Issue of Equity

Close Brothers Dev VCT PLC
08 April 2003





                 Close Brothers Development VCT PLC 'C' Shares

                         ('Close Brothers Development')


     allots a further 674,467 'C' Shares in respect of the 2003/2004 Offer


The Board of Close Brothers Development VCT PLC is pleased to announce that
674,467 'C' Shares have been allotted under the 2003/2004 Offer taking total
shares allotted to date to 10,616,847 'C' Shares.

Dealings in the further 674,467 'C' Shares allotted in respect of the 2003/2004
Offer will commence on 9 April 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. All shares allotted after 11 April
2003 will not be eligible for the interim dividend in respect of the period
ending 30 June 2003.



8 April 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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