Press Release

IMA UPDATES UK EQUITY INCOME AND UK EQUITY & BOND SECTOR DEFINITIONS

17 January 2008

Following a recent review of the IMA's UK Equity Income and UK Equity & Bond sectors, the Performance Category Review Committee (PCRC), a committee made up of IMA members to oversee the integrity of the sector classification system, has decided to update the sectors' definitions in order to reflect the new methodology for calculating fund yields.

The new definitions for the UK Equity Income and UK Equity and Bond Income

sectors are as follows:

UK Equity Income

"Funds which invest at least 80% in UK equities and which aim to achieve a yield on the distributable income in excess of 110% of the FTSE All Share yield."

Note: To ensure compliance with the sector criteria, funds should supply data for monitoring to enable the calculation of yield based on the IMA guidelines set out in Yield Calculation and Disclosure by UK Authorised Funds- Guidelines for Managers Sept 2007

UK Equity and Bond Income

"Funds which invest at least 80% of their assets in the UK, between 20% and 80% in UK fixed interest securities and between 20% and 80% in UK equities.  These funds aim to have a yield in excess of 120% of the FTSE All Share Index."

Note: To ensure compliance with the sector criteria, funds should supply data for monitoring to enable the calculation of yield based on the IMA guidelines set out in Yield Calculation and Disclosure by UK Authorised Funds- Guidelines for Managers Sept 2007