Issue of Equity

Northern 2 VCT PLC
26 April 2001



                      Northern 2 VCT PLC ('The Company')

                               Issue of Shares

The Company announces that on 26 April 2001 it issued and allotted to 27
subscribers 404,308 ordinary shares of 5p each under the 2001/02 Offer for
Subscription representing in total approximately 0.97 per cent of the enlarged
issued share capital of the Company which now consists of 41,599,981 ordinary
shares. The new shares were issued at a price of 105p per share. Application
will be made at the earliest practicable opportunity for admission of the new
ordinary shares to the Official List of the London Stock Exchange.

This brings the total number of ordinary shares issued under the Offers to
17,408,386 ordinary shares at a total subscription price of £18,278,805.

All terms used in this announcement are as defined in the Company's Prospectus
dated 18 January 2001.