Issue of Equity

Northern 2 VCT PLC
24 May 2001

                      Northern 2 VCT PLC ('The Company')

                               Issue of Shares

The Company announces that on 24 May 2001 it issued and allotted to two
subscribers 28,570 ordinary shares of 5p each under the 2001/02 Offer for
Subscription representing in total approximately 0.07 per cent of the enlarged
issued share capital of the Company which now consists of 41,732,110 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
17,540,515 ordinary shares at a total subscription price of £18,417,540.

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