JAC Jap.Acc.Rtn.Ii

TIDMJAC

RNS Number : 5308W

Close Fund Mngmt Portfolios II PCC

31 January 2012

FOR IMMEDIATE RELEASE

Close Fund Management Portfolios II PCC Limited (the "Company")

Japanese Accelerated Return Fund II (the "Cell")

MATURITY AND REDEMPTION

The Company on account of the Cell, held two debt securities issued by Glitnir Banki hf ("Glitnir") and Kaupthing Bank hf ("Kaupthing") respectively (each a "Defaulting Note" and together the "Defaulting Notes"). The Defaulting Notes had a nominal value of GBP7.1 million each and a combined value of GBP14.2 million, representing approximately 30% of the total nominal value of the Cell's debt securities, but it is not known at this stage whether any value can be realised from the Defaulting Notes or what, ultimately, that realisable value might be.

The winding-up board for Glitnir Banki hf and the winding-up Committee of Kaupthing Bank hf asked all parties claiming debts of any sort against the respective bank(s) to submit claims in respect thereof. Consequently, as announced by the Company on 16 November 2009, a separate claim was submitted to each bank by the Company, on behalf of the Cell, and in respect of each Defaulting Note. The Company, for the account of the Cell, claimed for a total amount equivalent to GBP12,780,000 (equating to approximately 27 pence per Participating Cell Share) from Glitnir (the "Glitnir Claim") and for a total amount equivalent to GBP12,780,000 (equating to approximately 27 pence per Participating Cell Share) from Kaupthing (the "Kaupthing Claim") (together the "Claims").

On 21 November 2010 the winding-up committee of Kaupthing Bank hf wrote to the Company, on behalf of the Cell, to advise that it accepts ISK 1,356,668,000 (equivalent to approximately GBP7.012 million or 15 pence per Participating Cell Share as at 30 January 2012) of the Kaupthing Claim. As announced on 15 August 2011, the winding up Board of Glitnir Banki hf wrote to the Company, on behalf of the Cell, to advise that it accepts ISK 1,301,990,264 (equivalent to approximately GBP6.729 million or 14 pence per Participating Cell Share, as at 30 January 2012). However it is not expected that any monies will result from either the Glitnir Claim or the Kaupthing Claim for some time, if ever.

Pursuant to the Proposal detailed in the Circular dated 1 December 2011 and approved at the General Meeting and Class Meeting held on 21 December 2011 the Claims are being transferred to the JARF 2012 Defaulting Note Trust (the "Trust").

The Board has resolved to distribute to Shareholders 22.6 pence per Participating Cell Share and, under the terms of the Company's Articles of Association as amended at the General Meeting and Class Meeting held on 21 December 2011, Shareholders are entitled to receive, separately, an interest in the Trust.

The Cell's investments (excluding the Defaulting Notes) have now matured and the Participating Cell Shares are being redeemed, with redemption proceeds expected to be paid to Shareholders on or around 2 February 2012.

Redemption proceeds will be paid to all Shareholders by cheque made payable to the relevant holder or in the case of joint holders to such relevant joint holders and sent at the risk of the holder(s) to the address of the holder or first named joint holder as such appears in the Company's Register of Members, or by an alternative method of payment (at the expense of the holder(s)), if writing of such alternative method from the registered holder(s) has been received by the Company's Registrar and Paying Agent, Anson Registrars Limited.

For further information contact:

Anson Fund Managers Limited

Secretary

Tel: Guernsey 01481 722260

Anson Registrars Limited

Registrar

Tel: Guernsey 01481 711301

31 January 2012

END OF ANNOUNCEMENT

E&OE - In transmission

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