Close Enhanced Commodities Fund II Investor Update (0036N)

TIDMCED2

RNS Number : 0036N

Close Enhanced Commodities Fund II

02 September 2013

FOR IMMEDIATE RELEASE

CLOSE ENHANCED COMMODITIES FUND II LIMITED (the "Company")

The purpose of this statement is to provide investors with an update on the enquiries mentioned in the announcement dated 13 August 2013 (RNS Number: 6232L) regarding withholding tax in relation to the Medium Term Note issued by Mediobanca SpA (the "MTN").

The Company has now concluded its enquiries, and can confirm that the sum distributed to investors on 8 July 2013 represents the final distribution to investors by the Company.

As explained in the announcement dated 13 August 2013, the Company's Fund Manager, Close Investments Limited, paid for leading London law firm Herbert Smith Freehills, assisted by specialist Italian tax lawyers, to advise on the deduction of the withholding tax in relation to the MTN. The advice received is that the withholding tax was deducted correctly.

Based on the advice received and the Company's investigations, it does not appear that the Company has reasonable or proportionate prospects of obtaining remedies in relation to the tax deducted, and on that basis does not propose to take further action. However, investors should of course seek their own tax advice as regards their own individual positions.

Subject to solvency requirements, the Company intends to be entered into voluntary liquidation on 6 September 2013.

For further information contact:

Close Brothers Asset Management

Investment Manager

Tel: [phone]

Anson Fund Managers Limited

Secretary

Tel: [phone]

2 September 2013

END OF ANNOUNCEMENT

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