Issue of Equity

Northern 2 VCT PLC
6 April 2001

                      Northern 2 VCT PLC ('The Company')

                               Issue of Shares

The Company announces that on 6 April 2001 it issued and allotted to one
subscriber 6,666 ordinary shares of 5p each under the 2001/02 Offer for
Subscription representing approximately 0.02 per cent of the enlarged issued
share capital of the Company which now consists of 39,051,400 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 Shareholder
Offers to 14,859,805 ordinary shares at a total subscription price of £
15,602,795.

In addition, applications for a further 1,908,146 ordinary shares have been
received for the 2001/02 Open Offer and Offer for Subscription at a total
subscription price of £2,003,553.

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