Issue of Equity

Northern 2 VCT PLC
30 March 2001

                      Northern 2 VCT PLC ('The Company')

                               Issue of Shares

The Company announces that it has today issued and allotted to 178 subscribers
an additional 2,339,464 ordinary shares of 5p each under the 2000/01 Offer for
Subscription representing approximately 6.84 per cent of the enlarged issued
share capital of the Company which now consists of 34,187,865 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 2000/01 Open
Offer and Offer for Subscription to 9,996,270 ordinary shares.

In addition, applications for a total of 1,399,827 ordinary shares have been
received for the 2001/02 Open Offer and Offer for Subscription.