Director Shareholding

Northern 3 VCT PLC
22 March 2002

                       Northern 3 VCT PLC ('The Company')

                            DIRECTOR'S SHAREHOLDING



The Company has been notified today that as a result of the allotment of shares
under the 2001/02 Offer for Subscription made on 22 March 2002, Mr Barry Edward
Sealey has subscribed for 20,500 ordinary shares of 5 pence each at a price of
100 pence per share, representing approximately 0.29% of the enlarged issued
share capital of the Company.  This holding represents Mr Sealey's entire
holding of shares in the Company.



The Company has also been notified today that as a result of the allotment of
shares under the 2001/02 Offer for Subscription made on 22 March 2002, Mr John
Randolph Hustler has subscribed for 5,100 ordinary shares of 5 pence each at a
price of 100 pence per share, representing approximately 0.07% of the enlarged
issued share capital of the Company.  This holding represents Mr Hustler's
entire holding of shares in the Company.





ENDS



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