The M&G Group mandg.co.

uk
PO Box 9039
Chelmsford CM99 2XG

15 December 2023

Dear Investor

Closure of the M&G Property Portfolio

This letter has been sent to you because you are invested in the above fund. We recommend that you
read it, along with the enclosed documentation, carefully.

We wrote to you on 19 October 2023 to advise you of the suspension of the M&G Property Portfolio (the
“Fund”) and of our intention to seek regulatory approval to close the Fund. I can now confirm that we have
completed the required regulatory process, and we will therefore commence the termination of the Fund
on Friday 29 December 2023.

Why is M&G closing the Fund?

Property funds have been less popular with investors over the last few years. Investors have sold their
holdings, and the Fund is smaller. We believe withdrawals from the Fund are likely to continue, and there is
a risk this may accelerate in the future. As the Fund reduces in size, it becomes necessary to sell some of its
larger properties and buy smaller ones. Doing this will incur high transaction costs which will negatively
impact the performance of the Fund.

As we believe that the Fund will continue to reduce in size, after considering a number of options, we have
decided that it is in the best interests of investors to close the Fund as soon as practicable to allow for an
orderly disposal of the Fund’s assets and to return the proceeds to investors.

What do I need to do?

The options available to you are detailed in the enclosed brochure. The brochure also provides details on
how we’ll be returning proceeds to investors, along with answers to the most commonly asked questions.
You should read this brochure carefully before sending your instructions.
• For shares held within The M&G ISA or The M&G Junior ISA, find out about your options on
page 4.
• For shares held outside of The M&G ISA or The M&G Junior ISA, find out about your options on
page 6.
You can then use the enclosed Option Form(s) to give us your instructions. Either return the Form(s) in the
reply-paid envelope provided or use our Document Upload facility – please see details on page 7 of the
brochure, under “How can I give my instructions?”

We must receive your instructions before Friday 19 January 2024 for us to apply them when we make the
first payment of proceeds to investors.

continued overleaf

Issued by M&G Securities Limited which is authorised and regulated by the Financial Conduct Authority in the UK and provides ISAs and other investment products.
The company’s registered office is 10 Fenchurch Avenue, London EC3M 5AG. Registered in England and Wales. Registered Number 90776. NOV 20 / 460105
What if I don’t do anything?
• Investments held in The M&G ISA or The M&G Junior ISA
Every time a payment occurs, we will automatically switch your share of the proceeds into the M&G Short
Dated Corporate Bond Fund to preserve your investment’s ISA tax-efficient status. For further details,
please see page 4 of the brochure.

• Investments held outside of The M&G ISA or The M&G Junior ISA
We will send the proceeds of your investments to you every time a payment occurs, either by cheque or
direct to your nominated bank account. For further details, please see page 6 of the brochure.

For more information

If you have any questions about the closure of the Fund, please contact our Customer Relations team by
calling 0800 390 390. The team is available from 08:00 to 18:00, Monday to Friday, and from 09:00 to 13:00
on Saturday. To help us deal with your enquiry as quickly as possible please have your M&G client
reference when calling us. For your security and to improve the quality of our service, calls may be
recorded.

Please be aware that we are not in a position to give you investment advice. If you are uncertain as to how
the changes may affect you, you should consult a financial adviser. You can find information on how to
access financial advice on our website www.mandg.co.uk/getfinancialadvice

Yours faithfully

Laurence Mumford
Director
M&G Securities Limited
Important information relating to
the closure of the M&G Property
Portfolio
If you are in any doubt as to the action to be taken please call our Customer Relations team free on 0800 390 390 or
consult your financial adviser, if you have one, immediately.

Your options and

answers to questions you may have about the closure
2

Contents
Key information 3
Why is M&G closing the M&G Property Portfolio? 3
What happens next? 3
What are the options for Shareholders? 3

Your options 4
Shares held within The M&G ISA or The M&G Junior ISA 4
Shares held outside of The M&G ISA or The M&G Junior ISA 6

Your questions answered 7

Giving your instructions 7
If you are switching to another M&G fund 8
Your investment 9
Costs of the closure 10
Tax information 11
Other 11
Further information Back cover
3

Key information
Action Date

Commencement of closure of the M&G Property Portfolio Friday 29 December 2023

Cut-off point for receiving any switch or withdrawal instructions for first payment to investors Friday 19 January 2024

First payment to be made Thursday 8 February 2024

Cut-off point for receiving any switch or withdrawal instructions before subsequent payments 14 business days before
each payment

Why is M&G closing the M&G Property Portfolio?

The M&G Property Portfolio (the “Fund”) aims to provide investors with a total return (the combination of capital
growth and income) through investment in UK commercial property, whilst allowing them to manage their investment
on a daily basis. Property funds have been less popular with investors over the last few years. Investors have sold their
holdings, and the Fund is smaller. We believe withdrawals from the Fund are likely to continue, and there is a risk this
may accelerate in the future. As the Fund reduces in size, it becomes necessary to sell some of its larger properties
and buy smaller ones. Doing this will incur high transaction costs which will negatively impact the performance of the
Fund.

As we believe that the Fund will continue to reduce in size, after considering a number of options, we have decided
that it is in the best interests of investors to close the Fund as soon as practicable to allow for an orderly disposal of
the Fund’s assets and to return the proceeds to investors.

What happens next?

We will commence the closure of the Fund on Friday 29 December 2023 (the “Effective Date”). We intend to pay the
available cash held in the Fund on a pro-rata basis with an initial payment to investors on or around Thursday
8 February 2024 . (Note that we will need to retain some cash to deal with the daily running of the Fund, such as
property maintenance and operating costs.)

However, properties typically take some time to sell, so the proceeds of the remaining assets won’t be immediately
available on the Effective Date. The fund manager will therefore initiate an orderly sale of the Fund’s properties from
the Effective Date, seeking to achieve fair market prices for investors. We intend to make further payments as asset
sales are completed, and anticipate these payments to take place on a quarterly basis. Note however, that if the
amount of cash raised from the sale of assets during a specific quarterly period is not sufficient to make a material
payment, then any cash held by the Fund will be carried forward with a view to making a payment as soon as
practicable. We currently believe that between £40m and £50m will need to be raised in cash for a material payment
to be made. We will keep this figure under review and keep you updated via our website
www.mandg.com/propertyclosure

Based on the current market environment, we expect it will take approximately 18 months for the majority of the
portfolio to be sold, although there is no guarantee that this can be achieved within this timeframe. There may also be
some properties in the Fund’s portfolio that will take longer to sell. Once all the assets in the Fund have been sold, the
closure of the Fund will be finalised.

We will keep you updated on the progress of the sales via our website www.mandg.com/propertyclosure

Fund reports and updates will continue to be produced until the Fund closes.

What are the options for Shareholders?

The different options available to you are outlined in the following pages, and depend on whether you hold your
shares inside or outside The M&G ISA or The M&G Junior ISA. Please read the information carefully and send us your
instructions using the Instruction Form(s) provided.
4

Please note that we need to receive your instructions no later than Friday 19 January 2024 in order to implement
them for the first payment.

If you do not send us any instructions, what will happen to your investment will depend on whether you hold your
shares inside or outside The M&G ISA or The M&G Junior ISA. We have highlighted differences for ISA and Junior
ISA Shareholders where applicable.

Important information
All stated tax implications are based on our current understanding of UK tax legislation and will depend on your
personal tax status. If you are in any doubt as to your own position in regard to this issue, you should consult a tax
adviser or financial adviser.

Your options
Shares held within The M&G ISA or The M&G Junior ISA
Please note: Option IV below (“receive payments as cash”) is not available to investors in The M&G
Junior ISA; all other information and options given below apply to both The M&G ISA and The M&G
Junior ISA.

Whichever option you choose from below, the outcome will be completed in phases as and when the Fund makes
payments from the proceeds of sales as part of the Fund’s closure process. You can change your mind and provide
alternative instructions at any point in the closure process (see “What if I change my mind?” section on page 8)
otherwise the original instructions you provide will apply to all payments made by the Fund as part of its closure.

If you choose to withdraw your investment and receive a cash payment from The M&G ISA, you will lose the tax-
efficient ISA status associated with your holding. However, switching your investment to another fund or funds within
The M&G ISA or The M&G Junior ISA, or transferring your holding to another ISA or Junior ISA manager would
maintain its tax-efficient status. To maintain your tax-efficient status, you should choose from Options I, II or III below.

Option I: switch to the M&G Short Dated Corporate Bond Fund (the default option – no action required)
This option ensures that any investors in The M&G ISA and The M&G Junior ISA who do not send instructions to us by
Friday 19 January 2024 can retain the tax advantages attached to their investment. To that end, every time a payment
takes place, the proceeds will be used automatically to purchase equivalent shares in the ‘default’ fund within The
M&G ISA or The M&G Junior ISA: the M&G Short Dated Corporate Bond Fund.

M&G doesn’t offer another fund that invests directly in ‘bricks and mortar’ property within The M&G ISA or The M&G
Junior ISA. We have selected the M&G Short Dated Corporate Bond Fund as it’s at the lower end of the risk spectrum
in our range of funds and, like the Fund, distributes income quarterly. The annual charge (which forms part of the
Ongoing Charge figure) for the M&G Short Dated Corporate Bond Fund is also lower than the Fund’s annual charge.
However, you should note that being at the lower end of the risk spectrum does not mean it is risk free and the value
of an investment in the M&G Short Dated Corporate Bond Fund may fall as well as rise.

The M&G Short Dated Corporate Bond Fund aims to provide a combination of capital growth and income through
investment in investment grade fixed income securities. These are issued by a government or company with a
medium or high credit rating from a recognised credit rating agency. They are considered to be at lower risk of default
than those issued by issuers with lower credit ratings. Default means that a borrower is unable to meet interest
payments or repay the initial investment amount at the end of a security's life.

If you wish to remain invested in a property strategy similar to the one run by the Fund, this may be available from
other investment managers – Option III below provides details on how to transfer your investment to another
manager without losing its ISA status.

You can find more information on the M&G Short Dated Corporate Bond Fund in the enclosed Key Investor
Information Document(s) (KIIDs). If you wish to switch your holding to this fund, you do not need to do anything. The
5

first switch into the M&G Short Dated Corporate Bond Fund will take place on Thursday 8 February 2024, and further
switches will be made into this fund every time a payment occurs, unless you amend your instructions at least 14
business days before the payment is due to take place. We will send you confirmation of your new holding(s) within
three days of each switch being made.

Your investment will retain its tax-efficient status and the transaction will not incur any charges. Once your first
payment is switched into the M&G Short Dated Corporate Bond Fund, you will be able to make changes to your
investment in that fund from Friday 9 February 2024, subject to our usual Terms and Conditions.

Option II: switch to an alternative M&G fund(s) within The M&G ISA and The M&G Junior ISA – please
complete the enclosed Instruction Form

You can choose to switch your investment to another fund or funds within The M&G ISA and The M&G Junior ISA. The
first switch into the fund(s) of your choosing will take place on Thursday 8 February 2024, and further switches will be
made into this/these fund(s) every time a payment is made, unless you amend your instructions at least 14 business
days before the payment is due to take place.

Information on our full range of funds can be found at www.mandg.co.uk/funds or by contacting our Customer
Relations team. Before selecting this option, you must read the relevant Key Investor Information Document (KIID) for
your chosen fund(s), along with the Important Information for Investors document, which will provide you with details
of share classes that are available for investment, and minimum investment limits associated with those share classes.

In order for a switch to be made when the first payment takes place, your instructions must reach us before Friday
19 January 2024. You can instruct us by completing the enclosed Instruction Form, selecting Option II. You can
either send the form to us using the reply-paid envelope, or use our Document Upload facility through My Account –
details for this can be found on “How can I give my instructions?” on page 7. We are not permitted to provide
investment advice, but we are happy to talk you through the various options. Alternatively, please contact a financial
adviser.

We will send you confirmation of your new holding(s) in your chosen fund(s) every time a switch has taken place.

Switching to other funds within The M&G ISA or The M&G Junior ISA range will mean your investment will retain its
tax-efficient status and the transaction will not incur any charges. If you need investment advice before making a
decision, please contact a financial adviser.

Option III: transfer your ISA or Junior ISA investment to another manager – you may need to complete
the enclosed Instruction Form
You may transfer your investment to another ISA/Junior ISA manager – this will maintain its tax-efficient status.

To initiate your ISA transfer, you will need to contact your chosen ISA manager in the first instance. As your holding
will need to be transferred through a number of payments and over a period of time, you will need to confirm with
them that they can do this. They will then be responsible for arranging the transfer on your behalf. Once we have
received the fully completed ISA transfer form from your new ISA manager, we will begin transferring your ISA to
them.

Additionally, in order for such a transfer to take place, the proceeds from your investment in the Fund will first need
to be invested in another M&G fund. In order to do this, you can either:

- allow your investment to be switched by default into the M&G Short Dated Corporate Bond Fund as per
Option I above; the transfer to your chosen ISA manager will take place once we receive their instructions; or

- choose a different M&G fund(s) to switch into using the enclosed Instruction Form, selecting Option II; the
transfer to your chosen ISA or Junior ISA manager will take place once we receive their instructions.

Note that the investment will only be transferred when we receive instructions from your chosen ISA or Junior ISA
manager.
6

If you transfer your holding to a new manager, you will not be charged for the transfer by M&G but your new ISA
manager may levy a charge. Please note that if you choose to transfer your M&G ISA or M&G Junior ISA to another
manager your monies may not be invested for a period of time.

Option IV: receive payments as cash (not available to investors in The M&G Junior ISA) – please complete
the enclosed Instruction Form
Please note that choosing this option would result in the loss of the tax-efficient ISA status associated with your
holding.

If you would like to receive the proceeds in cash every time a payment takes place, you will need to complete and
return the enclosed Instruction Form, selecting Option IV. We will send you the relevant proportion of your
investment in the Fund every time a payment takes place. You will be sent your proceeds within three business days
of a payment taking place, with the first proceeds issued to you no later than Tuesday 13 February 2024. We will
continue to pay proceeds to you every time a payment is made unless you amend your instructions at least
14 business days before the next payment is due to take place.

If we don’t hold bank or building society account details for you, the payments will be made by cheque. If you wish to
receive them into a bank or building society account instead, please complete and return the “Bank Account
Verification” form using the reply-paid envelope provided. If you are also returning an Instruction Form, please send
both forms together.

For your protection, and to minimise the risk of financial crime, we are required by law to verify the identity of all our
customers. If we have not been able to verify your identity we will not be able to release the proceeds of the sale of
your holding to you and will need to contact you to obtain verification.

The default option on Fund closure

If we have not received instructions from you by Friday 19 January 2024 we will automatically use your share of the
first payment to buy Shares in the M&G Short Dated Corporate Bond Fund as described in Option I on page 4, and
unless we receive alternative instructions from you we will do this every time a payment takes place. Your investment
will retain its tax-efficient status and the transaction will not incur any charges.

Shares held outside of The M&G ISA or The M&G Junior ISA
Whichever option you choose from below, the outcome will be completed in phases as and when the Fund makes
payments from the proceeds of property sales as part of the Fund’s closure process. You can change your mind and
provide alternative instructions at any point in the closure process (see “What if I change my mind?” section on page
8) otherwise the original instructions you provide will apply to all payments made by the Fund as part of its closure.

Option A: receive payments as cash – (the default option – no action required)

If we don’t receive any instructions from you, we will send you the relevant proportion of your investment in the Fund
every time a payment takes place. Proceeds will be paid to you within three business days of a payment taking place,
with the first proceeds issued to you no later than Tuesday 13 February 2024. We will continue to pay proceeds to you
every time a payment is made unless you amend your instructions at least 14 business days before the next payment
is due to take place.

If we don’t hold bank or building society account details for you, the payments will be made by cheque. If you wish to
receive them into a bank or building society account instead, please complete and return the “Bank Account
Verification” form using the reply-paid envelope provided. If you are also returning an Instruction Form, please send
both forms together.

For your protection, and to minimise the risk of financial crime, we are required by law to verify the identity of all our
customers. If we have not been able to verify your identity we will not be able to release the proceeds of the sale of
your holding to you and will need to contact you to obtain verification.
7

Option B: switch to an alternative M&G fund – please complete the enclosed Instruction Form

You can choose to switch your investment to another fund or funds from M&G’s Open-Ended Investment Company
(OEIC) range. The first switch into the fund(s) of your choosing will take place on Thursday 8 February 2024, and
further switches will be made into this/these fund(s) every time a payment is made, unless you amend your
instructions at least 14 business days before the next payment is due to take place.

Information on our full range of funds can be found at www.mandg.co.uk/funds or by contacting our Customer
Relations team. Before selecting this option, you must read the relevant Key Investor Information Document (KIID) for
your chosen fund(s), along with the Important Information for Investors document, which will provide you with details
of share classes that are available for investment, and minimum investment limits associated with those share classes.

In order for a switch to be made when the first payment takes place, your instructions must reach us before Friday
19 January 2024. You can instruct us by completing the enclosed Instruction Form, selecting Option B. You can either
send the form to us using the reply-paid envelope, or use our Document Upload facility through My Account – details
for this can be found on “How can I give my instructions?” below. We are not permitted to provide investment advice,
but we are happy to talk you through the various options. Alternatively, please contact a financial adviser.

We will send you confirmation of your new holding(s) in your chosen fund(s) every time a switch has taken place.

Tax consequences
Please be aware both Options A and B set out above will be deemed a disposal of your shares in the Fund for capital
gains tax (CGT) purposes and may give rise to a CGT liability every time a payment is made. This will depend upon your
individual circumstances. If you are in any doubt as to the taxation consequences of your action you should contact a
tax adviser or financial adviser.

Your questions answered

We realise that you may have some questions on the closure of the Fund and what your options are. With this in mind
we have set out to answer the most commonly asked questions. If you have any further questions, please do not
hesitate to contact our Customer Relations team using the contact details on the back cover. We will also publish
regular updates on the progress of the closure on our website www.mandg.com/propertyclosure

Please be aware that we are not in a position to give you investment or tax advice, so if you are uncertain as to how to
proceed, you should consult a financial adviser. You can find Information on how to access financial advice on our
website www.mandg.co.uk/getfinancialadvice

Giving your instructions

Q. How can I give my instructions?
You can use the enclosed Instruction Form(s) to provide your instructions. Either:

• return the form(s) in the reply-paid envelope provided to The M&G Group, PO Box 9039, Chelmsford, Essex,
CM99 2XG, or

• use our Document Upload facility available through My Account. Once logged in, go to the Help Centre via the
left-hand menu, then click on the coral/orange ‘Help&Upload‘ button on the bottom left of the screen. The Help
Centre article ‘Can I send documents electronically when I am logged into My Account?’ will provide you with
the steps to follow. You will need to use access code PP2023 for your upload.

If you are not registered for My Account, please visit www.myaccount.mandg.com and select the ‘Help&Upload’
coral/orange button in the bottom left hand corner of the screen. Select ‘Document Upload Facility’. The access
code required is PP2023.

If you are instructing us to switch your investment to an alternative M&G fund, please ensure that you have read the
KIID(s) for the fund(s) you have chosen. For free up-to-date copies of the KIIDs please visit www.mandg.co.uk/kiids or
call our Customer Relations team.
8

Please note that in order for your instructions to be valid when the first payment takes place, we need to receive your
instructions by Friday 19 January 2024. For subsequent payments, instructions must reach us at least 14 business
days before a payment takes place for them to be applied to that payment.

Q. What if I don’t do anything?

What happens will depend on whether you hold your investment in the Fund inside or outside of The M&G ISA or The
M&G Junior ISA. Please refer to the ‘default’ option relevant to you on pages 4 and 6.

Q. What if I change my mind?

You can change your mind and provide alternative instructions at any point in the closure process. You can do this by
completing and returning a new Instruction Form, available on our website at www.mandg.com/propertyclosure

Please note that we need to receive any change of instruction at least 14 business days before a payment takes place
in order for it to be applied to that payment.

Please also note that any change of instruction will apply to future proceeds only and will not affect switches or
payments that have already been made in line with your previous instructions.

Q. Can I sell or switch my investment before the first payment, or in between payments?
No. As the Fund has begun its closure, switches or sales will only occur when a payment takes place.

If you are switching to another M&G fund

Q. Do I have to switch to the M&G Short Dated Corporate Bond Fund?
No. We have provided information about this fund as it is the ‘default’ fund which we have selected for The M&G ISA
and The M&G Junior ISA Shareholders who do not provide us with any instructions. However you are welcome to
select any other fund(s) in our range. Please ensure that you have read the KIID(s) for the fund(s) you have chosen. For
further information on our full range of funds, including free up-to-date copies of the KIIDs, please visit
www.mandg.co.uk/funds or call our Customer Relations team on 0800 390 390. We are not permitted to provide
investment advice, but we are happy to talk you through the various options. Alternatively, please contact a financial
adviser.

Q. Will I hold the same number of shares?

When switching to another fund or funds, you will not receive the same number of shares. The proceeds from each
payment will be used to buy new shares in your chosen fund(s), based on the published price of that/those fund(s) on
the day of each payment.

Q. Will I hold shares of the same class and type?

• If you switch into the M&G Short Dated Corporate Bond Fund as part of the ‘default’ option for investors in The
M&G ISA and The M&G Junior ISA (see page 4)

- Sterling Class R Shares aren’t available in the M&G Short Dated Corporate Bond Fund. Sterling Class R
Shareholders in the Fund will therefore receive Sterling Class A Shares of the same type (income or
accumulation) in the M&G Short Dated Corporate Bond Fund.

- All other Shareholders will receive shares of the same class and type as they currently hold in the Fund. We
have enclosed an M&G Short Dated Corporate Bond Fund KIID for the share class(es) you may switch into.

• If you switch into a different fund (see page 5)

You will be able to choose a share class and type from those available in the fund you have selected. Please ensure
that you have read the relevant KIID(s) for the fund(s) you have chosen. For free up-to-date copies of the KIIDs please
visit www.mandg.co.uk/kiids or call our Customer Relations team.
9

Q. Will the investment retain its tax-efficient status?

If you hold shares in the Fund through The M&G ISA or The M&G Junior ISA and choose Options I, II or III, then the
investment will retain its tax efficiency.

Q. What will happen to my income instructions?

If you switch to income shares in another M&G fund, your existing income instructions will remain in force. However,
if you already are a shareholder in the fund you are switching into, your existing income instruction for the fund you
are switching into will take precedence.

Your investment
Q: What are you doing to return proceeds to investors as quickly as possible?
The Fund will sell assets as quickly as it can but in an orderly manner to achieve fair market prices and return money
to investors.

Q: How quickly will I get my money back?

The first payment to investors will take place on Thursday 8 February 2024, and investors who have chosen to receive
cash will be issued their first proceeds no later than Tuesday 13 February 2024. How quickly you get the rest of your
investment will depend on how quickly the properties held in the Fund are sold. In the current market conditions, we
anticipate selling the majority of the portfolio within 18 months, although there may be some properties in the Fund’s
portfolio that will take longer to sell.

After the first payment, depending on the progress of the sales programme, we anticipate allocating payments to
investors on a quarterly basis. We will keep you fully informed if and when we make these payments on our website
at www.mandg.com/propertyclosure

Q: At what share price will I switch/sell my shares in the Fund?

The switch or sale of your shares in the Fund will happen in a number of phases. All transactions will use the share
price on the date the transaction takes place. As each switch/sale will take place at a different date, it is likely that
each switch/sale will use a different share price. We will send you a confirmation each time we sell your shares and
each time you switch money to another fund which will inform you of the share price that was used.

Q: How will I be notified about payments taking place?

We will keep customers informed on the progress of the closure via our website at
www.mandg.com/propertyclosure including when we make payments. We anticipate making payments quarterly,
but it will depend on the progress of the overall sales programme.

You will also receive a contract note with the details of your switch/sale every time a payment takes place.

Q: Does the closure affect my other investments with M&G?

No – it does not affect any other investment(s) you have with us.

Q. I invest by Direct Debit. What will happen to that?

Dealing in the Fund was permanently suspended on 19 October 2023 and it has therefore not been possible to
purchase any shares in the Fund after that date, by Direct Debit or otherwise. Direct Debit payments in the Fund were
therefore cancelled after the date of the suspension.

If you currently also invest by Direct Debit in any other M&G fund(s), these payments will not be affected, but your
total Direct Debit payments will be reduced by the amount you were investing in the Fund each month.

Q: Will the Fund continue to distribute income?

Yes. The Fund will continue to pay income to shareholders on the usual payment dates.
10

Q: Will the value of my income distributions be affected?

The amount of income paid largely depends on the rental income received from tenants who occupy the properties
owned by the Fund. As property sales are completed, the rental income will reduce accordingly and therefore
distribution payments are likely to reduce in value.

Q: Will the Fund earn any interest on the cash it holds, and what will happen to that?

Any interest earned on cash held by the Fund will form part of the income payments to customers.

Q: What happens if I have previously chosen to reinvest income to buy additional shares in the Fund?
As all dealing in the Fund has now ceased, it is not possible to reinvest income payments to purchase further shares.
Any income available to distribute from the Fund will be paid to all investors by cheque or directly to your bank on the
usual income payment dates.

If you currently reinvest income you can provide your bank or building society account details to have future
payments credited directly to your account. Please complete and return the enclosed “Request for Income Payments
by Direct Credit” form. If you are also returning an Instruction Form, please send both forms together.

The value of income relating to Accumulation Shares will continue to be reflected in the price of the underlying shares.

Q: Will I still receive statements?

Statements will continue to be issued in the usual way.

Q: How can I find out what the value of my investment in the fund is?
You can find out the value of your investment by calling our Customer Relations team on 0800 390 390. Alternatively,
you can use our My Account service at www.myaccount.mandg.com for an online valuation – you will need to
register to use this service.

Q: Can I convert my shares?

No. We are unable to offer conversions of shares.

Costs of the closure

Q. Will I be charged for the Fund closure?
Administrative or publishing charges incurred in the closure of the Fund will be borne by M&G. Transaction and legal
costs associated with selling the portfolio will be paid by the Fund. None of the options detailed above carry any
associated charge from M&G.

ISA and Junior ISA Shareholders

If you transfer your holding to a new ISA/Junior ISA Manager, you will not be charged for the transfer by M&G, but
your new ISA/Junior ISA Manager may levy a charge.

Q. Will I pay more charges as the Fund reduces in size prior to its closure?
When a fund reduces in size, investors may have to pay an increased share of any fixed costs associated with running
the fund. However, the Fund’s annual charge incorporates these fixed costs and will therefore not be impacted by the
reduction in the Fund’s size.

The Fund’s annual charge doesn’t include property operating expenses, or the Property Expense Ratio (“PER”). The
PER includes costs associated with the operation of the properties held in the Fund, such as repairs and maintenance,
insurance and letting costs. These will continue to be charged to the Fund during the termination period and will
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fluctuate depending on the activity in the Fund’s properties, particularly maintenance/refurbishment activity and the
level of vacancies. Details of the most up-to-date PER can be found in the Fund’s Report and Financial Statements.

Tax information
Q. Will I have to pay capital gains tax (CGT)?
Unless you hold all your shares in the Fund in The M&G ISA or The M&G Junior ISA, you may be liable for CGT, no
matter which option you choose. This depends on your personal tax circumstances; please speak to a financial adviser
or tax adviser if you are in any doubt.

ISA and Junior ISA Shareholders

Shares in an ISA or Junior ISA are not liable for CGT as a result of a switch or sale.

Other
Q: Where can I find up-to-date information on the progress of the closure?
Updates on the sales process and information about forthcoming payments will be available on our website at
www.mandg.com/propertyclosure

Q: Will you still publish reports and accounts?

Yes. We will continue to publish the Interim Report and Unaudited Financial Statements, and the Annual Report and
Audited Financial Statements. These documents will be made available in the usual way on the M&G website.

Q: Will you publish any termination accounts and when will these be available?
We will publish termination accounts on our website within two months of the date termination is completed. Should
termination not be completed before the end of any future annual accounting periods ending 30 September each year
or half-yearly accounting periods ending 31 March each year, we would additionally publish on our website the
financial statements within two months of the end of the half-yearly accounting periods and within four months of the
end of the annual accounting periods.

If you would like to receive a paper copy of either report these will be available on request by calling our Customer
Relations team on 0800 390 390.
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Further information
If you have any further questions about the closure of the Fund, please contact our Customer Relations team by
calling 0800 390 390. The team is available from 08:00 to 18:00, Monday to Friday, and from 09:00 to 13:00 on
Saturday. To help us deal with your enquiry as quickly as possible please have your M&G client reference when calling
us. For your security and to improve the quality of our service, calls may be recorded.

Please be aware that we are not in a position to give you investment advice. If you are uncertain as to how to proceed,
you should consult a financial adviser. You can find Information on how to access financial advice on our website
www.mandg.co.uk/getfinancialadvice

Issued by M&G Securities Limited which is authorised and regulated by the Financial Conduct Authority in the UK and provides ISAs
and other investment products. The company’s registered office is 10 Fenchurch Avenue, London EC3M 5AG. Registered in England
No. 90776.