FOR IMMEDIATE RELEASE

5 January 2006

THE CLOSE MAN GUARANTEED HEDGE FUND II LIMITED

ESTIMATED NET ASSET VALUE OF A SHARE

The estimated Net Asset Value ("NAV") of a participating redeemable preference share of 0.0001 pence each (a "Share") in The Close Man Guaranteed Hedge Fund II Limited (the "Company") is calculated as being 101.278 pence as at the close of business on Friday 30 December 2005 (the "VP", being the valuation point).

The above estimated NAV of a Share has been calculated using information which, whilst being received from a reliable source, is itself 'estimated' and accordingly none of the Company, The Royal Bank of Scotland plc, Man Global Strategies Focused Sterling Limited, Man Investments Limited and Man Valuation Services Limited accept any responsibility for the accuracy of the estimated NAV figure given, and neither is any responsibility implied.

This estimated NAV of a Share is provided for indication purposes only and should not be relied upon for investment decisions. The Company intends to issue the estimated NAV of a Share on a weekly basis. The Company also intends to issue a confirmed NAV per Share for the VP on the last day of each month in approximately 30 business days after that VP.

Neither this press release nor any part of it may be released, mailed, transmitted, copied, distributed, taken or otherwise sent in or into the United States of America, Canada, Australia or Japan (EUREX: FMJP.EX - news) . Any failure to comply with these restrictions may constitute a violation of United States of America, Canada, Australia or Japanese Securities laws.

For further information contact:

Anson Fund Managers Limited

Company Secretary

Tel: Guernsey 01481 722260