Interim Management Statement

13 MAY 2010

NORTHERN 2 VCT PLC

INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 APRIL 2010

Northern  2 VCT  PLC  presents  its  interim  management statement for the three
months  ended  30 April  2010.  This  constitutes  the  company's  first interim
management  statement for the financial year ending 31 January 2011, as required
by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

The  unaudited net asset value per ordinary share as at 30 April 2010 was 78.9p
(31  January  2010 (audited)  77.9p).  The  net  asset  value  is  stated before
deducting  the final dividend of 3.5p per share in respect of the year ended 31
January  2010, which was approved by shareholders  at the annual general meeting
on 13 May 2010 and will be paid to eligible shareholders on 4 June 2010.

The  number of ordinary shares in issue at 30 April 2010 was 56,703,761.  During
the  three months  ended 30 April  2010 no new  ordinary shares  were issued and
200,000 shares  were re-purchased by the company  for cancellation at a price of
62p per share.

For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 30 April 2010 and unquoted
investments are carried at fair value as at 30 April 2010 as determined by the
directors.

During the three months ended 30 April 2010 the following significant investment
transactions took place (companies unquoted except where otherwise indicated):

New investments:

                                                                          Amount
Name of company                    Business activity                    invested
                                                                            £000

Lanner Group Limited               Developer of business process             772
                                   simulation software

Kerridge Commercial Systems        Developer of software for the           1,740
Limited                            distribution sector

RCC Lifesciences Limited           Acquisition of pharmaceutical and         995
                                   medical devices businesses

Ingleby (1840) Limited             Investment in manufacturing and           995
                                   industrial applications



Realisations:

None.

The directors are not aware of any other events or transactions which have taken
place between 31 January 2010 and the date of publication of this statement and
which have had a material effect on the financial position of the company.

Enquiries:
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000

Website:  www.nvm.co.uk <

http://www.nvm.co.uk/>


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