Bonus Issue and Conversion

Close Brothers Dev VCT PLC
29 March 2007







                       CLOSE BROTHERS DEVELOPMENT VCT PLC

     Bonus Issue and Conversion of 'C' Ordinary Shares into Ordinary Shares



Further to the announcement of 1 March 2007, Close Brothers Development VCT PLC
announces the conversion of its 'C' Ordinary Shares into Ordinary Shares as
follows:



In order to align the respective net asset values, 'C' Shareholders will be
entitled to 0.0715 new 'C' Ordinary Shares by way of a bonus issue for each 'C'
Ordinary Share held as at close of business on 29 March 2007.  This will result
in the issue of a further 1,295,584 'C' Ordinary Shares.



The newly issued 'C' Ordinary Shares will rank pari passu with the existing 'C'
Ordinary Shares in issue.  The 'C' Ordinary Shares representing fractional
entitlements will not be issued to 'C' Shareholders but will be aggregated and
sold in the market for the benefit of the Company.  Application has been made
for the new 'C' Ordinary Shares to be admitted to the Official List and to
trading on the London Stock Exchange's Main Market for listed securities and its
is expected that dealings will commence on 30 March 2007.



Following the bonus issue of new 'C' Ordinary Shares, all of the 'C' Ordinary
Shares in issue will convert into New Ordinary Shares on a one for one basis.
Accordingly, 19,415,642 New Ordinary Shares will be issued to 'C' Shareholders
on the Register as at close of business on 30 March 2007.  The newly issued
Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue.
  Application has been made for the New Ordinary Shares to be admitted to the
Official List and to trading on the London Stock Exchange's Main Market for
listed securities and it is expected that dealings will commence on 2 April
2007.



Following the issue of the New Ordinary Shares arising on conversion, the
listing of the 'C' Ordinary Shares will be cancelled.  The New Ordinary Share
certificates will be despatched to shareholders by 20 April 2007.  Transfers of
the new 'C' Ordinary Shares issued on 30 March 2007 pursuant to the bonus issue
will be certified against the register pending the issue of the New Ordinary
Shares.



29 March 2007


For further information:

Patrick Revee    Close Ventures Limited   Tel: [phone]


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