Northern Venture Trust PLC

Top 15 investments by value as at 31 March 2008

Ordinary shares Cost
£000		 Valuation
£000		 % of net assets
value
CGI Group 2,325 4,453 14.0
Weldex (International) Offshore 200 2,990 9.4
TFB Group 773 2,090 6.6
DxS 1,105 1,560 4.9
Envirotec 812 1,447 4.6
Pivotal Laboratories Holdings 714 955 3.0
Arleigh International 375 861 2.7
Abermed 600 747 2.4
S&P Coil Products 480 709 2.2
John Laing Partnership 356 681 2.2
Interlube Systems 88 639 2.0
Direct Valeting 635 635 2.0
IG Doors 500 608 1.9
Liquidlogic 144 554 1.7
Paladin Group 291 417 1.3
Fifteen largest venture capital investments 9,398 19,346 60.9
Other venture capital investments 9,347 4,570 14.4
Total fixed asset investments 18,745 23,916 75.3
Net current assets   7,838 24.7
Net assets   31,754 100.0


C shares Cost
£000		 Valuation
£000		 % of net assets
value
Paladin Group 1,161 1,668 8.7
Product Support (Holdings) 800 1,132 5.9
Promanex Group Holdings 801 801 4.2
Astbury Marsden Holdings 800 800 4.2
Foreman Roberts Group 800 800 4.2
Promatic Group 797 797 4.2
Axial Systems Holdings 700 700 3.7
Optilan Group 700 700 3.7
Frontier Foods 542 542 2.8
Gentronix 406 406 2.1
IDOX* 298 357 1.8
Wear Inns 270 270 1.4
Maelor* 199 253 1.3
Brulines (Holdings)* 184 209 1.1
Shieldtech* 248 168 0.9
Fifteen largest venture capital investments 8,706 9,603 50.2
Other venture capital investments 347 149 0.8
Total venture capital investments 9,053 9,752 51.0
Listed fixed-interest investments 8,527 8,401 44.0
Total fixed asset investments 17,580 18,153 95.0
Net current assets   954 5.0
Net assets   19,107 100.0

* Quoted on AIM