Transaction in Own Shares

| Source: Downing THREE VCT plc Downing THREE VCT plc

Downing Protected VCT III plc
Transaction in own shares
29 May 2008
 
Downing Protected VCT III plc announces that on 29 May 2008, the Company purchased 20,250 Ordinary shares of 1p each for cancellation representing 0.20% of the issued share capital at a price of 77p per share.