Issue of Equity

Close Brothers Dev VCT PLC
05 April 2004


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


                  special allotment of  270,000 New 'C' Shares



Further to the Closing of the Offer for Subcription, the Board of Close Brothers
Development VCT is pleased to announce that a further 270,000 New 'C' Shares
have been allotted under the Company's power to allot pursuant to Section 95(l)
of the Companies Act 1985.


Dealings in the 270,000 New 'C' Shares allotted will commence on 6 April 2004.
The first dividend paid in relation to the New 'C' Shares will be the final
dividend in respect of the period ending 31 December 2004.


5 April 2004


Further enquiries:


Patrick Reeve/Ole Bettum                  Close Venture Management (Manager)
Roger Bruce                               Tel. [phone]


John West                                 Tavistock Communications
Ole Bettum                                Tel. [phone]


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