Issue of Equity

Close Brothers Dev VCT PLC
25 October 2002





                 Close Brothers Development VCT PLC 'C' Shares

                         ('Close Brothers Development')



          allots 543,400 'C' Shares in respect of the 2002/2003 Offer





The Board of Close Brothers Development VCT PLC is pleased to announce that
543,400 'C' Shares have been allotted under the 2002/2003 Offer.



Dealings in the 543,400 'C' Shares allotted in respect of the 2002/2003 Offer
will commence on 28 October 2002.   The first dividend paid in relation to the '
C' Shares will be the interim dividend in respect of the period ending 30 June
2003.  Shareholders whose 'C' Shares are allotted by 31 December 2002 will be
entitled to the whole interim dividend for the period ending 30 June 2003
whereas shareholders who invest after 31 December 2002 will be entitled to 50
per cent. of the interim dividend for that period.





25 October 2002



Further enquiries:



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



John West        Tavistock Communications
Ole Bettum Tel. [phone]






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