Issue of Equity

Northern 3 VCT PLC
12 December 2002

Northern 3 VCT PLC ('The Company')

Issue of Shares

The Company announces that on 12 December 2002 it issued and allotted to 5
subscribers an additional 77,205 ordinary shares of 5p each representing
approximately 0.54 per cent of the enlarged issued share capital of the Company
which now consists of 14,374,829 ordinary shares.  The new shares were issued at
a price of 100p per share.  Application will be made at the earliest practicable
opportunity for these shares, which will rank pari passu with existing ordinary
shares, to be admitted to the Official List of the UK Listing Authority and to
trading on the London Stock Exchange's market for listed securities.




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