Interim Management Statement

Northern 2 VCT PLC
05 June 2007



5 JUNE 2007

NORTHERN 2 VCT PLC

INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 APRIL 2007


Northern 2 VCT PLC presents its interim management statement for the quarter
ended 30 April 2007.  This constitutes the company's first interim management
statement for the financial year ending 31 January 2008, 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 2007 was 90.2p
(31 January 2007 88.9p).  The net asset value is stated before deducting the
final dividend of 4.5p per share in respect of the year ended 31 January 2007,
which was approved by shareholders at the annual general meeting on 17 May 2007
and will be paid on 8 June 2007.

The number of ordinary shares in issue at 30 April 2007 was 47,851,696.  During
the three months ended 30 April 2007 no shares were issued and a total of
422,316 shares were re-purchased by the company for cancellation at an average
price of 78.9p per share.


Net assets at 30 April 2007 comprised the following:
                                                                                                    % of
                                                                                   £000       net assets
Unquoted investments at fair value
  as determined by the directors                                                 29,202             67.6
Quoted investments at bid price                                                   3,166              7.3
                                                                           ------------      -----------
Total venture capital investments                                                32,368             74.9
Listed fixed-interest investments                                                 7,163             16.6
                                                                           ------------      -----------
Total fixed asset investments                                                    39,531             91.5
Net current assets                                                                3,652              8.5
                                                                           ------------      -----------
Net assets                                                                       43,183            100.0
                                                                           ------------      -----------

The ten largest investments by valuation at 30 April 2007 were as follows:
                                                                                                    % of
                                                                                   £000       net assets

Longhirst Group                                                                   2,208              5.1
John Laing Partnership                                                            1,943              4.5
Envirotec                                                                         1,903              4.4
Crantock Bakery                                                                   1,802              4.2
IG Doors                                                                          1,300              3.0
TFB Group                                                                         1,201              2.8
DMN                                                                               1,145              2.7
Arrow Industrial Group                                                            1,134              2.6
KCS Global Holdings                                                               1,037              2.4
Liquidlogic                                                                       1,014              2.3
                                                                           ------------      -----------
Top ten investments                                                              14,687             34.0
Other investments                                                                17,681             40.9
                                                                           ------------      -----------
Total venture capital investments                                                32,368             74.9
                                                                           ------------      -----------



Quoted investments are carried at bid price as at 30 April 2007.  Unquoted
investments are carried at fair value as at 30 April 2007 as determined by the
directors.

During the three months ended 30 April 2007 the following significant investment
transactions took place (all companies unquoted except where otherwise
indicated):



New investments:

                                                                                                       Amount
Name of company                         Business activity                                            invested
                                                                                                         £000
Gentronix                               Drug development support services                                 173
Promanex Group Holdings                 Engineering and maintenance services                            1,000
Vastox (AIM)*                           Drug discovery                                                    220



Disposals:

                                                                                                    Carrying
                                                                 Sales        Original              value at
Name of company                                               proceeds            cost       31 January 2007
                                                                  £000            £000                  £000
Arrow Therapeutics                                                 325             298                   325
Computer Software Group (AIM)                                    1,832             442                 1,400
Daniolabs*                                                         220             145                   244
PM Group (AIM)                                                     257             175                   197



*The holding in Vastox was acquired in a share-for-share exchange on the
acquisition of Daniolabs by Vastox



Enquiries:

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

Website:  www.nvm.co.uk




                      This information is provided by RNS
            The company news service from the London Stock Exchange