Net Asset Value 31 October 2008

    RNS Number : 4343I
  Close Enhanced Commodities Fund Ld
  18 November 2008
   

    FOR IMMEDIATE RELEASE

    18 November 2008

    Close Enhanced Commodities Fund Limited (the "Company")

    In order to fulfil its investment objective the Company purchased six Debt Securities, including one issued by Glitnir Banki HF. This
Debt Security accounts for approximately 19 per cent of the total nominal value of the Company's Debt Securities. In the event of a default
by an issuer of a Debt Security purchased by the Company, the Company will rank as an unsecured creditor in respect of sums due from the
issuer of such Debt Security. In such event, the Company may (in respect of that Debt Security) receive a lesser amount of money than the
amount due pursuant to the terms of the Debt Security, may actually receive the money at a different time than would otherwise have been the
case and the amount received may be zero. Any losses will be borne by the Company and returns to Shareholders would be significantly
adversely affected.

    Following the Icelandic authorities' decision to place Glitnir Banki HF in receivership, the Board of the Company considers it likely
that it may not pay in full on its obligation. Whilst recovery rates from issuers that default vary, and in this case are currently unknown,
the worst case scenario would see the Company receive nothing from Glitnir Banki HF at the maturity of the Debt Security.

    Based on the values of the commodities as at 31 October 2008, and assuming these values were to remain unchanged through to the end of
the life of the Company, the Final Capital Entitlement per Share on the Redemption Date would be approximately 167 pence subject to there
being no counterparty default or any unforeseen circumstances, and in the event of Glitnir Banki HF defaulting and having a zero recovery
rate and there being no insolvency of any other issuer of Debt Securities held by the Company or any other event of default or any
unforeseen circumstances, the Final Capital Entitlement per Share on the Redemption Date would be approximately 135 pence.  This is not a
forecast nor is it a reflection of the net asset value per Share and takes no account of any unforeseen circumstances and is provided for
informational purposes only and should not be relied upon for investment decisions.



 Commodity            Start Value      As at 
                                   31 October 2008
 Oil                       $51.15           $67.81
 Gold                     $432.85          $730.75
 Aluminium               $1972.00        $1,970.50
 Copper                  $3367.00        $3,995.00
 Zinc                    $1383.00        $1,091.00
 Commodity Portfolio      100.00%          133.52%

    Payoff Profile

    The tables below illustrate how the Final Capital Entitlement of the Shares might vary for different ending levels of the Commodity
Portfolio (1) subject to there being no counterparty default or any unforeseen circumstances, and (2) on the assumption of zero recovery in
the event of default of the Debt Security issued by Glitnir Banki HF and there being no insolvency of any other issuer of Debt Securities
held by the Company or any other event of default or any unforeseen circumstances.

 Percentage change in End Value     Final Capital         Final Capital
   of the Commodity Portfolio      Entitlement (1)       Entitlement (2)
  relative to its Start Value+
 -100%                           100                   80
 -80%                            100                   80
 -60%                            100                   80
 -40%                            100                   80
 -20%                            100                   80
 0%                              100                   80
 20%                             140                   113
 40%                             180                   145
 60%                             220                   177
 80%                             260                   210
 100%                            300                   242

    (1) Subject to there being no counterparty default or any unforeseen circumstances

    (2) The table contemplates default and zero recovery in respect of the Debt Security issued by Glitnir Banki HF. The Final Capital
Entitlement set out in this table is an example only and not a forecast of actual payments and is subject to there being no insolvency of
any other issuer of Debt Securities held by the Company or any other event of default or any unforeseen circumstances. The attention of
shareholders is drawn to the section headed "Risk Factors" in the Prospectus.

    + The End Value will be the average value of the Commodity Portfolio over the one year period ending on 22 February 2010.


    The monthly factsheet is available on the website www.closeinvestments.com.

    For further information contact:

    Anson Fund Managers Limited
    Secretary

    Tel: 01481 722260

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