RNS Number:8447N
Accelerated Return Fund Limited
22 July 2003


FOR IMMEDIATE RELEASE

THE ACCELERATED RETURN FUND LIMITED

22 July 2003

Issue of further shares

RESULT OF ALLOTMENT AND ISSUE OF FURTHER SHARES BY THE ACCELERATED RETURN FUND
LIMITED (the "Company")


The Company announces a placing of a further 2,300,000 participating shares
("Shares") of The Accelerated Return Fund Limited at a placing price of 108.00p,
arranged by Close Fund Management (Investments) Limited. These new Shares were
today admitted by the UKLA to listing on the Official List and by the London
Stock Exchange to trading.

These new Shares rank pari passu with the existing Shares issued pursuant to the
initial placing and offer for subscription on 8 April and the subsequent placing
on 5 June 2003. The redemption benefits payable on the new Shares are
accordingly identical in all respects to the redemption benefits payable on the
23,300,000 Shares previously issued.

The Company now has in issue 25,600,000 participating shares, all of which have
been admitted to the Official List and are capable of dealing in on the London
Stock Exchange.

The net proceeds derived by the Company from the issue of all Shares of the
Company have been invested in a portfolio of debt securities and
over-the-counter derivative transactions at prices based on the closing level of
the FTSE 100 Index on 7 April 2003 of 3935.80. On 17 July 2003 the FTSE 100
Index closed at 4056.60, an increase of 3.07% since launch. Over the same period
the mid-market price of the Shares rose 9%.

The Accelerated Return Fund Limited


The objective of the Company is to provide investors with 6 times the capital
return of the FTSE 100 Index, up to a maximum of 66%, over 5 1/2 years. 
Therefore, if the FTSE 100 Index rises 11% from its starting level of 3935.8 on 
7 April 2003, which equates to a level of 4368.8 in October 2008, the Shares 
are designed to return growth of 66%.

There is full capital protection if the FTSE 100 Index has fallen at the end of
the period (October 2008) unless the FTSE 100 Index has closed more than 50%
down during the term to 1967.9. In this case if the FTSE 100 is still below
3935.8 at the end of the period, the net asset value of the Company will fall by
an equivalent percentage. If the level of the FTSE 100 Index has returned above
its starting level of 3935.8 in October 2008 then the Company will still provide
6 times the return of the FTSE 100 Index to a maximum of 66%.

Payoff Profile


The table below illustrates how the redemption value of the Shares might vary
for different ending levels of the FTSE 100 Index.

Final FTSE 100 Index Level*              Ending Net Asset Value
                              If FTSE 100 Index never   If FTSE 100 Index has
                              closes below 1967.9 **    closed below 1967.9 **
         2000                           100                       50
         2250                           100                       57
         2500                           100                       63
         2750                           100                       69
         3000                           100                       76
         3250                           100                       82
         3500                           100                       88
         3750                           100                       95
         4000                           109                      109
         4250                           147                      147
         4500                           166                      166


* As at 7 October 2008
** On any day from 7 April 2003 to 7 October 2008

The final return is subject to there being no counterparty default or any other
unforeseen circumstances.


For the Company
Anson Fund Managers Limited
Company Secretary

22 July 2003


Enquiries:-

Richard Bolchover/Marc Gordon, for Close Fund Management (Investments) Limited
in London Tel: 020 7426 4000

John R Le Prevost Director, for the Company in Guernsey Tel: 01481 722260

Neither this press release nor any part of it may be released, mailed,
transmitted, copied, distributed, taken or otherwise sent into the United States
of America, Canada, Australia or Japan. Any failure to comply with these
restrictions may constitute a violation of United States of America, Canada,
Australia or Japanese securities laws.

Close Fund Management (Investments) Limited is authorised and regulated by the
Financial Services Authority of the United Kingdom.

END



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