ISSUE OF SHARES

Northern 3 VCT PLC
03 December 2004


Northern 3 VCT PLC ('The Company')

Issue of Shares

The Company announces that on 3 December 2004 it issued and allotted to 8
subscribers an additional 118,914 ordinary shares of 5p each representing
approximately 0.51 per cent of the enlarged issued share capital of the Company
which now consists of 23,180,439 ordinary shares.  The new shares were issued at
a price of 99p 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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