Interim Management Statement

20 NOVEMBER 2009

NORTHERN 2 VCT PLC

INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 OCTOBER 2009

Northern 2 VCT PLC presents its interim management statement for  the
three months ended 31 October  2009.  This constitutes the  company's
second 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 31  October
2009 was 78.6p (31 July 2009  77.1p).  The net asset value is  stated
before deducting the interim dividend of 2.0p per share in respect of
the year ending 31 January 2010,  which was declared on 22  September
2009 and will be paid to eligible shareholders on 4 December 2009.

The number  of  ordinary shares  in  issue  at 31  October  2009  was
56,961,608.  During the  three months  ended 31 October  2009 no  new
ordinary  shares  were  issued   and  75,000  ordinary  shares   were
re-purchased by the company for cancellation at a price of 56.5p  per
share.

For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 31 October 2009 and
unquoted investments are carried at fair value as at 31 October 2009
as determined by the directors.

During  the  three  months  ended  31  October  2009  the   following
significant investment  transactions took  place (companies  unquoted
except where otherwise indicated):

New investments:


Name of company                 Business activity              Amount
                                                             invested
                                                                 £000
Connaught plc (listed on London Integrated services provider      119
Stock Exchange) (acquired in    to the social housing,
exchange for holding in         public sector and compliance
Fountains plc)                  markets.


Realisations:


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

DxS Limited (trade sale for cash)         4,455        685      4,395
Fountains plc (acquired by                  119        166        113
Connaught plc in share-for-share
deal)
John Fredericks Plastics Limited            149        961          -
(trade sale for cash)


In November 2009 the company sold its investment in Abermed Limited
for cash proceeds of £1,241,000 (original cost £725,000, carrying
value at 31 July 2009 £1,059,000).

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