Portfolio update

22 SEPTEMBER 2009

NORTHERN 2 VCT PLC

PORTFOLIO UPDATE


Northern 2 VCT PLC ("the Company") announces the sale of its
investment in DxS Limited, which provides molecular diagnostic
products and services to the healthcare industry, for initial cash
proceeds of £4.4 million, plus £0.6 million by way of accrued loan
stock interest and preference dividends.  The Company may become
entitled to receive up to a further £3.2 million over the period to
2012 subject to the achievement by DxS of specified objectives.

The initial sale price has been reflected in the directors' valuation
of the investment in DxS as at 31 July 2009 as shown in the unaudited
half-yearly results for the six months ended 31 July 2009, which have
been announced by the Company today.

The Company invested a total of £0.7 million in DxS in a series of
early-stage funding rounds led by NVM Private Equity between 2001 and
2006.  The total income and capital proceeds to date (excluding
contingent future payments) represent a money multiple of 7.5 times
the original investment and an internal rate of return (IRR) of 31.7%
per annum.


Enquiries:

Tim Levett/Christopher Mellor, NVM Private Equity Limited - 0191 244
6000

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