Select Portfolio Bond - Life Property
Fund 2 (Distributor Units Launched
6 September 2010).

A distribution rate is declared on 30 May and 30 November each year. The distribution rates are as follows:

Distribution date	Declared rate as pence per unit*
30/11/2012	1.72
30/05/2012	1.72
30/11/2011	1.71
30/05/2011	1.71
30/11/2010	1.71

*Distributions are payments made from the fund twice yearly. They are largely based on the rental income generated by UK commercial property. This income is not guaranteed, may go down as well as up and past performance is not a guide to the future. Distributions are paid out to investors if they have elected to take a 'natural' income from the fund and so hold 'distributor units' in this fund. Please see your original Key Features for more details.

How to calculate income
The number of units held in this fund will be shown on the investor's Policy Schedule. To calculate the amount of income due on a given distribution date, simply multiply the number of units held by the 'distribution pence per unit' on the given date. For example, an investor may hold 20,000 distributor units in the Property Fund. On 30/11/04 a distribution of 2.50p per unit will give - 20,000 x 0.025p = £500.00 which will be used to provide a natural income.