Net asset value(s)

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MARCH 18, 2022

CPL NORTH 3 VCT

UNAUDITED NET ASSET VALUE AS OF MARCH 17, 2022

Northern 3 VCT ​​PLC (“the Company”) is a venture capital trust (“VCT”) launched in 2001 and managed by Mercia Fund Management Limited. The Company’s objective is to provide investors with high long-term tax-free returns through a combination of dividend yield and capital growth, by investing in a portfolio of investments consisting primarily of equity investments – unlisted risk. In order to maintain approval by HM Revenue & Customs as a VCT, the Company is required to comply at all times with the provisions of Section 274 of the Income Tax Act 2007.

The unaudited net asset value per ordinary share at 17 March 2022 was 99.1 pence (31 December 2021 (unaudited) 106.1 pence, which included a dividend of two pence per share which was paid on 28 January 2022). The reduction in the unaudited net asset value per share is primarily due to a reduction in the valuations of the Company’s listed portfolio due to recent market volatility.

For the purposes of calculating the net asset value per share, listed investments are recorded at bid price as of March 17, 2022 and unlisted investments are recorded at fair value as of March 17, 2022 as determined by the directors.

It is expected that the NAV as of March 17 will be used for the purposes of valuing the allocation of ordinary shares under the Company’s subscription offer. This allocation is expected to take place on April 1, 2022.

The number of ordinary shares outstanding as of March 17, 2022 was 109,607,737.

Requests:

Graham Venables/James Sly, Mercia Fund Management Limited – 0330 223 1430
Website: www.mercia.co.uk

The content of the Mercia Asset Management PLC website, nor the content of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), is not incorporated into, or forms part of of, this announcement.


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