Issue of Equity

Northern 3 VCT PLC
30 July 2004



Northern 3 VCT PLC ('The Company')

Issue of Shares

The Company announces that on 30 July 2004 it issued and allotted to 4
subscribers an additional 61,399 ordinary shares of 5p each representing
approximately 0.29 per cent of the enlarged issued share capital of the Company
which now consists of 21,080,763 ordinary shares.  The new shares were issued at
a price of 103p per share.  Application for the shares to be admitted to trading
will be made in due course and it is intended that these shares will commence
trading on 20 August 2004, 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.




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