Issue of Equity

Close Brothers Dev VCT PLC
02 April 2004



               Close Brothers Development VCT PLC New 'C' Shares

                         ('Close Brothers Development')



       allots 5,061,814 New 'C' Shares in respect of the 2004/2005 Offer

                   and announces that the Offer is now closed



The Board of Close Brothers Development VCT is pleased to announce that
5,061,814 New 'C' Shares have been allotted under the 2004/2005 Offer taking the
total fundraising to £6,752,394.



Dealings in the 5,061,814 New 'C' Shares allotted in respect of the 2004/2005
Offer will commence on 5 April 2004.   The first dividend paid in relation to
the New 'C' Shares will be the final dividend in respect of the period ending 31
December 2004.



The Offer is now closed for subscription.





2 April 2004



Further enquiries:



Patrick Reeve/Ole Bettum         Close Venture Management (Manager)

Roger Bruce                               Tel. [phone]



John West                           Tavistock Communications

Ole Bettum                                Tel. [phone]




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