Net Asset Value

1 0 F EBRUARY 202 3

NORTHERN V ENTURE TRUST P LC

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 202 2

Northern Venture Trust PLC (“the Company”) is a Venture Capital Trust (“VCT”) launched in 1995 and advised by Mercia Fund Management Limited. The Company’s objective is to provide high long-term tax-free returns to investors through a combination of dividend yield and capital growth, by investing in a portfolio of investments mainly comprising unquoted venture capital holdings. In order to maintain approval by HM Revenue & Customs as a VCT, the Company is required to comply on a continuing basis with the provisions of Section 274 of the Income Tax Act 2007.

The unaudited net asset value per ordinary share as at 31 December 2022 was 62.2 pence (30 September 2022 (unaudited) 63.5 pence).

The net asset value is stated before deducting the second interim dividend of 2.0 pence per share in respect of the eighteen month period ending 31 March 2023, which was paid to eligible shareholders on 13 January 2023.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2022 and unquoted investments are carried at fair value as at 31 December 2022 as determined by the directors.

New Investments:
During the three months ended 31 December 2022 three new venture capital investments were completed.

Name of company	Business activity	Amount invested £000
Turbine Simulated Cell Technologies Ltd	Simulating cell reaction to the treatment of complex disease	1,433
Axis Spine Technologies Ltd	Development of next generation spinal implants	955
Send Technology Ltd	Underwriting workbench solutions for insurers, reinsurers, and managing general agents	974

In addition to the new investments above, £2,403,000 was invested in nine existing portfolio companies during the quarter.

There were no venture capital exits during the quarter.

The number of ordinary shares in issue at 31 December 2022 was 165,119,180. During the three months ended 31 December 2022 no shares were allotted and 2,004,747 shares were purchased for cancellation at an average price of 60.1 pence per share.

Enquiries:

Sarah Williams / James Sly, Mercia Fund Management Limited – 0330 223 1430

Website: www.mercia.co.uk/vcts

Neither the contents of the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are incorporated into, or form part of, this announcement.