25 SEPTEMBER 2009

NORTHERN AIM VCT PLC

INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 JULY 2009

Northern AIM VCT  PLC presents its  interim management statement  for
the quarter  ended  31 July  2009.   This constitutes  the  company's
second interim management statement for the financial year ending  31
October 2009, as  required by the  UK Listing Authority's  Disclosure
and Transparency Rule 4.3.  This  statement has been prepared  solely
to provide additional information in  order to meet the  requirements
of the Disclosure and Transparency Rules and should not be relied  on
by shareholders, or any other party, for any other purpose.

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
holdings in UK AIM-quoted and  unquoted companies.  The company is  a
venture capital  trust  approved  by  HM Revenue  &  Customs  and  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 (NAV) per ordinary share as at 31  July
2009 was 33.8p (30 April 2009 31.3p).

For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 31 July 2009 and  unquoted
investments are  carried  at  fair  value  as  at  31  July  2009  as
determined by the directors.

The following table shows the movement in the company's NAV and share
price and the FTSE  AIM index during the  three months ended 31  July
2009:


                       31 July 2009 30 April 2009 Increase/(decrease)
                                                        during period

NAV per share                 33.8p         31.3p                8.0%
Share price                   22.5p         24.5p              (8.2)%
FTSE   AIM   All-share        542.0         479.6               13.0%
index


During the three months ended 31 July 2009 the following  significant
investment transactions took place:

New investments:


Name of company                     Business activity          Amount
                                                             invested
                                                                 £000
Aero Inventory (quoted on AIM) -    Inventory management for      152
addition to existing holding        the aerospace industry


Disposals:


Name of company           Sales proceeds Original cost Carrying value
                                    £000          £000             at
                                                        30 April 2009
                                                                 £000
Pilat Media Global                   198           150            184
(quoted on AIM) - part
sale


The  number  of  ordinary  shares  in  issue  at  31  July  2009  was
22,066,733.  During the  quarter ended  31 July 2009  no shares  were
allotted or bought back for cancellation by the company.

The directors are not aware of any other events or transactions which
have taken place between 30 April 2009 and the date of publication of
this statement and which have had a material effect on the  financial
position of the company.


Enquiries:

Alastair Conn/Christopher Mellor, NVM  Private Equity Limited -  0191
244 6000
Website:  www.nvm.co.uk

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