Issue of Equity

Northern 2 VCT PLC
16 March 2001

Northern 2 VCT PLC ('The Company')

Issue of Shares

The Company announces that it has today issued and allotted to one subscriber
an additional 14,210 ordinary shares of 5p each under the 2000/01 Offer for
Subscription representing approximately 0.05 per cent of the enlarged issued
share capital of the Company which now consists of 30,528,203 ordinary shares.
The new shares were issued at a price of 105p per share. Application will be
made at the earliest practicable opportunity for admission of the new ordinary
shares to the Official List of the London Stock Exchange.

This brings the total number of ordinary share issued under the 2000/01 Open
Offer and Offer for Subscription to 6,336,608 ordinary shares.

In addition, applications for a further 127,968 ordinary shares have been
received for the 2000/01 Offer for Subscription and applications for a total
of 897,783 ordinary shares have been received for the 2001/02 Open Offer and
Offer for Subscription.