Oxford Technology 3 Venture Capital Trust PLC
Interim Statement
For the period 1 March 2014 to 31 August 2014

Statement on behalf of the Board

Shareholders will be aware from our announcement on 12 September 2014 that we have had confirmation that we continue to retain VCT status. This closes a period of uncertainty for shareholders and now enables the new Board of Directors and Manager to refocus on maximising shareholder value. The net assets per share as at 31 August 2014 were 98p compared to 100p as at 31 August 2013 and 98p as at 28 February 2014.

OT3 owns 4,425,920 shares in Scancell.  These shares were valued at 33p in the accounts, as at 31 August 2014. Scancell has a vaccine for skin cancer in clinical trials.  Early indications on animals are that when Scancell's vaccine is used in combination with checkpoint inhibitors, the success rate for the treatment rises from around 50% to around 85%. If this is borne out by future trials, then Scancell's value may increase significantly.  Glide remains on track for a proof of concept clinical trial in 2015. Although Ixaris sales are increasing they are currently below budget which has led us to take a more conservative view on valuation. Abzena, formerly Polytherics, floated on AIM in July at an increase over our previous valuation.  Telegesis is profitable and cash generating and its sales are rising steadily.

The Board has reviewed the policy for accounting for future performance fees as announced at the AGM and have accrued £141k based on the total return position at 31 August 2014.

On behalf of the Board
Robin Goodfellow - Chairman

Unaudited Financial Information

Profit and Loss Account for the Period	Six months to 31 Aug 14 £'000	Six months to 31 Aug 13 £'000	Year to 28 Feb 14 £'000
Profit on disposal of assets held at fair value	-	36	73
Unrealised gain on fair value of investments	235	244	167
Other income	-	-	2
Other expenses	(232)	(88)	(172)
Profit on ordinary activities before tax	_____   3	_____   192	_____   70
Tax on profit/(loss) on ordinary activities	-	-	-
	_____	_____	_____
Profit on ordinary activities after tax	3	192	70
	_____	_____	_____
Earnings per Share	0.0p	2.8p	1.0p
	_____	_____	_____

                                                                                       

Historic Cost Profits and Losses Note	Six months to 31 Aug 14 £'000	Six months to 31 Aug 13 £'000	Year to 28 Feb 14 £'000
Profit for the financial period	3	192	70
Unrealised (gain) on fair value of investments	(235)	(244)	(167)
(Profit) on disposal of investments held at fair value	-	(36)	(73)
Profit/(loss) on disposal of investments held at historical value	5	36	(336)
	_____	_____	_____
Historical cost (loss) before tax	(227)	(52)	(506)
	_____	_____	_____
Historical cost (loss) after tax	(227)	(52)	(506)
	_____	_____	_____

Summarised Balance Sheet	31 Aug 14 £'000	31 Aug 13 £'000	28 Feb 14 £'000
Investments held at fair value	6,676	6,510	6,405
Net current assets	263	283	265
Creditors: amounts falling due  > 1 year	(266)	-	-
Net assets	_____   6,673	_____   6,793	_____   6,670
	_____	_____	_____

                                                                                       

Capital and Reserves
Called up share capital	679	679	679
Share premium	719	719	719
Profit and loss account	821	1,504	1,048
Revaluation reserve	4,454	3,891	4,224
Shareholders' funds	_____   6,673	_____   6,793	_____   6,670
	_____	_____	_____
Net asset value per share	98p	100p	98p
	_____	_____	_____

                                                                                       

Reconciliation of Movements in   Shareholders' Funds for the Period	Six months to 31 Aug 14 £'000	Six months to 31 Aug 13 £'000	Year to 28 Feb 14 £'000
Shareholders' funds at the start of period	6,670	6,600	6,600
Return on ordinary activities after tax	3	193	70
Shareholders' funds at the end of the period	_____   6,673	_____   6,793	_____   6,670
	_____	_____	_____

                                                                                       

Cash Flow Statement for the Period	Six months to 31 Aug 14 £'000	Six months to 31 Aug 13 £'000	Year to 28 Feb 14 £'000
Net cash (outflow) from operating activities	(89)	(151)	(212)
Capital expenditure and financial investment      Purchase of investments      Disposal of investments	- -	(32) 88	(85) 222
	_____	_____	_____
Net cash inflow from capital expenditure and financial investment	-	56	137
	_____	_____	_____
(Decrease) in cash	(89)	(95)	(75)
	_____	_____	_____

Notes to the Unaudited Financial Information

1   The financial information for each of the interim periods ended 31 August 2014 and 31 August 2013 is unaudited and does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared using accounting policies consistent with those set out in the company's statutory accounts for the year ended 28 February 2014. The financial information for the year ended 28 February 2014 has been extracted without material adjustment from the company's statutory accounts for that period which contained an unqualified audit report and which have been filed with the Registrar of Companies. 

2   The calculation of earnings per share for the period is based on the return attributable to shareholders divided by the weighted average number of shares in issue during the period.

3   Listed investments are stated at market value based upon bid prices at the accounting period end.  The unrealised depreciation or appreciation on the valuation of investments are dealt with in the revaluation reserve.

4   Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company's Registered Office.

      Registered Office :  Magdalen Centre, Oxford Science Park, Oxford OX4 4GA
        Board Directors :  Robin Goodfellow and Richard Vessey              
Investment Manager :  Oxford Technology Management Ltd