Final Results - Year Ended 31 December 1999

Close Brothers Dev VCT PLC
28 February 2000


                      CLOSE BROTHERS DEVELOPMENT VCT PLC                      
                              Report and accounts                             
                    for the period ended 31 December 1999                    
                                                                            
CHAIRMAN'S STATEMENT                                                          

Close Brothers Development VCT PLC is a venture capital trust which raised a
total of £14.6 million through an issue of shares in the Spring and Summer of
1999.  The investment strategy of the Company is to establish a diversified
portfolio of holdings in smaller, unquoted companies whilst at the same time
selecting and structuring investments in such a way as to reduce the risk
normally associated with investment in such companies. It is intended that
this will be achieved as follows:

Qualifying Investments will represent in excess of 80 per cent. of net
funds raised and will comprise investments in established businesses
across a broad spread of industries.

Approximately two thirds of the amount invested in Qualifying Investments
will comprise debt secured on 'bankable' assets. This debt will generate
a significant proportion of the total anticipated return from individual
investments.

Up to 20 per cent. of net funds raised will be invested in Non-Qualifying
Investments comprising fixed and floating interest rate securities,
financial instruments and short term money market deposits with major
banks with a Moody's credit rating of at least A.

Investment progress

Deal flow continues to be up to the Manager's original expectations, with
approximately 250 potential investments reviewed since the Development VCT's
launch.  The relatively risk averse nature of the fund, however, has led the
Company to draw back from a number of deals where an increasing risk profile
threatened to take the opportunity beyond your VCT's chosen investment
criteria.  Nevertheless, following the £750,000 investment in Swetenhams
Marketing Services Limited, your Company's investment programme is now well
under way.  Your board believes the emphasis on the quality of deals done is
key to the successful implementation of the Company's lower risk investment
strategy, and with further deals currently in the course of execution we look
forward to the establishment of a diversified, lower risk investment portfolio
in the current financial year.

Results and dividend

Net income after taxation was £327,000 in the period enabling the board to
declare a net final dividend of 1.5 pence per share.  This is in addition to
the interim dividend of 1 penny per share paid to those shareholders who
invested by the First Closing on 26 January 1999 and 0.6 pence per share paid
to those shareholders who invested subsequently, up to the Last Closing on 27
May 1999.  As at 31 December 1999 the net asset value applicable to the
Ordinary Shares was £13.7 million, or 93.7 pence per share, after taking
account of the declared dividend, compared with net funds raised after
expenses of £13.9 million, or 95 pence per share.  The dividend will be paid
on 28 April 2000 to shareholders on the register on 10 March 2000.

Cancellation of share premium account

A circular proposing the cancellation of the Company's share premium account, 
at the Annual General Meeting is being sent out with the Company's report and
accounts.


Roderick Davidon                                  28 February 2000
Chairman



                      Close Brothers Development VCT PLC                      

                          Statement of Total Return                           
                     (incorporating the revenue account)                      
           for the period from 21 October 1998 to 31 December 1999            
      
                                                 Period ended 31 December 1999
                                                    Rev.        Cap.    Total
                                                  £'000       £'000     £'000

Gains/(losses) on investments                         -          (7)       (7)
                     
Income                                              586           -       586
                     
Investment management fees                          (73)       (218)     (291)
                     
Other expenses                                     (103)        (23)     (126)
                                                   ____        ____      ____
                     
Return on ordinary activities before tax            410        (248)      162
                     
Tax on ordinary activities                         (83)          49       (34)
                                                   ____        ____      ____
                     
Return attributable to shareholders                327         (199)      128 
                     
Dividends                                         (320)           -      (320)
                                                  ____         ____      ____
                     
Transfer to/(from) reserves                          7         (199)     (192)
                                                    ====        ====      ====
                     
Return per share                                  2.7p        (1.6)p      1.1p


The revenue columns of this statement represent the profit and loss account of
the Company.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the period.

There are no comparative figures as the period was the Company's first period
of trading.
 
                      Close Brothers Development VCT PLC                      
                                Balance Sheet                                 
                             at 31 December 1999                             

                                                    31 December 1999
                                                               £'000
Fixed Asset Investments       
       Qualifying                                                756
       Non-qualifying                                          5,981
                                                               _____

Total fixed asset investments                                  6,737
       
Current Assets       
       Debtors                                                   101
       Short term money market deposits                        7,270
                                                               _____
                                                               7,371
       
Creditors: due within one year                                  (371)
                                                               _____ 

Net current assets                                             7,000
                                                               _____       

Net assets                                                    13,737
                                                              ======       

Represented by:       
         Called up share capital                               7,331
         Share premium account                                 6,598
         Capital reserve                                        (199)
         Profit and Loss account                                   7
                                                               _____       

Total Equity Shareholders' funds                              13,737
                                                              ======       
Net asset value per share                                      93.7p
       
Signed on behalf of the Board of Directors

Roderick Davidson
Chairman


For more information, contact:

Roderick Davidson (Chairman)                            Tel:[phone] 
Patrick Reeve                                         Tel: [phone]