Result of Equity Issue

Northern 2 VCT PLC
16 February 2001


                              Northern 2 VCT PLC

               RESULT OF SHAREHOLDER OFFERS AND ISSUE OF SHARES

The Company is pleased to announce that by 5.00 pm on 15 February 2001 it had
received valid Shareholder Application Forms for 1,071,825 Offer Shares,
representing 4.4% of the Offer Shares available to Qualifying Shareholders
under the Shareholder Offers. In addition the Company has also received valid
Application Forms for 2,753,204 Offer Shares under the Offers for
Subscription.


The Company has allotted 3,236,091 Shares, for which application for Admission
has already been made. It is expected that Admission of this first allotment
of Shares under the Offers will become effective and that dealings in those
Shares will commence on 26 February 2001. Further allotments of Offer Shares
and Admission of those Shares will take effect at periodic intervals for the
remaining duration of the Offers for Subscription and shortly after they
close. Further announcements will be made in respect of these subsequent
allotments as required.


As a result of the present allotment the issued share capital of the Company
following Admission will be 27,427,686 Shares.


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