Issue of Equity

Northern 3 VCT PLC
23 January 2003

For release on Thursday 23 January 2003


NORTHERN 3 VCT PLC (the 'Company')


Offers for Subscription

The board of Northern 3 VCT PLC today announces that it proposes to raise a
maximum of £15 million, before expenses, through an Offer for Subscription.

Minimum and maximum subscription

The Offer Shares are offered at 100p each payable in full upon application. Up
to 15,000,000 Shares are being offered to the public under the Offers. The
maximum amount receivable under the Offers, in aggregate, is £15 million before
expenses. In the event that applications are received in excess of the maximum
subscription under the Offers, the Directors and the Sponsor reserve the right
to use their absolute discretion in the allocation of successful applications.
The Directors intend to exercise their discretion so as to satisfy valid
applications from Qualifying Shareholders received on or before 14 February 2003
prior to allotting any New Ordinary Shares to members of the public other than
Qualifying Shareholders. Applicants are encouraged to submit their Application
Forms early in order to be confident that their applications will be successful.
There is no minimum subscription level for the Offers to proceed. The Offers are
not underwritten.

The minimum investment per Investor is for 3,000 New Ordinary Shares. The
maximum investment per Investor is £100,000 for each of the 2002/03 Offer and
the 2003/04 Offer, since tax reliefs are available on a maximum investment of
£100,000 per individual in any one tax year. A husband and wife can each invest
up to £100,000 in any one tax year. The Offers will be open from 10.00am on 24
January 2003. The 2002/03 Offer will close at 12.00 noon on 5 April 2003 and the
2003/04 Offer will close at 5.00pm on 28 April 2003, unless previously extended
by the Directors. Both Offers may close earlier if fully subscribed.

Settlement and dealings

Application has been made to the UK Listing Authority for the New Ordinary
Shares to be admitted to the Official List and to the London Stock Exchange for
admission to trading on its market for listed securities. The New Ordinary
Shares will rank pari passu in all respects with the existing Shares and will be
issued in registered form, be transferable and rank for all dividends and other
distributions which are both declared and paid following Admission. It is
anticipated that dealings in the New Ordinary Shares will commence on 24
February 2003. Share certificates and certificates to enable a claim for income
tax relief to be made in respect of New Ordinary Shares will be posted to
Shareholders within 14 days of Admission. Prior to despatch of definitive share
certificates, transfers (if any) will be certified against the register. No
temporary documents of title will be issued.

New Ordinary Shares may be allotted and issued in respect of valid applications
received under the Offers at any time on or after 3 February 2003.

Issue costs and commission

Northern Venture Managers will be paid a fee of 5% of the gross proceeds of the
Offers and will be responsible for paying all the costs of the Offers including
listing expenses and commissions, usually at a rate of 3%, payable to authorised
financial advisers on successful applications bearing their stamp. Authorised
financial intermediaries may agree to waive part or all of their commission. In
such circumstances, an Investor's application will attract an additional
allotment of New Ordinary Shares at no greater cost to the Company or the
Investor and the commission waived will be used to satisfy the purchase price of
such New Ordinary Shares. As the costs of the Offers are fixed at 5% of the
gross proceeds, the net proceeds of the Offers will be £14.25 million at the
maximum subscription.

Availability of the Prospectus and mini prospectus

A Prospectus giving full details of the Offers is being published today.  A mini
prospectus is also being published for use in the Offers and will be sent to
Qualifying Shareholders shortly.  Copies of the Prospectus and the mini
prospectus relating to the Company are available for inspection, during normal
business hours, at the UK Listing Authority's Document Viewing Facility at 25
The North Colonnade, London E14 5HS for two business days following the date of
publication of this document and may be obtained free of charge by collection
from:


Northern Venture Managers Limited                  Brewin Dolphin Securities Ltd
Northumberland House                               5 Giltspur Street
Princess Square                                    London
Newcastle upon Tyne                                EC1A 9BD
NE1 8ER

Edinburgh Fund Managers plc                        Brewin Dolphin Securities Ltd
Donaldson House                                    National House
97 Haymarket Terrace                               36 St Ann Street
Edinburgh                                          Manchester
EH12 5HD                                           M60 2EP


Terms and Conditions of the Offers

The terms and conditions of the Offers are set out in Part 7 of the Prospectus.

For further information, please contact:


Alastair Conn, Managing Director                                   0191 244 6000
Northern Venture Managers Limited
Website: www.nvm.co.uk

Lucy Copeman/Marlene Scott                                         020 7655 0540
Polhill Communications


                      This information is provided by RNS
            The company news service from the London Stock Exchange