MC104 Nomura Global Emerging Markets 80% Protected (November 2008)

Important Notice Regarding MC104 Nomura Global Emerging Markets 80% Protected Fund

This notice is to advise that effective from 17th November 2008 the Directors of the Global Emerging Market 80% Protected Portfolio Fund determined to suspend subscriptions into the fund until further notice. Redemptions will be accepted and will not be affected in any way.

This fund is the underlying asset of MC104 Hansard Nomura Global Emerging Markets 80% Protected Portfolio fund link which is available in HIL and HEL. The mechanism which determines the fund’s weighting between equity and cash, Constant Proportionate Portfolio Insurance (CPPI), has worked very effectively throughout the life of the fund and in particular during the recent volatility in global markets, ensuring that the NAV of the Fund has not fallen below the respective protected level.

However owing to the continued decline in global markets the NAV is now equal to the Profit Lock-in level. As such, the Directors of the fund have determined to suspend subscriptions until further notice. During this period policyholders will have full access to their investment as there is no limit or restriction on liquidity. The Directors will continue to review the Fund’s circumstances on a regular basis and may lift the suspension of subscriptions, if appropriate, at a future date.

The information set out herein has been obtained from various public sources and is sent to you by way of information only. Hansard can accept no liability of any sort in relation thereto and readers should obtain their own verification of any statement before making any decision which may have any financial or other impact.

Neither the information nor the opinions herein constitute, or are they to be construed as, an offer or a solicitation of an offer to buy or sell investments.