Interim Management Statement

19 JULY 2011

NORTHERN 2 VCT PLC

INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2011

Northern  2 VCT  PLC  presents  its  interim  management statement for the three
months  ended  30 June  2011.  This  constitutes  the  company's  first  interim
management statement for the financial year ending 31 March 2012, as required by
the UK Listing Authority's Disclosure Rules and Transparency Rules, Rule 4.3.

The  company's  objective  is  to  provide  high  long-term  tax-free returns to
investors  through  a  combination  of  dividend  yield  and  capital growth, by
investing  in  a  portfolio  of  investments  mainly comprising unquoted venture
capital holdings.  The company is a venture capital trust approved by HM Revenue
& Customs and is required to comply on a continuing basis with the provisions of
Section 274 of the Income Tax Act 2007.

The  unaudited net asset value per ordinary  share as at 30 June 2011 was 80.7p
(31 March 2011 (audited) 79.5p).  The net asset value is stated before deducting
the  second interim dividend of 1.0p and the final dividend of 3.5p per share in
respect  of  the  14 month  period  ended  31 March  2011, which will be paid to
eligible shareholders on 22 July 2011.

The  number of ordinary shares in  issue at 30 June 2011 was 57,318,808.  During
the  three  months  ended  30 June  2011 no  new ordinary shares were issued and
150,000 shares  were re-purchased by  the company for  cancellation at a cost of
67.5p per share.

For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 30 June 2011 and unquoted investments
are carried at fair value as at 30 June 2011 as determined by the directors.

During  the three months ended 30 June 2011 the following significant investment
transactions took place:

New investments:

                                                                          Amount
Name of                      Business
company                      activity                                   invested
                                                                            £000

Tinglobal Holdings Limited   Supplier of refurbished mid-range computer      988
                             equipment

Paladin Group Limited*       Integrated commercial and residential           232
                             property services


*Additional investment in existing portfolio company

Realisations:

                                                                        Carrying

                                                                        value at

                                                   Sales    Original    31 March

Name of                                         proceeds        cost        2011
company


                                                    £000        £000        £000



Andor Technology plc (quoted on AIM)
 - part disposal                                      85          14          58

Individual Restaurant Company plc
(quoted on AIM)                                        3         250           3

Britspace Group Limited                                -       1,474           -


The directors are not aware of any other events or transactions which have taken
place between 31 March 2011 and the date of publication of this statement and
which have had a material effect on the financial position of the company.

This  statement has  been prepared  solely to  provide additional information in
order  to meet the  requirements of the  Disclosure Rules and Transparency Rules
and  should not be relied on by shareholders,  or any other party, for any other
purpose.


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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     originality of the information contained therein. 
    
Source: Northern 2 VCT PLC via Thomson Reuters ONE

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