Dir Sharehldg/Issue of Equity

Northern 3 VCT PLC
11 October 2002


                       Northern 3 VCT PLC (the 'Company')

       Director Shareholding and issue and allotment of additional shares


The Company announces that, on 11 October 2002, it issued and allotted an
additional 51,400 ordinary shares of 5p each under the 2002/03 Offer for
Subscriptions, representing approximately 0.37 per cent of the enlarged issued
share capital of the Company to Mr James Gordon Dickson Ferguson, a director of
the Company.  Mr Ferguson now holds 102,800 ordinary shares of 5p each in the
Company, representing 0.74 per cent of the enlarged issued share capital of the
Company, which now consists of 14,022,547 ordinary shares.  The new shares were
issued at a price of 100p 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.


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