Issue of Equity

Close Brothers Dev VCT PLC
12 March 2004



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

       allots 1,690,580 New 'C' Shares in respect of the 2004/2005 Offer


The Board of Close Brothers Development VCT is pleased to announce that
1,690,580New 'C' Shares have been allotted under the 2004/2005 Offer.   The
Offer will remain open until 2 April 2004.

Dealings in the 1,690,580 New 'C' Shares allotted in respect of the 2004/2005
Offer will commence on 15 March 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.

12 March 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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