UNITISATION OF FUND

In line with the guidelines issued by the National Pension Commission on valuation of Funds, your Board has approved the unitization of our Fund with effect from 1st October, 2006.

This means that contributing members will be allocated ‘A' and ‘B' investment units in place of their accumulated balances. The price per unit will be determined daily, based on the net market value of the assets of the Funds.

Units will be bought and sold at prevailing daily prices. New contributors will buy in at these prices. This will be similar to capital market operations, where shares are bought and sold at the market prices.

This process allows members access to available unrealized gains when seceeding as against the previous system, where interest is awarded only on realized gains.

Consequently, the usual annual interest award will no longer be applicable as withdrawals will be made at the market value of the Fund on the date of such withdrawal.

Please pass this information to all our members in your Business Unit and do not hesitate to contact the undersigned should further clarification be necessary.