Notification of the first distribution payment in relation to the underlying fund of P27 FPIL Glanmore Property Fund

12 April 2017

We have been advised by Grant Thornton Limited (“Joint Liquidators”) of the first interim payment to investors. The underlying fund’s consolidated audited Net Asset Value as at 29 November 2016 was GBP 42,865,992, which equates to GBP 2.82 per share. The first distribution payment has been calculated at GBP 2.38 per share. This is taking into consideration an unsold property, and provision for further liquidation costs and expenses.

Please note that the Net Asset Values quoted above are only applicable to the shares in the underlying fund. We are unable to confirm the share value in relation to P27 FPIL Glanmore Property Fund until such a time the resulting proceeds have been received, which are expected to be after the 12 May 2017. After this time we will provide a further update to confirm the share price that has been applied to P27 FPIL Glanmore Property Fund, and the expected distribution date.

We will distribute proceeds received from the Joint Liquidators to each investor by either switching out a percentage of their holding into the default replacement fund L37 Schroder Global Multi-Asset Income (GBP HDG); or if the policy is subject to a surrender or a pending withdrawal, a payment will be made as soon as possible following receipt of the proceeds from the Joint Liquidators, to the bank details held on file (subject to a de minimis).

Further information can be found in the client letter, which has been sent out to policyholders invested in this fund.

Should you have any questions regarding this update, please contact International Funds & Investments.