Issue of Equity

Close Brothers Dev VCT PLC
30 May 2003





                 Close Brothers Development VCT PLC 'C' Shares

                         ('Close Brothers Development')



   allots a further 632,084 'C' Shares in respect of the 2003/2004 Offer and

                     announces that the Offer is now closed



The Board of Close Brothers Development VCT PLC is pleased to announce that
632,084 'C' Shares have been allotted under the 2003/2004 Offer taking total
shares allotted to date to 11,543,081 'C' Shares.



Dealings in the further 632,084 'C' Shares allotted in respect of the 2003/2004
Offer will commence on 2 June 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 has now closed.  Any allotments made after this date will be
outside the Offers, and will be subject to the Company's right to issue shares
under section 95 of the Companies Act.



The Company also announces that Frank Malcolm, a director of the Company, has
today been allotted 10,000 C shares at a price of 100 pence each.





30 May 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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