Morley wins two mandates from Kelda Group Pension Plan

Article date: 27 May 2005

Morley Fund Management has been awarded twomandates on behalf of Kelda Group Pension Plan. Morley will run a£50m fixed income mandate and a £50m indirect property mandate forthe pension fund.

The fixed income mandate will be run by Mark Gull, corporatebond fund manager, and invested in corporate bonds and gilts. Theproperty mandate will be invested in indirect property via amultimanager approach managed by Phil Ellis, Head of InstitutionalProperty Funds.

Commenting on the mandate appointment, Alistair Morrison,Managing Director, Institutional at Morley said:

"We’re delighted to have been awarded both these mandatesby Kelda. Winning these mandates is further recognition of thebreadth and depth of Morley’s expertise in fixed income andproperty. Providing viable investor solutions for our clients isimportant as we continue to grow Morley’s external businessand these mandate wins are evidence of this."

Morley is a committed active manager of bonds and employs around50 investment professionals across the fixed income asset classesof credit, global and UK sovereign products.

Morley is also one of Europe’s largestproperty fund managers, managing over £15bn of UK and Europeanproperty assets. The team has been at the forefront of innovationin property fund management and has established 11 specialistsector based funds amongst its product range.

In April 2005, Morley announced the appointmentof James Tanner to the new position of managing director,Distribution. In this role James will provide overall focus for allof Morley’s distribution activities in the UK andinternationally.

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For further information please contact:

Laura Cook, Corporate Communications Executive 020 7809 8125

Laura.cook@morleyfm.com

Notes to Editors

Kelda Group

Kelda Group provides water and waste waterservices to customers in the UK and US, employing over 3,000people. Yorkshire Water is Kelda’s main UK subsidiary,providing water and waste water services to more than 4.7 millionpeople and 140,000 businesses. Kelda also owns the US water supplybusiness Aquarion, one of the ten largest investor-owned waterutilities in the US, and the largest privately owned utility in NewEngland.

Kelda also has a number of successful non regulated businessesfocussed on water, business services and property. These includeYorkshire Water Projects, Safe Move, Loop and KeylandDevelopments.

Morley Fund Management

Morley Fund Management Limited (Morley) is a London based, assetmanagement business with over £128 billion* under management. Itactively manages a diverse range of asset classes and employs inthe region of 200 investment professionals. Companies in the MorleyGroup have operations in Boston, Dublin, Luxembourg, Melbourne andWarsaw. Morley has representative offices in Milan and Madrid.

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 under the Norwich Union brand, andinternational funds marketed under the Aviva Funds brand.

*as at 31.03.05. Not including mortgage assets

Further information about Morley Fund Management can be foundat www.morleyfm.com

Telephone calls may be recorded for training and monitoringpurposes.

Morley Fund Management is a business name ofMorley Fund Management Limited, registered in England No. 1151805.Registered Office: No. 1 Poultry, London EC2R 8EJ. Authorised andregulated in the UK by the Financial Services Authority and amember of the Investment Management Association.

Morley Fund Management is also a business nameof Morley Fund Management International Limited. Both are Avivacompanies.

Contact us at Morley Fund Management, No. 1 Poultry, London EC2R8EJ.

MFM/05/756

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