NAV and Portfolio Update

Northern Venture Trust PLC
24 February 2004


NORTHERN VENTURE TRUST PLC

24 FEBRUARY 2004

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2003

Northern Venture Trust PLC announces that the unaudited net asset value per
share at 31 December 2003 was 87.5p.

Net assets comprised the following:

                                                                                                    % of
                                                                                   £000       net assets
Venture capital investments
  Listed                                                                          4,408             12.7
  Unlisted                                                                       23,216             66.8
                                                                                -------           ------
Total venture capital investments                                                27,624             79.5
Other listed investments                                                          3,187              9.2
                                                                                -------           ------
Total fixed asset investments                                                    30,811             88.7
Net current assets                                                                3,934             11.3
                                                                                -------           ------
Net assets                                                                       34,745            100.0
                                                                                -------           ------

The number of ordinary shares in issue at 31 December 2003 was 39,687,541.

The ten largest investments by valuation at 31 December 2003 were as follows:

                                                                                                    % of
                                                                                   £000       net assets
TFB Group                                                                         2,132              6.1
T J Brent                                                                         1,916              5.5
CGI International                                                                 1,846              5.3
John Fredericks Plastics                                                          1,835              5.3
Alizyme*                                                                          1,488              4.3
DMN Installations                                                                 1,098              3.2
Cyclacel                                                                            979              2.8
Weldex (International) Offshore                                                     857              2.5
Remsdaq                                                                             816              2.3
ComputerLand UK**                                                                   799              2.3
                                                                                -------           ------
Top ten investments                                                              13,766             39.6
Other investments                                                                17,045             49.1
                                                                                -------           ------
Total fixed asset investments                                                    30,811             88.7
                                                                                -------           ------

* Listed on London Stock Exchange
**Quoted on Alternative Investment Market

Investments listed on the London Stock Exchange or quoted on the Alternative
Investment Market are carried at mid-market value as at 31 December 2003.

Unlisted investments are carried at the directors' valuation at 30 September
2003 with subsequent movements at cost.  The next revaluation of the unlisted
portfolio will be carried out as at 31 March 2004 and will be reflected in the
interim results for the six months ending 31 March 2004, which are expected to
be published in May 2004.

Enquiries:

Alastair Conn/Christopher Mellor, Northern Venture Trust PLC - 0191 244 6000

Website:  www.nvm.co.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange