19 FEBRUARY 2018

NORTHERN 2 VCT PLC

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2017

Northern 2 VCT PLC ("the Company") is a Venture Capital Trust ("VCT") launched in 1999 and managed by NVM Private Equity LLP.  The Company's objective is to provide high long-term tax-free returns to investors through a combination of dividend yield and capital growth, by investing in a portfolio of investments mainly comprising unquoted venture capital holdings.  In order to maintain approval by HM Revenue & Customs as a VCT, the Company is required to comply on a continuing basis with the provisions of Section 274 of the Income Tax Act 2007.

The unaudited net asset value per ordinary share as at 31 December 2017 was 68.5 pence (30 September 2017 68.4 pence).  The net asset value is stated before deducting the interim dividend of 2.0 pence per share in respect of the year ending 31 March 2018, which was paid to eligible shareholders on 26 January 2018.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2017 and unquoted investments are carried at fair value as at 31 December 2017 as determined by the directors.

During the three months ended 31 December 2017 the following new venture capital investments were completed:

The number of ordinary shares in issue at 31 December 2017 was 129,532,452.  During the three months ended 31 December 2017 28,559,097 new shares were allotted at an average price of 69.9 pence per share pursuant to a public offer for subscription and 427,000 shares were re-purchased for cancellation at a price of 65.0 pence per share.

Enquiries:
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000

Website:  www.nvm.co.uk

Neither the contents of the NVM Private Equity LLP website nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP website (or any other website) is incorporated into, or forms part of, this announcement.