MERRILL LYNCH INVESTMENT MANAGERS WINS NEW €20 MILLION HANSARD MANDATE

LONDON – 4th July 2005 – Merrill Lynch Investment Managers (MLIM) has been appointed by Hansard Europe Limited and Hansard International Limited to manage their €20 million European Managed Portfolio.

Initially, around 85% of the mandate will be invested in a range of MLIIF European equity funds, either directly or via a capital protected CPPT (Constant Proportionate Portfolio Technique) Fund and 15% will be invested in the MLIIF Euro Global Bond fund. The CPPT Fund offers investors direct exposure to European stock markets, while retaining the flexibility to move into safer instruments when conditions demand.

This is the fourth mandate in the last two years awarded to MLIM by Hansard. In July 2003, MLIM announced a £26 million mandate from Hansard Group in the MLIIF Global Allocation Fund and a $10 million mandate to the MLIIF Latin American Fund. Also, in January 2005, MLIM announced a £15 million mandate from Hansard Group in the Merrill Lynch UK Dynamic Fund.

Merrill Lynch Investment Managers wins new €20 million Hansard Mandate

Joseph Kanarek, Chairman of Hansard Development Services Limited commented:

“The appointment of Merrill Lynch to our European Managed Portfolio underlines Hansard’s commitment to providing clients with access to the very best external managers. We are delighted to be able to further extend our relationship with Merrill Lynch.”

Richard Royds, Head of UK Retail at Merrill Lynch Investment Managers added:

“We are delighted to have been selected again to work alongside Hansard. It demonstrates both our continued strong performance and commitment to client service.”

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Merrill Lynch is one of the world’s leading financial management and advisory companies with offices in 36 countries and total client assets of approximately US$1.6 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world’s largest managers of financial assets. Firmwide, assets under management total US$479 billion as at 31st March 2005. For more information on Merrill Lynch, please visit www.ml.com.

Merrill Lynch Investment Managers wins new €20 million Hansard Mandate

The Group’s international success is demonstrated by the geographical spread of its intermediaries. These intermediaries have entrusted the Group with the support and servicing role in the management of the financial expectations of some 35,000 of their clients in 170 countries.

For further information please contact David Findlay, Product Support Manager (+44 1624 688227 or david.findlay@hansard.com) or Paul Harwood, Managing Director, Hansard Administration Services Limited (+44 1624 688047 or paul.harwood@hansard.com