Morley wins £90m property mandate from Kingfisher

Article date: 3 March 2003

Morley Fund Management (Morley) has been appointed to manage a£90 million (EUR140m) property mandate for Kingfisher PensionScheme. The fund is managed by Phil Ellis, Institutional PropertyBusiness Development Manager and has been funded since December2002.

The fund will invest in a number of indirect property vehiclesincluding limited partnerships, property unit trusts and managedpension funds.

The property team at Morley manages in excess of £10 billion(EUR16 billion) of assets, making Morley one of the largestproperty fund managers in the UK. This team has been at theforefront of recent innovations creating limited partnerships suchas The Mall Fund and The Junction Fund (both with Capital andRegional), and the Ashtenne Industrial Partnership (with Ashtenneplc).

Commenting on the mandate win, Ian Womack, Head of Property atMorley Fund Management, said: "We are delighted that Morley hasbeen entrusted by Kingfisher to manage this mandate. Property is akey asset class for a well diversified pension fund and throughMorley, clients can gain access to a leading property team. We lookforward to a successful relationship with Kingfisher."

Commenting on the appointment of Morley, Colin Hately, PensionsManager at Kingfisher Pension Scheme, said: "We appointed Morleydue to its excellent track record and breadth of expertise inmanaging indirect property investments."

-ends-

For further information please contact:
Fiona Baker, Head of Corporate Communications 020 7809 8617
Morley Fund Management

Notes to editors

Morley Property

The property team at Morleymanages in excess of EUR16 billion (£10 billion) of UK Propertyassets (as at 31.12.02), making Morley one of the largest propertyfund managers in the UK. The team consists of over 50 investmentprofessionals and manages a range of funds, including segregatedand pooled pensions as well as a retail unit trust. The funds rangeacross standard and non standard property investments and include,amongst others, a regeneration fund and a PFI fund. Morley has beenat the forefront of innovation in limited property partnerships andhas launched six other specialist sector based funds, including theAshtenne Industrial Fund, The Junction and The Mall Fund.

Morley Fund Management

Morley Fund Management ('Morley') is an independently managed,London based, asset management business with over £105 billionunder management (as at 31.12.02). It actively manages a diverserange of asset classes and has investment management operations inLondon, Tokyo and Singapore and an associate office in Boston*.

Morley is a wholly owned subsidiary of the Aviva Group andmanages both institutional and retail funds under the Morley brand.It also acts as investment manager for a range of retail investmentfunds, marketed in the UK by Norwich Union, and international fundsmarketed under the Privilege Portfolio brand.

Awards

Fund Manager of the Year - Pensions Week Awards 2002
Specialist Manager of the Year - UK Pensions Awards 2002
Insurance Fund Manager of the Year (awarded to Norwich Union) -Standard and Poor's 2002
Sustainable and Ethical Investment and Asset Management Award -Liveable City Awards 2002

*Norwich Union Investment Management, an Aviva Group company

Further information about Morley Fund Management can be found atwww.morleyfm.com

Issued by Morley Fund Management Limited and Morley InvestmentServices Limited.

Morley Fund Management is a business name of Morley FundManagement Limited, registered in England No. 1151805 and MorleyInvestment Services Limited, registered in England No. 1973412.Both are members of the Norwich Union Marketing Group, members ofwhich are regulated in the UK by the Financial Services Authorityfor life assurance, pensions and investments. Morley InvestmentServices Limited is a member of the Investment ManagementAssociation. Registered Offices: No. 1 Poultry, London EC2R 8EJ.Both are Aviva companies.

For institutional correspondence please contact us at MorleyFund Management, No. 1 Poultry, London EC2R 8EJ, for retailcorrespondence please contact us at Morley Fund Management, PO Box6056, Basildon SS15 5UU.

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