Interim Management Statement

    Interim Management Statement
             



Eclipse VCT 3 plc ("Eclipse 3" or "Fund")

Interim Management Statement
For the period from 1 September 2007 to 31 December 2007

In accordance with Rule 4.3 of the UK Listing Authority's  Disclosure
and Transparency  rules,  Eclipse  VCT  3  plc  presents  an  Interim
Management Statement for the period  1 September 2007 to 31  December
2007.   The statement  also includes  relevant financial  information
between the end of the period and the date of this statement.

Financial highlights


                               As at 31 December 2007 As at 31 August
                                                                 2007

Total net assets                               £29.0m          £29.8m
Net asset value per share                       98.2p          101.1p
Share price                                     80.0p           85.0p
Discount to Net Asset Value                     18.5%           15.9%
("NAV")


Investment performance

The unaudited NAV per share on  31 December 2007 was 98.2p,  slightly
down on  the year  end NAV  of 101.1p.  By value,  the portfolio  was
approximately 45% invested in unquoted companies and 17% invested  in
AIM-quoted companies,  with  the  balance invested  in  money  market
securities and cash.  Revaluations in the unquoted portfolio have led
to an overall uplift of £92,000, but due to volatility and a downturn
in the AIM  market, this reduced  the value of  the AIM portfolio  by
£949,000.  As described in more detail below, NPI Media Group Limited
was sold for  a loss.   The  net loss realised  for the  Fund in  the
period was £922,000.

Investment Activity

Eclipse 3  has  made  four new  qualifying  investments  in  unquoted
companies since the year end.  £2.0 million was invested in The Grill
Group Limited,  £1.6  million  in The  History  Press  Limited,  £1.3
million in  Bruce  Dunlop  Associates and  finally  £1.0  million  in
Tristar Worldwide  Chauffeur  Services Limited.    There was  also  a
follow-on investment of £209,300 in Promotion Space Limited.

The investment in The History Press Limited is a new vehicle in which
all the Eclipse  funds invested, set  up to acquire  NPI Media  Group
Limited through  a  restructuring process.  In  addition,  guarantees
totalling £1.9  million  (Eclipse  3 -  £519,000)  were  provided  to
support working capital  facilities. NPI had  performed poorly  since
the initial  investment and  had been  particularly impacted  by  its
printing operations.  Through the restructuring process, initiated by
Octopus, The History Press only  acquired the publishing assets  from
NPI and we  believe that this  will make a  more robust and  exciting
investment for the  future.   Through the new  investment, Eclipse  3
realised just under half its original investment in NPI, the  balance
being written off.  A considerable  amount of time has been put  into
this investment by Octopus, and this has included the recruitment  of
a new management team.

The Fund has also  invested in three  new qualifying AIM  investments
since the year  end.  These  were £500,000 in  Plastics Capital  plc,
£350,000 in Myhome plc and £195,000  in Optimisa plc.  The Fund  also
fully disposed of  the investment  in BBI Holdings  plc, realising  a
profit of £63,000.

On a less positive note a further provision has been made against the
investment Red-M Group which Octopus consider to be prudent.

The total value of the investment  portfolio at 31 December 2007  was
£28.7 million.

Ten largest qualifying holdings


Company             Investment    Carrying        Percentage of total
                         class value £'000              investments*
The Grill Group
Limited               Unquoted       1,954                       6.9%
The History Press
Limited               Unquoted       1,604                       5.6%
Bruce Dunlop
Associates            Unquoted       1,250                       4.4%
Gyro International
Limited               Unquoted       1,145                       4.0%
Sweet Cred Holdings
Limited               Unquoted       1,000                       3.5%
T4 Holdings Limited   Unquoted       1,000                       3.5%
Tristar Worldwide     Unquoted       1,000                       3.5%
CSL DualCom Limited   Unquoted         986                       3.4%
Tanfield Group plc  AIM-quoted         913                       3.2%
Adrenalin Design
Limited               Unquoted         905                       3.2%

* including cash and money market securities

Dividends

As stated in the annual report to 31 August 2007, a dividend of  1.5p
per share will  be paid on  19 February 2008  to shareholders on  the
register on 25 January 2008.   This takes total dividends paid  since
launch to 2.2p.

Investment objective

Eclipse  3  invests  in  a  diversified  portfolio  of  unquoted  and
AIM-quoted UK companies  with the intention  of providing  attractive
tax-free dividends and long-term capital growth to its investors.

Material events and transactions

The Fund's board is not aware of any significant event or transaction
which has occurred between the 1 January 2008 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:
Octopus Investments Limited - 020 7710 2800


ENDS

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