CSUZ Close Ast.UK.Zd

RNS Number:9101L
Close UK Index Growth Fund 2006
10 November 2006

CLOSE ASSETS FUNDS LIMITED (the "Company")

- CLOSE UK INDEX GROWTH FUND 2006
(to be renamed Close UK Index Growth Fund 2012) (the "Fund")

SECONDARY FUND RAISING

Close Assets Funds Limited has today published a Prospectus in connection with a 
placing and offer for subscription of zero dividend shares in Close UK Index 
Growth Fund 2006 (to be renamed Close UK Index Growth Fund 2012).

The Fund is due to reach maturity on 15 November 2006 and is likely to repay 
investors the maximum capital entitlement of 148.64p for each Zero Dividend 
Share (a "Share") held in the Fund until 15 November 2006 (a return of 8.25% per 
annum).  This return would represent a significant out performance of the FTSE 
100 Index plus dividends (37.9%**).

As a result of this excellent outcome, the Board has recommend proposals to 
extend the investment term of the Fund as detailed in the Circular published on 
20 October 2006.  These proposals include a secondary fund raising for the Fund 
as set out in the Prospectus, copies of which are available from the Manager, 
Close Fund Management (Investments) Limited and the Company Secretary,  
Anson Fund Managers Limited, whose contact details are shown at the end of this 
announcement.

The investment objective and policy of the Fund for the new investment term will 
have similar attributes to its investment objective and policy for the current 
investment term.  These include:

* A potential return of up to 8.6% per annum or 64% over the 6 year term of the 
shares.  This will be achieved if the FTSE 100 Index rises by just 2.5% per 
annum or 16% over the 6 years.

* Initial capital investment fully preserved* providing the FTSE 100 Index does 
not fall by 50% at any time during the new investment period and the value of 
the FTSE 100 Index at the end of the new investment period is not lower than its 
value at the start of the new investment period.  Even if these requirements are 
not met, the return will track the FTSE 100 Index.*

* London Stock Exchange traded, allowing investors to buy or sell shares and see 
the price on a daily basis.

The ISIN Number for all zero dividend shares in the Fund (including existing 
zero dividend shares in issue) will be changed to GG00B1GJ9885 with effect from 
the start of trading on 15 November 2006.

* subject to there being no counterparty default or any other unexpected 
circumstance and subject to the terms and conditions and risk factors set out in 
the Circular.

** Bloomberg, as at 31 October 2006

This advertisement does not constitute or form part of, and should not be 
construed as constituting or forming part of, any offer to sell or issue, any 
invitation to make any investment in, or any solicitation of any offer to 
purchase or subscribe for, any securities or other investments in the Company, 
nor does it constitute a recommendation regarding any securities or other 
investments in the Company.  Persons who may consider acquiring securities in 
the Company are reminded that any such acquisition may only be made on the basis 
of the information contained in the Prospectus.

For further information contact:

Marc Gordon / Richard Bolchover
Close Fund Management (Investments) Limited

Tel: 020 7426 4023

Anson Fund Managers Limited
Company Secretary

Tel: 01481 722260

10 November 2006

                              END OF ANNOUNCEMENT

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