Issue of Equity

Close Brothers Dev VCT PLC
05 February 2003





                 Close Brothers Development VCT PLC 'C' Shares

                         ('Close Brothers Development')


      allots a further 28,800 'C' Shares in respect of the 2002/2003 Offer




The Board of Close Brothers Development VCT PLC is pleased to announce that a
further 28,800 'C' Shares have been allotted under the 2002/2003 Offer taking
total shares allotted to date to 2,735,274'C' Shares.

Dealings in the further 28,800 'C' Shares allotted in respect of the 2002/2003
Offer will commence on 6 February 2003. These shares will rank for 50 per cent
of the interim dividend in respect of the period ending 30 June 2003.



5 February 2003

Further enquiries:

Patrick Reeve/Ole Bettum     Close Venture Management (Manager)

Roger Bruce     Tel. [phone]

John West     Tavistock Communications                    Tel: [phone]


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