Dividend Declaration

Close Brothers Dev VCT PLC
17 May 2005



                       CLOSE BROTHERS DEVELOPMENT VCT PLC



                    Revised Asset Value and Interim Dividend




The Company has decided to declare an interim dividend for the current financial
year at a rather earlier date than normal.  The introduction of the new
International Financial Reporting Standards is likely to change the way in which
the Company currently accounts for the payment of dividends.  An early interim
dividend is therefore likely to give the Company more flexibility ensuring that
any change in accounting treatment that may be required can be accommodated
within the Company's overall strategy of maintaining a strong and reasonably
predictable dividend yield.



The Company therefore declares an interim dividend for both the Ordinary Shares
and the C Shares of 1.8 pence per Share (2004: 1.8p for the Ordinary Shares, and
1.1p for the C Shares) payable on 14 June 2005 to shareholders on the register
on 27 May 2005.  1 penny of the C Shares' dividend is being paid out of realised
capital profits, and the Company has consequently relinquished its investment
company status.



The Company's unaudited net asset value at 30 April 2005, after allowing for the
interim dividends referred to above, was 96.4 pence per Ordinary Share and 104.1
pence per C Share.





17 May 2005




For further information:

Patrick Reeve   Close Venture Management       Tel: [phone]








                      This information is provided by RNS
            The company news service from the London Stock Exchange