Issue of Equity

Northern 3 VCT PLC
14 January 2002

                      Northern 3 VCT PLC ('the Company')

                               Issue of Shares

The Company announces that on 14 January 2002 it issued and allotted to one
subscriber 25,000 ordinary shares of 5p each under the 2001/02 Offer for
Subscription representing in total approximately 0.8 per cent of the enlarged
issued share capital of the Company which now consists of 3,029,705 ordinary
shares. The new shares were issued at a price of 100p 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.

All terms used in this announcement are as defined in the Company's Prospectus
dated 26 September 2001.