Director Shareholding

Northern 2 VCT PLC
03 December 2004


Northern 2 VCT PLC (the 'Company')

Director Shareholding

Further to the Issue of Equity announcement released earlier today, of the
329,958 ordinary shares allotted today under the terms of the Company's Dividend
Investment Scheme, 7,891 ordinary shares were allotted to Mr A M Conn, a
director of the Company at a price of 92.5p per share.  As a result of this
allotment, Mr Conn currently has a beneficial interest in 107,891 ordinary
shares of 5p each in the Company representing 0.24% per cent of the enlarged
issued share capital.

In addition, 7,891 ordinary shares were allotted to Dr M W Ridley, a director of
the Company at a price of 92.5p per share.  As a result of this allotment, Dr
Ridley currently has a beneficial interest in 207,891 ordinary shares of 5p each
in the Company representing 0.47% per cent of the enlarged issued share capital.

In addition, 3,945 ordinary shares were allotted to Mr F L G Neale, a director
of the Company at a price of 92.5p per share.  As a result of this allotment, Mr
Neale currently has a beneficial interest in 53,945 ordinary shares of 5p each
in the Company representing 0.12% per cent of the enlarged issued share capital.

END




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