RNS Number:9172I
Close Enhanced Commodities Fund Ld
23 February 2005


                                23 February 2005


Not for release, publication or distribution in whole or in part in or into the
                   United States, Canada, Australia or Japan

                    CLOSE ENHANCED COMMODITIES FUND LIMITED
                  RESULT OF PLACING AND OFFER FOR SUBSCRIPTION
         AND ADMISSION OF SHARES TO THE OFFICIAL LIST AND TO TRADING ON
                           THE LONDON STOCK EXCHANGE

Further to the prospectus published by Close Enhanced Commodities Fund Limited
(the "Company") on 10 February 2005, 33,700,000 participating shares of the
Company (the "Shares") were issued under the placing and offer for subscription.
All applications under the offer for subscription have been accepted in full.

The Shares were admitted to the Official List, and dealings in the Shares on the
London Stock Exchange commenced, on Wednesday, 23 February 2005.

The performance of the Shares is designed to provide a geared exposure to any
increase in the value of a notional portfolio of certain industrial and precious
metals and energy-related commodities (the "Commodity Portfolio").

The Shares were issued at a price of 100p per Share and are designed to pay to
shareholders, on or around 24 February 2010, a capital payment comprising:

   * a capital amount per Share of 100p (the "Capital Amount"); and

   * a growth amount per Share equal to two times any percentage increase in
     the End Value of the Commodity Portfolio relative to its Start Value, such
     amount being expressed in pence and rounded down to the next whole pence
     (the "Growth Amount").

The "Start Value" is the value of the Commodity Portfolio on the 22 February
2005, (the "Start Date") and the "End Value" will be the average value of the
Commodity Portfolio over the one year period ending on 22 February 2010 (the
"End Date"). If the End Value is lower than its Start Value, then no Growth
Amount will be payable. However, in that event, shareholders will still be
entitled to payment of the Capital Amount.

The Commodity Portfolio will be a notional portfolio which on the Start Date
consists of one-third by value crude oil, one-third by value gold and one-third
by value industrial metals (equally weighted between aluminium, copper and
zinc). An announcement regarding the relevant prices of each of the commodities
on the Start Date is expected to be issued later today.


Enquiries:

Marc Gordon, Close Fund Management (Investments) Limited    Tel: 020 7426 4023

Darren Willis, Intelli Corporate Finance Limited            Tel: 020 7653 6300


This announcement does not constitute, or form part of, an offer or invitation
to sell or an offer or invitation to purchase or subscribe for any securities.

Neither this document nor any copy hereof may be distributed in any jurisdiction
where its distribution may be restricted by law and persons into whose
possession this document comes should inform themselves about, and observe, any
such restrictions.

Intelli Corporate Finance Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting for Close Enhanced
Commodities Fund Limited and for no-one else in connection with the placing and
offer for subscription and will not be responsible to anyone other than Close
Enhanced Commodities Fund Limited for providing the protections afforded to
customers of Intelli Corporate Finance Limited or for providing advice in
relation to the placing and offer for subscription.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END

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