Realisation

Close Brothers Dev VCT PLC
08 April 2005


For immediate release: 8 April 2005

                                        
    CLOSE BROTHERS DEVELOPMENT VCT, CLOSE TECHNOLOGY & GENERAL VCT AND BAMBOO
                  INVESTMENTS REALISE £8.7 MILLION ON DISPOSAL


Close Brothers Development VCT ('CBDVCT'), Close Technology & General VCT ('CBT&
GVCT) and Bamboo Investments Plc ('Bamboo'), all managed by Close Venture
Management ('CVM') announce the sale of their investment in Automotive Technik
(Holdings) Limited ('Automotive') for a total consideration of £8.9m before
transaction costs. This represents a return of 2.9 times the total amount
invested by the three funds since July 2002. Further consideration of a maximum
of £0.6m is payable to the funds subject to certain conditions being met.
Automotive, the British group that manufactures the Pinzgauer all-terrain
vehicle, has been acquired by US Corporation, Stewart & Stevenson Services Inc.


CBDVCT and CBT&GVCT invested £1.2m in Automotive in July 2002 to fund the set up
of production of the Pinzgauer off-road vehicle in the UK. Since then Automotive
has grown its turnover from £3 million to £25 million and has become
significantly profitable. To fund this rapid growth, CBDVCT, CBT&GVCT and Bamboo
invested a further £1.85m during 2003 and 2004.


Alan Stanley, Chief Executive of Automotive commented: 'In the past 3 years
Automotive has been transformed. It has grown from making six vehicles a month
with 50 people to a leading off-road vehicle manufacturer making eight vehicles
a week, employing 130 people and achieving a significant amount of export sales.
CVM has played a key part in this success, not only by providing the financial
backing but also by working closely with our management team on strategic
issues. Our relationship with CVM is a clear example of how entrepreneurial
businesses and venture capital providers can work in partnership to achieve
significant success.'


As a result of the sale, the preliminary unaudited net asset value of CBDVCT Ord
Shares, CBDVCT 'C' Shares and CBT&GVCT at 31 March 2005 was 100.1 pence, 106.7
pence and 120.2 pence per share respectively.


Emil Gigov, Director of CVM, commented: 'This is an outstanding return for our
investors and a tribute to the hard work of Automotive's management team over
the past 3 years.'


Jeremy Furniss and Jonathan Seal of Livingstone Guarantee LLP advised the
shareholders of Automotive on the sale.


For further information please visit www.closeventures.co.uk or contact:

Emil Gigov - Director                         John West
Patrick Reeve - Managing Director             Clemmie Carr
Close Venture Management                      Tavistock Communications
Tel: [phone]                            Tel: [phone]




Notes to Editors


Close Venture Management


CVM is one of the most successful and longest established Venture Capital Trust
(VCT) managers. It was formed in 1996 and currently manages a portfolio of five
VCTs which have to date raised a total of £160 million from private investors.


In addition, CVM advises the Healthcare & Leisure Property Fund, an Isle of
Man-based open-ended investment company participating in asset-based investments
made by its VCTs as well as acting as investment manager to Bamboo Investments
plc, an investment company specialising in early stage, high growth businesses,
principally in the technology sector.


Close Venture Management is one of the largest VCT managers and concentrates its
investment strategy on lower investment risk and higher dividend yield.


VCTs under management:


Close Brothers Venture Capital Trust PLC invests in a broad range of unquoted
asset-backed businesses in the hotel, care home, residential property
development, health and fitness and cinema sectors. It is aimed at providing
investors with a lower risk investment profile whilst at the same time
generating a strong dividend yield.


Close Brothers Protected VCT PLC is similarly aimed at providing investors with
a lower risk investment opportunity in a portfolio of asset-backed businesses.


Close Brothers Development VCT PLC provides equity and debt finance to growing
unquoted companies across a variety of sectors, with investments ranging from
technology-orientated to service and asset-backed businesses.


Close Technology & General VCT PLC offers investors the opportunity to
participate in a balanced portfolio of technology and non-technology businesses.


Close Income & Growth VCT PLC aims to provide investors with a regular and
predictable source of income combined with the prospect of potential longer-term
capital growth. The Income & Growth VCT intends to invest funds raised in a
mixture of lower risk, ungeared, property-based businesses with a further 10%
allocated to engineering and technology spin-outs from Brunel University and the
balance of the net funds will be invested in high growth businesses across a
variety of sectors in the UK economy.


Close Brothers was voted VCT Group of the Year in the Growth Company Awards 2003
and Best VCT Provider at the Professional Adviser Awards 2005.



CVM is a member of Close Brothers Group plc and is authorised and regulated by
the Financial Services Authority.






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