Issue of Equity

Northern 3 VCT PLC
18 July 2003

Northern 3 VCT PLC ('The Company')

Issue of Shares

The Company announces that on 18 July 2003 it issued and allotted to 1
subscriber an additional 35,000 ordinary shares of 5p each representing
approximately 0.20 per cent of the enlarged issued share capital of the Company
which now consists of 17,429,532 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.



ENDS




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