Friends Provident International Ground Rent & Income Fund

The fund objective is to deliver consistent annualised positive returns over a term of 5 to 10 years, while maintaining a profile of low volatility through investing in residential property throughout the UK in the Fund, as Landlord, has a substantial reversionary interest. The composition of property investments within the Fund are:

· Long leasehold residential ground rent properties

· Short leasehold

· Statutory tenanted properties

· Life tenanted properties

· Rented residential properties within block of flats

· Retail shops within residential block of flats

This fund was launched in February 1996 and continues to provide a low correlated quality return for a long period of time.