Interim Management Statement

Northern 3 VCT PLC
28 January 2008


28 JANUARY 2008

NORTHERN 3 VCT PLC (the 'Company')

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 DECEMBER 2007

Northern 3 VCT PLC presents its interim management statement for the quarter
ended 31 December 2007.  This quarter forms part of the 18 month accounting
period ending on 31 March 2008.

The unaudited net asset value per ordinary share as at 31 December 2007 was
98.9p (30 September 2007 97.9p).  The net asset value is stated before deducting
the second interim dividend of 2.0p per share in respect of the 18 month
accounting period ending 31 March 2008, which was declared on 15 November 2007
and paid on 18 January 2008.

The number of ordinary shares in issue at 31 December 2007 was 30,036,827.
During the quarter ended 31 December 2007 no new shares were issued and a total
of 93,352 shares were re-purchased by the Company for cancellation at an average
price of 88.2p per share.  On 18 January 2008 76,202 new ordinary shares were
allotted at a price of 95.9p in connection with the Company's dividend
investment scheme.

Quoted investments are carried at bid price as at 31 December 2007.  The board
carries out a formal revaluation of unquoted investments half-yearly as at 31
March and 30 September and accordingly unquoted investments are carried at fair
value as determined by the directors as at 30 September 2007, with subsequent
additions at cost.

During the three months ended 31 December 2007 the following significant
investment transactions took place (all companies unquoted except where
otherwise indicated):

New investments:

None.

Disposals:

                                                                                                 Carrying
                                                                                                 value at
                                                             Sales         Original          30 September
Name of company                                           proceeds             cost                  2007
                                                              £000             £000                  £000
KCS Global Holdings                                            898              338                   898
Develop Training                                               527              362                   388



KCS Global Holdings, which provides HR and payroll software and outsourcing
services, was sold to The Sage Group plc on 26 October 2007.  Develop Training,
a provider of training services primarily to the utility and infrastructure
sectors, was sold to a secondary management buyout vehicle on 29 November 2007.

The directors are not aware of any other events or transactions which have taken
place between 31 December 2007 and the date of publication of this statement and
which have had a material effect on the financial position of the company.


Enquiries:

Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000

Website:  www.nvm.co.uk


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