Issue of Equity

Close Brothers Dev VCT PLC
24 February 2003



                 Close Brothers Development VCT PLC 'C' Shares

                         ('Close Brothers Development')

    allots a further 1,109,087 'C' Shares in respect of the 2002/2003 Offer


The Board of Close Brothers Development VCT PLC is pleased to announce that a
further 1,109,087 'C' Shares have been allotted under the 2002/2003 Offer taking
total shares allotted to date to 3,896,361 'C' Shares.

Dealings in the further 1,109,087 'C' Shares allotted in respect of the 2002/
2003 Offer will commence on 25 February 2003. These shares will rank for 50 per
cent of the interim dividend in respect of the period ending 30 June 2003.



24 February 2003

Further enquiries:

Patrick Reeve/Ole Bettum     Close Venture Management (Manager)

Roger Bruce     Tel. [phone]

John West     Tavistock Communications     Tel: [phone]


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