Media Centre

Morley Fund Management, Europe’s largest property fundmanager*, has made two appointments to its continental Europeanproperty team. Gilles Chow and Gil Bar both join as fund managers,reporting to Ben Stirling.

Gilles Chow joins from Macquarie Global Property Advisers. Hehas been focused on the acquisition and asset management of realestate across -Europe since 2000. Prior to joining Macquarie,Gilles worked for Lend Lease in Australia, Singapore andLondon.

Gilles joined Morley this month and will be working on theGlobal Switch Fund and the Pillar European Retail Park Fund(PREF).

Gil Bar joins Morley from Standard Life where he worked forthree years as a portfolio manager in the European Property Group.He was part of a small team managing around €2 billion ofcontinental European property assets.

Gil will join Morley in August and will be involved in new fundinitiatives.

Commenting on these appointments Ben Stirling, European PropertyFund manager, said: "Gilles and Gil bring with them first rateexperience in pan-European property fund management which willbenefit our European property business. We have made great stridesin this area in the last year and already have three continentalEuropean property funds under management and are looking to expandour range of funds in this area in the coming months."

The appointments of Gilles Chow and Gil Bar brings the number ofEuropean Property Fund Managers at Morley to four. Since announcingits intention to invest in Continental European Property a yearago, Morley has launched the Aviva Central European Property Fund,the €200m Parkridge European Distribution Fund (withParkridge) and has become investment manager of the Tri InvestmentEuropean Residential Property Fund as well as providing strategicmanagement services to the Pillar European Retail Park Fund.

*Source: OPC April 2005

-ends–

For Further information pleasecontact:
Laura Cook, Corporate Communications Executive,020 7809 8125

Morley builds European PropertyBusiness
August 2004 – Morley announces intention toinvest £1 billion in Continental European property on behalf ofmajor life fund client. Appoints Ben Stirling as European FundManager.

September 2004 – Morley and Parkridge launch the€200m Parkridge European Distribution Fund to develop and owndistribution-warehousing parks in Central Europe.

September 2004 – Morley appoints Julian Taylor as EuropeanProperty Fund manager from Heitman International

November 2004 – Morley invests €100m in to thePillar European Retail Park Fund and takes up a strategicmanagement role for the Fund

January 2005 – Morley launches the Aviva Central EuropeanProperty Fund, aimed at institutional investors looking forexposure to the Central European Property market

May 2005 – Morley appointed as investment manager to thenewly launched Tri Investment European Residential PropertyFund.

July 2005 – Morley appoints Gilles Chow and Gil Bar asEuropean Property Fund Managers

About Morley Fund Management

• Morley Fund Management (‘Morley’) is a Londonbased, asset management business with over £134 billion** undermanagement. The property team manages in excess of £17 billion ofUK and European property assets, making Morley the largestproperty fund manager in Europe.
• Winners of the high profile Property Week Fund Manager of theYear Award 2004 and the UK Pensions Awards Property Fund Managerof the Year 2005, the team consists of over 60 investmentprofessionals and manages a range of funds on behalf ofinstitutional, pension and retail clients.
• Morley has been at the forefront of innovation in propertyfund management and has launched thirteen specialist sector basedfunds with partners, including the Jersey-based Unit Trusts: IglooRegeneration Fund, Quercus Healthcare Property, The Junction andThe Mall.
• Visit www.morleyproperty.com

**Not including mortgage assets, as at30/06/05