Issue of Equity

Close Brothers Dev VCT PLC
20 December 2002





                 Close Brothers Development VCT PLC 'C' Shares

                         ('Close Brothers Development')


     allots a further 655,125 'C' Shares in respect of the 2002/2003 Offer




The Board of Close Brothers Development VCT PLC is pleased to announce that
655,125 'C' Shares have been allotted under the 2002/2003 Offer taking total
shares allotted to date to 2,138,630 'C' Shares.

Dealings in the further 655,125 'C' Shares allotted in respect of the 2002/2003
Offer will commence on 23 December 2002. The first dividend paid in relation to
the 'C' Shares will be the interim dividend in respect of the period ending 30
June 2003. Shareholders whose 'C' Shares are allotted by 31 December 2002 will
be entitled to the whole interim dividend for the period ending 30 June 2003
whereas shareholders who invest after 31 December 2002 will be entitled to 50
per cent. of the interim dividend for that period.



20 December 2002

Further enquiries:

Patrick Reeve/Ole Bettum     Close Venture Management (Manager)

Roger Bruce     Tel. [phone]

John West     Tavistock Communications

                                                              Tel: [phone]


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