Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITY AND CONNECTED PERSONS

+---+-----------------------------------+---+----------------------------------+
|1. |Name of the issuer                 |2. |State whether the notification    |
|   |                                   |   |relates to (i) a transaction      |
|   |                                   |   |notified in accordance with DTR   |
|   |NORTHERN 3 VCT PLC                 |   |3.1.2 R                           |
|   |                                   |   |                                  |
|   |                                   |   |; or                              |
|   |                                   |   |                                  |
|   |                                   |   |(ii) a disclosure made in         |
|   |                                   |   |accordance with section 793 of the|
|   |                                   |   |Companies Act 2006;               |
|   |                                   |   |                                  |
|   |                                   |   |(i)                               |
+---+-----------------------------------+---+----------------------------------+
|3. |Name of person discharging         |4. |State whether notification relates|
|   |managerial                         |   |to a person connected with a      |
|   |responsibilities/director          |   |person discharging                |
|   |                                   |   |managerial                        |
|   |JAMES GORDON DICKSON FERGUSON      |   |responsibilities/director named in|
|   |                                   |   |3                                 |
|   |                                   |   |and identify the connected person |
|   |                                   |   |No                                |
+---+-----------------------------------+---+----------------------------------+
|5. |Indicate whether the notification  |6. |Description of shares (including  |
|   |is in respect                      |   |class), debentures or derivatives |
|   |of a holding of the person referred|   |or financial                      |
|   |to in 3 or 4 above or in respect of|   |instruments relating to shares    |
|   |a non-beneficial interest(3)       |   |                                  |
|   |AS IN 3 ABOVE                      |   |ORDINARY SHARES OF 5 PENCE        |
|   |                                   |   |                                  |
+---+-----------------------------------+---+----------------------------------+
|7. |Name of registered shareholders(s) |8. |State the nature of the           |
|   |and, if                            |   |transaction                       |
|   |more than one, the number of shares|   |                                  |
|   |held by                            |   |                                  |
|   |each of them                       |   |ALLOTMENT OF SHARES IN RESPECT OF |
|   |James Gordon Dickson Ferguson      |   |MERGER WITH NORTHERN AIM VCT PLC  |
+---+-----------------------------------+---+----------------------------------+
|9. |Number of shares, debentures or    |10.|Percentage of issued class        |
|   |financial instruments relating to  |   |acquired (treasury shares of that |
|   |shares acquired                    |   |class should not be taken into    |
|   |                                   |   |account when calculating          |
|   |27,123                             |   |percentage)                       |
|   |                                   |   |0.06%                             |
+---+-----------------------------------+---+----------------------------------+
|   |Number of shares, debentures or    |12.|Percentage of issued class        |
|11.|financial                          |   |disposed (treasury                |
|   |instruments relating to shares     |   |shares of that class should not be|
|   |disposed                           |   |taken into                        |
|   |                                   |   |account when calculating          |
|   |N/A                                |   |percentage)                       |
|   |                                   |   |N/A                               |
+---+-----------------------------------+---+----------------------------------+
|13.|Price per share or value of        |14.|Date and place of transaction     |
|   |transaction                        |   |26 SEPTEMBER 2011, NEWCASTLE UPON |
|   |93.5 PENCE                         |   |TYNE                              |
+---+-----------------------------------+---+----------------------------------+
|15.|Total holding following            |16.|Date issuer informed of           |
|   |notification and total             |   |transaction                       |
|   |percentage holding following       |   |                                  |
|   |notification (any treasury shares  |   |26 SEPTEMBER 2011                 |
|   |should not be taken into account   |   |                                  |
|   |when calculating percentage)       |   |                                  |
|   |                                   |   |                                  |
|   |203,857 ORDINARY SHARES OF 5 PENCE,|   |                                  |
|   |0.44%.                             |   |                                  |
+---+-----------------------------------+---+----------------------------------+


If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes

+---+---------------------+---+------------------------------------------------+
|17.|Date of grant        |18.|Period during which or date on which it can be  |
|   |                     |   |exercised                                       |
|   |                     |   |                                                |
+---+---------------------+---+------------------------------------------------+
|19.|Total amount paid (if|20.|Description of shares or debentures involved    |
|   |any) for grant of the|   |(class and number)                              |
|   |option               |   |                                                |
|   |                     |   |                                                |
+---+---------------------+---+------------------------------------------------+
|21.|Exercise price (if   |22.|Total number of shares or debentures over which |
|   |fixed at time of     |   |options held following notification             |
|   |grant) or indication |   |                                                |
|   |that price is to be  |   |                                                |
|   |fixed at the time of |   |                                                |
|   |exercise             |   |                                                |
|   |                     |   |                                                |
+---+---------------------+---+------------------------------------------------+
|23.|Any additional       |24.|Name of contact and telephone number for queries|
|   |information          |   |                                                |
|   |                     |   |C D MELLOR 0191 244 6012                        |
|   |                     |   |                                                |
+---+---------------------+---+------------------------------------------------+
|                                                                              |
|                                                                              |
|Name and signature of duly authorised officer of issuer responsible for making|
|notification                                                                  |
|CHRISTOPHER DAVID MELLOR                                                      |
|COMPANY SECRETARY                                                             |
|                                                                              |
|__________________________________________________________                    |
|                                                                              |
|Date of notification 26 SEPTEMBER 2011                                        |
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Source: Northern 3 VCT PLC via Thomson Reuters ONE

[HUG#1549926]