Issue of Equity

Northern 2 VCT PLC
12 April 2001

                      Northern 2 VCT PLC ('The Company')


                               Issue of Shares

The Company announces that on 12 April 2001 it issued and allotted to 19
subscribers 133,048 ordinary shares of 5p each under the 2001/02 Open Offer
and that it issued and allotted to 153 subscribers 2,002,225 ordinary shares
of 5p each under the 2001/02 Offer for Subscription representing in total
approximately 5.18 per cent of the enlarged issued share capital of the
Company which now consists of 41,186,673 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 Offers to
16,995,078 ordinary shares at a total subscription price of £17,844,832.


All terms used in this announcement are as defined in the Company's Prospectus
dated 18 January 2001.