Issue of Equity

Northern 3 VCT PLC
09 March 2005


Northern 3 VCT PLC ('The Company')

Issue of Shares

The Company announces that on 9 March 2005 it issued and allotted to 62
subscribers an additional 592,505 ordinary shares of 5p each representing
approximately 2.36 per cent of the enlarged issued share capital of the Company
which now consists of 25,135,359 ordinary shares.  The new shares were issued at
a price of 99p 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 4 March 2005,
applications had been received for 730,815 ordinary shares at 99p per share and
1,468,111 ordinary shares at 100p per share raising gross proceeds for the
Company of £2,191,618.

A further offer for subscription in respect of 2,400,000 ordinary shares to be
allotted in the 2004/05 and 2005/06 tax years has today been launched and is
open for subscription with immediate effect.

ENDS




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