Issue of Equity

Close Brothers Dev VCT PLC
08 May 2003





                 Close Brothers Development VCT PLC 'C' Shares

                         ('Close Brothers Development')



   allots a further 242,025 'C' Shares in respect of the 2003/2004 Offer and

                  correction relating to dividend entitlement



The Board of Close Brothers Development VCT PLC is pleased to announce that
242,025 'C' Shares have been allotted under the 2003/2004 Offer taking total
shares allotted to date to 10,883,997 'C' Shares.



Dealings in the further 242,025 'C' Shares allotted in respect of the 2003/2004
Offer will commence on 9 May 2003.   These shares will rank for 50 per cent of
the interim dividend in respect of the period ending 30 June 2003.



The 2003/2004 Offer will now be extended to Friday, 30 May with dealing in the
final allotment expected to begin on 2 June. Contrary to the announcements of 8
and 11 April 2003, all shares allotted up to 30 May 2003 will be eligible for 50
per cent. of the interim dividend in respect of the period ending 30 June 2003.





8 May 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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