Issue of Equity

Northern 3 VCT PLC
29 May 2002

Northern 3 VCT PLC ('The Company')

Issue of Shares

The Company announces that on 29 May 2002 it issued and allotted to 1 subscriber
20,000 ordinary shares of 5p each under the 2002/03 Offer for Subscription
representing in total approximately 0.15 per cent of the enlarged issued share
capital of the Company which now consists of 12,992,480 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.





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