Issue of Equity

Northern 3 VCT PLC
01 November 2004

Northern 3 VCT PLC ('The Company')

Issue of Shares

The Company announces that on 1 November 2004 it issued and allotted to 16
subscribers an additional 226,068 ordinary shares of 5p each representing
approximately 0.99 per cent of the enlarged issued share capital of the Company
which now consists of 22,950,600 ordinary shares. The new shares were issued at
a price of 101p 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.

The current offer is now closed. As at the closing date on 29 October 2004,
applications had been received for 1,291,940 ordinary shares at 103p per share
and 684,296 ordinary shares at 101p per share raising gross proceeds for the
Company of £2,021,837.

It is intended that a further offer will be launched following the announcement
of the Company's preliminary results for the year ended 30 September 2004 which
are expected to be released on 17 November 2004.

Ends


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