x

We consider that Mr. Duncan’s departure, together with Jason Hazell’s departure earlier in 2010 has resulted in a loss of multi-management experience and expertise, as well as knowledge of the fund and the underlying managers. The effect of these departures has led to our reduced rating conviction.

x

“We hold new portfolio manager, Stuart Keighran in high regard, although his multimanager role is somewhat of a departure from his previous role as a property securities fund portfolio manager,” said S&P Fund Services analyst Peter Ward.

x

“We expect conviction to build as Mr. Keighran settles into his new role and builds his fund manager knowledge and relationships with assistance from his MLC team members. His strong investment experience will stand him in good stead, together with the framework provided by MLC’s multi-manager research, philosophy, processes, and portfolio implementation capability,” said Mr. Ward.

x

The funds affected by this announcement are:

(headline funds in bold)

x

x

x

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