Interim Management Statement

19 NOVEMBER 2010

NORTHERN 2 VCT PLC

INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 OCTOBER 2010

Northern  2 VCT  PLC  presents  its  interim  management statement for the three
months  ended 31 October  2010.  This constitutes  the company's  second interim
management  statement for the financial year ending 31 January 2011, as required
by  the  UK  Listing  Authority's  Disclosure  and  Transparency Rule 4.3.  This
statement has been prepared solely to provide additional information in order to
meet the requirements of the Disclosure and Transparency Rules and should not be
relied on by shareholders, or any other party, for any other purpose.

The  unaudited  net  asset  value  per  ordinary share as at 31 October 2010 was
77.4p (31  July 2010 76.7p).  The net asset value is stated before deducting the
interim  dividend of  2.0p per share  in respect  of the  year ending 31 January
2011, which  was  declared  on  23 September  2010 and  will be paid to eligible
shareholders on 3 December 2010.

The  number of  ordinary shares  in issue  at 31 October  2010 was 56,547,998.
During the three months ended 31 October 2010 no new ordinary shares were issued
and no shares were re-purchased by the company for cancellation.

For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 31 October 2010 and unquoted
investments are carried at fair value as at 31 October 2010 as determined by the
directors.

During   the  three  months  ended  31 October  2010 the  following  significant
investment transactions took place:

New investments:

None

Realisations:

                                                                        Carrying

                                                                        value at

                                         Sales         Original          31 July

Name of company                       proceeds             cost             2010

                                          £000             £000             £000



Andor Technology plc (quoted
on AIM) - part                             276               78              244
  disposal

Connaught plc (listed on
London Stock                                 -              119                -
  Exchange) - written off, in
administration

Shieldtech plc (quoted on
AIM) - written off,                          -              248               30
  in administration

The directors are not aware of any other events or transactions which have taken
place between 31 July 2010 and the date of publication of this statement and
which have had a material effect on the financial position of the company.

Enquiries:
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 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.


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Source: Northern 2 VCT PLC via Thomson Reuters ONE