Issue of Equity

Close Brothers Dev VCT PLC
03 April 2003





                 Close Brothers Development VCT PLC 'C' Shares

                         ('Close Brothers Development')



    allots a further 4,347,686 'C' Shares in respect of the 2002/2003 Offer

                   and extends 2003/2004 Offer to 30 May 2003



The Board of Close Brothers Development VCT PLC is pleased to announce that a
further 4,347,686 'C' Shares have been allotted under the 2002/2003 Offer taking
total shares allotted to date to 9,912,380 'C' Shares.    The 2002/2003 Offer is
now closed.



Dealings in the further 4,347,686 'C' Shares allotted in respect of the 2002/
2003 Offer will commence on 4 April 2003.   These shares will rank for 50 per
cent of the interim dividend in respect of the period ending 30 June 2003.



The 2003/2004 Offer will now be extended to Friday, 30 May with dealing in the
final allotment expected to begin on 2 June. All shares allotted after 8 April
2003 will not be eligible for the interim dividend in respect of the period
ending 30 June 2003.





3 April 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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