Issue of Equity and Total Voting Rights

4 APRIL 2023

NORTHERN 3 VCT PLC

ISSUE OF EQUITY AND TOTAL VOTING RIGHTS

Northern 3 VCT PLC ("the Company”) announces that on 4 April 2023 it allotted 6,597,040 ordinary shares of 5p each in respect of the offer of new ordinary shares for subscription in the 2022/23 tax year, pursuant to the offer document dated January 2023 (the "Offer Document”). In accordance with the Pricing Formula set out in the Offer Document, the new ordinary shares were issued at prices between 90.28 pence per share and 94.87 pence per share depending on the level of Promoter’s Fee and Adviser Charge (if applicable) pertaining to each application. The aggregate of the subscription amounts paid to the Company pursuant to the Offer is £5,851,887.94. Following the above allotment, there are 129,916,819 ordinary shares in issue.

An application will be made at the earliest practicable opportunity for the new ordinary shares, which will rank pari passu with the existing ordinary shares, to be admitted to the Official List of the Financial Conduct Authority ("the FCA”) and to trading on the London Stock Exchange’s market for listed securities, and dealings are expected to commence on or around 11 April 2023.

In conformity with the FCA’s Disclosure Guidance and Transparency Rules (the "DTRs”), the Company notifies the market that the capital of the Company consists of 129,916,819 ordinary shares with a nominal value of 5p each. All the ordinary shares have voting rights. The Company does not hold any ordinary shares in treasury. The total number of voting rights in the Company is therefore 129,916,819 ("the Figure”). The Figure may be used by a shareholder or other person as the denominator for the calculations by which they will determine if they are required to notify the voting rights they hold in relation to the Company, or a change to those voting rights, under the DTRs.

Defined terms in this announcement have the same meaning as in the Offer Document.

Enquiries:

Sarah Williams / James Sly, Mercia Fund Management Limited - 0330 223 1430

Website: www.mercia.co.uk/vcts

Neither the contents of the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are incorporated into, or form part of, this announcement.