Issue of Further Shares

RNS Number:9032Q
Accelerated Return Fund Limited
15 October 2003


FOR IMMEDIATE RELEASE


THE ACCELERATED RETURN FUND LIMITED

15 October 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 2,100,000 participating shares
("Shares") of The Accelerated Return Fund Limited at a placing price of 112.00p,
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
placings on 5 June and 17 July 2003. The redemption benefits payable on the new
Shares are accordingly identical in all respects to the redemption benefits
payable on the 25,600,000 Shares previously issued.

The Company now has in issue 27,700,000 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 8 October 2003 the FTSE 100
Index closed at 4268.60, an increase of 8.46% since launch. Over the same period
the mid-market price of the Shares rose 13.5%.

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

15 October 2003

Enquiries:-

Richard Bolchover/Marc Gordon, for Close Fund Management (Investments) Limited
in London Tel: [phone]

John R Le Prevost Director, for the Company in Guernsey Tel: [phone]

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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