Interim Management Statement

14 MAY 2009

NORTHERN 2 VCT PLC

INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 APRIL 2009

Northern 2 VCT PLC presents its interim management statement for the
three months ended 30 April 2009.  This constitutes the company's
first interim management statement for the financial year ending 31
January 2010, 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 2009
was 75.6p (31 January 2009 69.8p).  The net asset value is stated
before deducting the final dividend of 3.5p per share in respect of
the year ended 31 January 2009, which was approved by shareholders at
the annual general meeting on 14 May 2009 and will be paid to
eligible shareholders on 5 June 2009.

The number of ordinary shares in issue at 30 April 2009 was
56,855,661.  During the three months ended 30 April 2009 no new
ordinary shares were issued and no shares were re-purchased by the
company for cancellation.

For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 30 April 2009 and unquoted
investments are carried at fair value as at 30 April 2009 as
determined by the directors.

During the three months ended 30 April 2009 the following significant
investment transactions took place (companies unquoted except where
otherwise indicated):

New investments:

None

Realisations:

                                                       Carrying
                                 Sales Original        value at
Name of company               proceeds     cost 31 January 2009
                                  £000     £000            £000

Pivotal Laboratories Holdings    1,563      857           1,563
(trade sale)


The directors are not aware of any other events or transactions which
have taken place between 31 January 2009 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

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