Issue of Equity

Northern 2 VCT PLC
14 June 2001

Northern 2 VCT PLC ('The Company')

Applications received under Share Offers

The Company announces that as at 14 June 2001, applications had been received
under the 2000/01 and 2001/02 Offers for 19,092,731 ordinary shares at 105p
per share with a total subscription price of £20,047,367.

The 2001/02 Offer for Subscription will close at 5pm on Thursday 28 June 2001,
unless fully subscribed at an earlier date or unless the board elects to close
the issue earlier.

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

END