Director Shareholding

Northern 3 VCT PLC
27 February 2004


Northern 3 VCT PLC (the 'Company')

Director Shareholding 

The Company announces that, on 27 February 2004, it issued
and allotted 25,600 ordinary shares of 5 pence each under the 2003/04 Offer for
Subscriptions, representing approximately 0.14% of the enlarged issued share
capital of the Company to Mr Barry Edward Sealey, a director of the Company.
Mr Sealey now holds 46,100 ordinary shares of 5p each in the Company,
representing 0.25 per cent of the enlarged issued share capital of the Company,
which now consists of 18,682,616 ordinary shares.  The new shares were issued at
a price of 100p per share.

Application will be made at the earliest practicable opportunity for these
shares, which will rank pari passu with existing ordinary shares, to be admitted
to the official list of the UK Listing Authority and to trading on the London
Stock Exchange's market for listed securities.

END




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