TIDMOTV3 
 
Octopus Titan VCT 3 plc 
Interim Management Statement 
 
16 September 2011 
 
In accordance with Rule 4.3 of the UK Listing Authority's Disclosure and 
Transparency rules, Octopus Titan VCT 3 plc ('Titan 3' or 'VCT') presents an 
Interim Management Statement for the period 1 May 2011 to 31 July 2011.  The 
statement also includes relevant financial information between the end of the 
period and the date of this statement. 
 
Financial Summary 
                                                                As at 31 October 
                      As at 31 July 2011 As at 30 April 2011                2010 
=------------------------------------------------------------------------------- 
 
 
Net assets ( GBP'000s)               19,355              19,309              19,607 
 
Return after tax                   (236)               (282)               (683) 
( GBP'000s) 
 
Net asset value per                95.6p               95.3p               96.7p 
share (NAV) 
 
Investment performance 
At 31 July 2011 the NAV of the VCT was 95.6p, which compares to 95.3p at 30 
April 2011. The performance of the VCT has been relatively stable in the period 
under review and there have been no valuation movements in the unquoted 
portfolio. The main drivers for the slight increase in the NAV were the VCT's 
investments in the Open Ended Investment Companies ('OEICs'). These have seen an 
uplift in value of 0.7% (Absolute UK Equity Fund) and 3.5% (UK Micro Cap Growth 
Fund) over the 3 months to 31 July 2011. 
 
Titan 3 has continued to invest at a steady rate over the last three months as 
the deadline for reaching the 70% qualifying investment level approaches. Since 
30 April 2011, the VCT has invested  GBP493,000 into Applied Superconductor, a 
specialist developer and producer of high efficiency devices for utility and 
industry electrical networks, which brings the total portfolio to 28 companies. 
In addition, follow-on investments were made into GetOptics, True Knowledge and 
MiPay of  GBP37,000,  GBP210,000 and  GBP73,000 respectively.  We remain confident that 
Titan 3 will reach the 70% level by the end of October. 
 
The total value of the investment portfolio at 31 July 2011 was  GBP19.4 million. 
By value, 54.5% of the VCT's net assets are in unquoted investments, 2.9% in 
AIM-quoted investments and 30.7% in Octopus OEICS, leaving 11.9% currently in 
cash or cash equivalents. 
 
Since the period end there have been a number of events that have affected the 
stock market and in turn the valuations of the OEIC and AiM investments.  At 12 
September 2011 the bid value of these investments had decreased by  GBP435,000 
since 31 July 2011 which represents a reduction in NAV of 2.1p per share. 
 
A full update will be provided in the Annual Report for the year ending 31 
October 2011. 
 
Top Ten Qualifying Investments by value as at 31 July 2011 
 
Company                                             Carrying value    % of total 
                       Sector                                 GBP'000    net assets 
=------------------------------------------------------------------------------- 
True Knowledge Limited Media                                 1,427          7.4% 
 
Zoopla Limited         Media                                 1,378          7.1% 
 
Nature Delivered       Consumer lifestyle & 
Limited                wellbeing                               853          4.4% 
 
Mi-Pay Limited         Telecommunications                      549          2.8% 
 
e-Therapeutics plc     Consumer lifestyle & 
                       wellbeing                               545          2.8% 
 
Calastone Limited      Technology                              520          2.7% 
 
Vega-Chi Limited       Technology                              500          2.6% 
 
Applied Superconductor 
Limited                Technology                              493          2.5% 
 
Curlet (UK) Limited    Technology                              450          2.3% 
 
AQS Group Limited      Environmental                           421          2.2% 
 
 
 
Material events and transactions 
Titan 3's Board is not aware of any other significant event or transaction which 
has occurred between 1 August 2011 and the date of publication of this statement 
which would have a material impact on the financial position of the VCT. 
 
For further information please contact: 
Alex Macpherson- Fund Manager 
Octopus Investments Limited - 0800 316 2295 
 
ENDS 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Octopus Titan VCT 3 PLC via Thomson Reuters ONE 
 
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