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Sgr & Frdlndr AIM 3 (VICT)

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Wednesday 22 February, 2006

Sgr & Frdlndr AIM 3

Merger Update

Singer & Friedlander AIM 3 VCT PLC
22 February 2006


                                                                22 February 2006

                SINGER & FRIEDLANDER AIM 3 VCT PLC ('S&F 3 VCT')

                              COMPLETION OF MERGER

Further to the announcement on 21 February 2006, (i) the Court Orders
sanctioning the Scheme and confirming the reductions of share capital of S&F VCT
and S&F 2 VCT provided for by the Scheme have been delivered to the Registrar of
Companies and have been registered; and (ii) the New S&F 3 VCT Shares have been
admitted to listing on the Official List and to trading on the main market for
listed securities of the London Stock Exchange. The Scheme and the Merger have
now become effective and the entire issued share capital of S&F VCT and S&F 2
VCT is owned by S&F 3 VCT.

S&F VCT Shareholders on the register at the Scheme Record Time, being 6.00 p.m.
on 21 February 2006, will receive 0.419882 New S&F 3 VCT Shares for each S&F VCT
Share held by them at such time. S&F 2 VCT Shareholders on the register at the
Scheme Record Time, being 6.00 p.m. on 21 February 2006, will receive 0.737882
New S&F 3 VCT Shares for each S&F 2 VCT Share held by them at such time. The
aggregate entitlement of each S&F VCT Shareholder and each S&F 2 VCT Shareholder
to New S&F 3 VCT Shares will be rounded down to the nearest whole number of such
shares. Entitlements to New S&F 3 VCT Shares have been determined in accordance
with the Schedule to the Scheme set out in Part V of the circulars to
shareholders of S&F VCT and S&F 2 VCT dated 11 January 2006. In total,
21,280,696 New S&F 3 VCT Shares are being allotted and issued to S&F VCT
Shareholders and S&F 2 VCT Shareholders pursuant to the Merger and, following
such shares' issue, there will be a total of 52,398,576 S&F 3 VCT Shares in
issue.

Shareholders holding S&F VCT Shares or S&F 2 VCT Shares in certificated form
will be issued New S&F 3 VCT Shares in certificated form. Definitive
certificates for such New S&F 3 VCT Shares are expected to be despatched by no
later than 8 March 2006. Shareholders holding S&F VCT Shares or S&F 2 VCT Shares
in uncertificated form will be issued New S&F 3 VCT Shares in uncertificated
form (S&F 3 VCT reserves the right, however, to issue all or part of the New S&F
3 VCT Shares in certificated form). It is expected that CREST stock accounts
will be credited with entitlements to New S&F 3 VCT Shares today.

The directors of S&F 3 VCT accept responsibility for the information contained
in this announcement. To the best of the knowledge and belief of the S&F 3 VCT
directors (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.

Terms used in this announcement have the meanings set out in the circular to
shareholders dated 11 January 2006.

Enquiries:

Singer & Friedlander Investment Management Limited
Andrew Banks
Tel: 020 7523 5540




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