Hansard MB20 Glanmore Suspension Extended (Jan 2009)

MB20 Glanmore Property Fund Update

Further Postponement of Redemptions until July 2009

We have received the following information from the directors of the Glanmore Property Fund Limited.

"The Glanmore Property Fund Limited ("the Fund")

The UK commercial property market remains in paralysis, due mainly to the continuing lack of liquidity in debt markets. This makes it extremely difficult to dispose of properties at anything other than "forced sale value" which your Board judge not to be in the best interests of shareholders. As a result, liquidity within the Fund and, in particular, liquidity to be able to meet redemption requests, continues to be an issue.

Postponement of Redemptions

As a result of the above the Board of Directors of the Fund, at the last quarterly meeting, have determined that the best course of action for the Fund would be a continuation of the postponement of redemptions from 30th December 2008 for a further 6 month period. The appropriate announcement to the Irish Stock Exchange has been made. In closing I would reiterate that these are extremely trying times for your Fund. They are times which require clear thinking and consensus of approach. Be assured that the Board of Directors has always and continues to act in good faith, reasonably and in accordance with their fiduciary duties in the best interests of shareholders as a whole."

As a result of this communication regarding the underlying asset, there will be a further 6 month redemption notice period on the MB20 Hansard Glanmore Property fund link with effect from 30th December 2008.

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