Merger Update

JOINT ANNOUNCEMENT

NORTHERN 3 VCT PLC
NORTHERN AIM VCT PLC

26 SEPTEMBER 2011

MERGER UPDATE

This announcement is made by Northern AIM VCT PLC ("Northern AIM") and Northern
3 VCT PLC ("Northern 3") in connection with the scheme of reconstruction
("Scheme") in relation to the merger of Northern AIM with Northern 3, details of
which were contained in the prospectus issued by Northern 3 and the circulars to
shareholders issued by Northern AIM and Northern 3, dated 16 August 2011.

The resolution proposed at the general meeting of Northern AIM held today was
duly passed.

In implementing the Scheme, the assets and liabilities of Northern AIM have been
transferred to Northern 3, in consideration for the issue of ordinary shares of
5 pence each in the capital of Northern 3 (the "Shares") as summarised below.

Each Northern AIM shareholder now holds 0.26333028 Shares in respect of each
Northern AIM VCT ordinary share they previously held.

The total number of Shares allotted and issued in respect of the Scheme was
5,950,459.

Application has been made for all the Shares issued to be admitted to the
Official List and to trading on the main market of the London Stock Exchange.
It is expected that admission will become effective and that trading will
commence on 27 September 2011.

In conformity with the Transparency Directive, Northern 3 notifies the market
that the capital of Northern 3 consists of 46,385,261 ordinary shares with a
nominal value of 5p each.  All the shares have voting rights.



Northern 3 does not hold any ordinary shares in treasury.



Therefore, the total number of voting rights in Northern 3 is 46,385,261 (the
"Figure").



The Figure may be used by a shareholder or other person as the denominator for
the calculations by which he will determine if he is required to notify the
voting rights he holds in relation to Northern 3, or a change to those voting
rights, under the FSA's Disclosure Rules and Transparency Rules.


For further enquiries please contact:

Investment Manager for Northern 3 and Northern AIM
NVM Private Equity Limited
Alastair Conn/Christopher Mellor - 0191 244 6000
Website: www.nvm.co.uk

Neither the contents of the NVM Private Equity Limited website nor the contents
of any website accessible from hyperlinks on the NVM Private Equity Limited
website (or any other website) is incorporated into, or forms part of, this
announcement.







This announcement is distributed by Thomson Reuters on behalf of 
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(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Northern 3 VCT PLC via Thomson Reuters ONE

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