Issue of Equity

Northern 3 VCT PLC
06 April 2004



Northern 3 VCT PLC ('The Company')

Issue of Shares

The Company announces that on 5 April 2004 it issued and allotted to 32
subscribers an additional 301,171 ordinary shares of 5p each representing
approximately 1.43 per cent of the enlarged issued share capital of the Company
which now consists of 21,019,364 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.

A total of 1,687,023 ordinary shares of 5p each were issued by the Company in
the 2003-04 tax year under the second top-up share offering for which authority
was granted at the Company's extraordinary general meeting held on 25 March
2004. The top-up share offering is now closed.

ENDS


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