Issue of Equity

Northern 3 VCT PLC
28 April 2003

Northern 3 VCT PLC ('The Company')

Issue of Shares

The Company announces that on 28 April 2003 it issued and allotted to 10
subscribers 102,310 ordinary shares of 5p each under the 2003/04 Offer for
Subscription representing in total approximately 0.60 per cent of the enlarged
issued share capital of the Company which now consists of 17,150,982 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 23 January 2003.

ENDS




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