Performance Incentive

Close Brothers Venture Cap Tst PLC
16 June 2004

16 June 2004

                    Close Brothers Venture Capital Trust plc
              Introduction of New Management Performance Incentive

                                  Announcement

Close Brothers Venture Capital Trust plc ('the Company') is introducing a new
management performance incentive, to be effective from 2005, which will replace
the current arrangements.

The New Performance Incentive Agreement is conditional on Shareholders approval
at the AGM of the Company which is being convened for 26 July 2004.  Details are
set out in a Circular to Shareholders which is being published today.

The Company hereby gives notice under paragraphs 9.31 and 9.32 of the Listing
Rules of the UK Listing Authority that copies of the Circular have been
submitted to the UK Listing Authority for approval and will shortly be available
for inspection at the UK Listing Authority's Document Viewing Facility, which is
situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Telephone: [phone]

For further information please contact:

Patrick Reeve
Close Venture Management                    Tel: [phone]




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