asset value per share (NAV) 64.7p 67.6p 64.5p

Cumulative dividends since launch - paid and declared 8.7p 5.7p 7.2p --------------------------------------------------------------------------------

Chairman's Statement

I am pleased to present the half-yearly results for the six month period ended 31 January 2010.

It is encouraging to be able to report a modest positive total return (being the change in NAV plus cumulative dividends paid) for the six month period of 2.6%, comprising an increase in the NAV of 0.2p to 64.7p and dividends paid of 1.5p.

The main driver of this rise has been the recovery in the portfolio of investments during the period to 31 January 2010. It is encouraging that most companies have continued to make good progress since the half-year end.

The Fund is invested in 14 unquoted and 13 AIM-quoted companies. The Manager continues to focus on the existing portfolio which is being financially supported where appropriate. Limited new additions to the portfolio are envisaged …