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RNS No 8172v
KLEINWORT DEVELOPMENT FUND PLC
20th March 1998


Schedule 10 - Notification of Major Interests in Shares

1   Name of company:
KLEINWORT DEVELOPMENT FUND PLC

2   Name of shareholder having a major interest:

Kleinwort Benson Group PLC

3   Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18:
Non-beneficial (interest arises from investment management services to
discretionary clients) and beneficial

4   Name of registered holder(s) and, if more than one holder, the number of
shares held by each of them:

C.O. Nominees Limited A/C GR7

5   Number of shares/amount of stock acquired:
-

6   Percentage of issued class:
-

7   Number of shares/amount of stock disposed:
70,000

8   Percentage of issued class:
1.15%

9   Class of security:

Ordinary Shares of 25p

10  Date of transaction:
N/A

11  Date company informed:
20th March 1998

12  Total holding following this notification:
1,687,475

13  Total percentage holding of issued class following this notification:
27.90%

14  Contact name for queries:

K J Salt

15 Contact telephone number:
0171 475 5808

16  Name of company official responsible for making notification:

As in 14 above

17  Date of notification:
20th March 1998


Additional Information:

This announcement results from the transfer of a client from management by
Kleinwort Benson Investment Management Ltd to management by Dresdner RCM
Global Investors (UK) Ltd.

Dresdner Bank AG, parent company of Kleinwort Benson Group plc, is interested
in 1,757,475 shares representing 29.05%

Interests of subsidiary companies of Kleinwort Benson Group plc are as
follows:-

Kleinwort Benson Investment Management Limited:        13.88%
Kleinwort Benson (Guernsey) Limited:                    3.23%
KBIM International Limited:                             3.96%
Kleinwort Benson Investment Management Holdings Ltd:   17.84%
Kleinwort Benson Limited (beneficial)                  10.05%

  
END


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