Glanmore Property Fund (P27) - update 15 July 2009

15 July 2009

We have been informed by Tilney Investment Management, managers of the Glanmore Property Fund, that they should be in a position by the middle of August 2009 to confirm whether or not the Placing and Open Offer of Participating B Shares was successful in raising the £95 million required for the creation of the new share class.

We will write to policyholders in the mirror fund as soon as we have this information, with details of any implications or changes for their investment.

Please note that we are not in a position to allow an open share offering on a mirror fund, due to the pooled nature of our investment products together with the three year liquidity restrictions imposed on the new shares.

If you have any questions regarding the operation of the mirror fund or the underlying fund, please contact our Funds Marketing & Research department.