Issue of Equity

Northern 2 VCT PLC
2 July 2001

                      Northern 2 VCT PLC ('The Company')


                               Issue of Shares

The Company announces that on 2 July 2001 it issued and allotted to 108
subscribers 1,802,279 ordinary shares of 5p each under the 2001/02 Offer for
Subscription representing in total approximately 3.98 per cent of the enlarged
issued share capital of the Company which now consists of 45,184,605 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.


Following the closing of the 2001/02 Offer for Subscription on Thursday 28
June 2001, the total number of ordinary shares issued under the Offers was
20,993,010 ordinary shares at a total subscription price of £22,042,660. All
of the Offers are now closed.


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