Issue of Equity

Northern 2 VCT PLC
2 March 2001

Northern 2 VCT PLC ('The Company')

Issue of Shares

The Company announces that it has today issued and allotted to various
subscribers an additional 1,119,633 ordinary shares of 5p each under the 2000/
01 Offer for Subscription representing approximately 3.92 per cent of the
enlarged issued share capital of the Company which now consists of 28,549,919
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 shares issued under the 2000/01 Open
Offer and Offer for Subscription to 4,403,324 ordinary shares.

In addition, applications for a total of 699,194 ordinary shares have been
received for the 2001/02 Open Offer and Offer for Subscription.