NAV/Int Cap Divi/Ext of Offer

Northern 3 VCT PLC
28 September 2004


28 SEPTEMBER 2004

NORTHERN 3 VCT PLC

NET ASSET VALUE, INTERIM CAPITAL DIVIDEND AND EXTENSION OF OFFER FOR
SUBSCRIPTION

Northern 3 VCT PLC announces that the unaudited net asset value per share at 31
August 2004 was 98.0p.  The company has subsequently realised its unquoted
investment in Keith Prowse Limited for cash at its 31 August 2004 book value of
£795,000, realising a gain of £515,000 over the original cost of the investment.

Having regard to the availability of this and other minor realised gains for
distribution by way of dividend, the directors are pleased to declare an interim
capital dividend of 2.8p per share in respect of the year ending 30 September
2004, payable on 26 November 2004 to shareholders on the register on 8 October
2004.

In order to permit the payment of a dividend out of capital gains, it is
intended that the company's status as an investment company under Section 266 of
the Companies Act 1985 will be revoked prior to the payment date.

The company also announces that the current offer for subscription of up to
2,000,000 ordinary shares has been extended and will now close when fully
subscribed or at 12 noon on 29 October 2004, whichever is earlier.  1,291,940
ordinary shares have been allotted to date in respect of this offer for
subscription at a price of 103p per share.  In accordance with the pricing
formula in the offer for subscription, the issue price for shares allotted after
the date of this announcement will be adjusted to 101p to reflect the reduction
in net asset value resulting from the declaration of the interim dividend.

END

                      This information is provided by RNS
            The company news service from the London Stock Exchange
                   M