Issue of Equity

Northern 2 VCT PLC
6 April 2001


                      Northern 2 VCT PLC ('The Company')

                               Issue of Shares

The Company announces that on 5 April 2001 it issued and allotted to 364
subscribers 4,831,869 ordinary shares of 5p each under the 2000/01 Offer for
Subscription representing approximately 12.38 per cent of the enlarged issued
share capital of the Company which now consists of 39,019,734 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.

The total number of ordinary shares issued under the 2000/01 Offers which
closed at 5pm on 5 April 2001 was 14,828,139 ordinary shares at a total
subscription price of £15,569,546.

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