Allotment of New Ord. Shares

CLOSE BROTHERS DEVELOPMENT VCT PLC
30 July 1999


    Close Brothers Development VCT PLC ('Close Brothers Development VCT')     

                   Allotment of 515,120 new Ordinary Shares                   

Close Brothers Development VCT announces that a further 515,120 Ordinary
Shares have been allotted for cash at 100p per share.  The shares, which will
not rank for the interim dividend for the six months to 30 June 1999 have been
issued pursuant to the Directors authority to issue new shares for cash under
section 95(1) of the Companies Act 1985.
 
It is currently anticipated that dealings in the 515,120 new Ordinary Shares
will commence on 2 August 1999.

Further enquiries:

Patrick Reeve       Close Brothers Investment Limited (the Manager)
Roger Bruce                                           0171-426 4000