Issue of Equity

Close Brothers Dev VCT PLC
30 June 2003





                 Close Brothers Development VCT PLC 'C' Shares
                         ('Close Brothers Development')

                 allots 175,575 'C' Shares by way of a Placing


The Board of Close Brothers Development VCT PLC is pleased to announce that
175,575 'C' Shares have been allotted by way of a placing under the Company's
authority to issue shares under Section 95(i) of the Companies Act 1985.  This
takes the shares allotted to date to 11,718,656 'C' Shares.



Dealings in the further 175,575 'C' Shares will commence on 1 July 2003.   These
shares will not rank for the interim dividend in respect of the period ending 30
June 2003.





30 June 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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