Issue of Equity

Close Brothers Dev VCT PLC
11 March 2003


                 Close Brothers Development VCT PLC 'C' Shares
                         ('Close Brothers Development')

      allots a further 17,675 'C' Shares in respect of the 2002/2003 Offer


The Board of Close Brothers Development VCT PLC is pleased to announce that a
further 17,675 'C' Shares have been allotted under the 2002/2003 Offer taking
total shares allotted to date to 3,943,286 'C' Shares.

Dealings in the further 17,675 'C' Shares allotted in respect of the 2002/2003
Offer will commence on 12 March 2003.   These shares will rank for 50 per cent
of the interim dividend in respect of the period ending 30 June 2003.


11 March 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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