Net Asset Value(s)

Northern 3 VCT PLC
24 January 2006


NORTHERN 3 VCT PLC

24 JANUARY 2006

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2005

Northern 3 VCT PLC announces that the unaudited net asset value per share as at
31 December 2005 was 96.3p. The net asset value is stated before deducting the
proposed final dividend of 1.7p per share in respect of the year ended 30
September 2005, which was approved by shareholders at the annual general meeting
on 18 January 2006 and paid on 20 January 2006.

The basis of calculation of the company's net asset value has changed to reflect
the requirements of those UK Financial Reporting Standards which will be
applicable to the company's published accounts for the first time in the year
ending 30 September 2006. In particular, quoted investments are now carried at
bid rather than mid-market prices and proposed dividends are not provided for
until a liability to pay has been established.

For comparative purposes, the net asset value per share as at 30 September 2005
restated on the same basis was 95.7p. The following table reconciles this figure
with the net asset value per share of 94.1p reported in the company's
preliminary announcement dated 8 December 2005 of results for the year ended 30
September 2005:

                                                                 Pence per share


Net asset value at 30 September 2005 - as previously
reported                                                                  94.1

Less: adjustment in valuation of quoted investments to bid
price                                                                     (0.1)

Add: proposed final dividend for year ended 30 September
2005                                                                       1.7
                                                                        ------
Net asset value at 30 September 2005 - as restated                        95.7
                                                                        ------

The number of ordinary shares in issue at 31 December 2005 was 31,396,979.

Enquiries:

Alastair Conn, Northern Venture Managers Limited - 0191 244 6000

Website: www.nvm.co.uk

ENDS

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