Offer Update

28 FEBRUARY 2023

NORTHERN VENTURE TRUST PLC

OFFER FOR SUBSCRIPTION UPDATE

Further to the announcement made by Northern Venture Trust PLC (“the Company”) on 12 January 2023 in conjunction with Northern 2 VCT PLC and Northern 3 VCT PLC, in respect of the offers of new ordinary shares for subscription in the 2022/23 tax year, the Company announces that its offer of new ordinary shares to raise a total of up to £6.0 million is now fully subscribed and no further applications will be accepted.

The offers by Northern 2 VCT PLC and Northern 3 VCT PLC to raise a total of up to £6.0 million each in the 2022/23 tax year remain open for subscription and will close when fully subscribed, but in any case, no later than 12 noon on 31 March 2023.

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.