BRANDEAUX

A conversion proposition was agreed by the required majority of shareholders whereby previously suspended shares were transferred into new "A" class shares for the Euro fund (effective February 2010), US Dollar fund (effective March 2010) and Sterling fund (effective April 2010). Brandeaux have fully re-opened these funds for both new subscriptions and redemptions. In the case of redemptions, please note that the new "A" class shares have a six month redemption notice period. However, the Funds' directors may exercise their discretion, subject to available liquidity, to advance the redemption day. This allows for redemptions to be met as quickly as possible. Full details of the revised terms for "A" class shares are contained in the Funds' Private Placement Memorandum.

Generali Internationals Position

In the best interests of policyholders, Generali International accepted the above offer to convert into the "A" class shares for the US Dollar, Euro and GBP funds. After careful consideration, Generali International has decided to make these new "A" class shares available for new investments into the Portfolio Bond Product.

For more detailed information, please click on the following links:

For more detailed information, please click on the following links:

Brandeaux Update - USD Fund [PDF, 640KB]

Brandeaux update - EUR Fund [PDF, 20KB]

Brandeaux update - GBP Fund [PDF, 96KB]