Issue of Equity

Close Brothers Dev VCT PLC
08 November 2002



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

     allots a further 454,620 'C' Shares in respect of the 2002/2003 Offer


The Board of Close Brothers Development VCT PLC is pleased to announce that
454,620 'C' Shares have been allotted under the 2002/2003 Offer taking total 
shares allotted to date to 998,020 'C' Shares.

Dealings in the further 454,620 'C' Shares allotted in respect of the 2002/2003
Offer will commence on 11 November 2002.   The first dividend paid in relation
to the 'C' Shares will be the interim dividend in respect of the period ending
30 June 2003.  Shareholders whose 'C' Shares are allotted by 31 December 2002
will be entitled to the whole interim dividend for the period ending 30 June
2003 whereas shareholders who invest after 31 December 2002 will be entitled to
50 per cent. of the interim dividend for that period.


8 November 2002


Further enquiries:

Patrick Reeve/Ole Bettum                      Close Venture Management (Manager)
Roger Bruce                                                   Tel. [phone]

John West                                               Tavistock Communications
                                                              Tel: [phone]


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