Pearl - Pearl Fund Proposal

Release date: 16 February 2004

We received a majority vote in favour of the proposal to move the Pearl funds into the Henderson funds. As a result of this, holdings moved into the equivalent Henderson fund(s) on 13 February 2004.

		Conversion Rate*
Old Pearl Fund	New Henderson Fund	Acc Units	Income Units
Pearl Equity Growth Trust	UK All Companies Fund	1.03619
Pearl Equity Income Trust	UK Equity Income Fund		0.76022
Pearl Equity Trust	UK All Companies Fund	6.99253	2.95492
Pearl Growth Trust	UK All Companies Fund	4.19987	2.00567
Pearl Income Trust	UK Equity Income Fund		0.87687
Pearl New Europe Trust	European Capital Growth Fund	0.15185
Pearl UK Smaller Companies Trust	UK Smaller Companies Fund	0.67337
Pearl International Equity Trust	International Fund	0.90897	0.80812
Pearl Managed Income Portfolio Trust	Independent Income Portfolio Trust		0.88455
Pearl Managed Growth Portfolio Trust	Independent Growth Portfolio Trust	0.56755

* To find out how many Accumulation (Acc) or Income units you hold in the new Henderson Fund, please multiply the number of units you held in the old fund by the conversion rate.

For information on these Henderson funds, please visit the fact sheets on the Henderson website. The fact sheets for the Independent Portfolios are available on the third tab.

If you require any further information, please call Henderson free on 0800 832 832.
Lines are open Monday to Friday, 8.30am to 5.30pm.