Result of Tender Offer

Close Brothers Venture Cap Tst PLC
18 July 2002



                      CLOSE BROTHERS VENTURE CAPITAL TRUST

                             Result of Tender Offer




The Board of Close Brothers Venture Capital Trust PLC is pleased to announce the
results of the Tender Offer for 3,907,769, shares details of which were sent to
Shareholders on 18 June 2002.

By 5.00 p.m. on 17 July 2002, Tender Forms totalling 3,639,217 shares had been
received by the Receiving Agent. This means that, subject to the passing of the
resolutions to be proposed at the Extraordinary General Meeting convened for 1
August 2002, applications under the Tender Offer will be satisfied in full.

To the extent that the Company does not procure purchasers for the Shares to be
purchased under the Tender Offers, the Company will itself purchase the Shares
for cancellation. It is currently anticipated that cheques in respect of the
Tender Offer will be posted to Shareholders on 6 August 2002, along with any
balance certificates. CREST accounts will be credited on the same day.



For further information contact:

Patrick Reeve     020 7426 4000





18 July 2002



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