Net Asset Value(s)
April 16 2003 - 12:22PM
UK Regulatory
RNS Number:1394K
BarclaysGlbl Inv Endowment Fd II Ld
16 April 2003
Barclays Global Investors Endowment Fund II Limited
Net Asset Value
The net asset value at 31.03.03 was 96.44p per share.
Prospective return per annum after all Company expenses
The TEP market's valuation currently assumes that bonus rates will remain
unchanged and that the policies held will grow at an average of 7.8% per annum
to maturity.
Since bonus rates will change over the life of the Company the following
information is provided.
If the guaranteed sums attaching to the policies held, less the future premiums
payable to receive those guaranteed amounts, are substituted for the market
values of those policies the resulting figure would be 91.8p* per share. In the
table below, the figures in the column for guaranteed sums assume that no
bonuses are added to the guaranteed sums in future years and no terminal bonuses
are added at maturity. These figures are generated from a worst case scenario.
The prospective annual rate of return to an investor holding shares to
redemption, based on the main assumptions listed below, at current and
alternative policy growth rates would be:
Policy growth rate Market rate G'teed sums 4% 8%
7.8%
a) To an investor buying shares on 31.03.03 16.3% 4.3% 10.5% 16.9%
at 76.5p
b) To an initial shareholder who bought 3.6% -0.9% 1.4% 3.7%
shares at 100p
These figures are for illustrative purposes and are not guaranteed.
Main assumptions
* No brokerage is charged on share purchases
* All policies are held until maturity
* Policy premiums are paid to maturity
* The issuing life offices honour their contractual guarantees
* Base rates continue at 3.75% per annum for the life of the Company
* Administrative costs increase at 2.5% per annum for the life of the
Company
* No benefits arise from early deaths or other windfall gains
* The Company is exempt from tax on its gains throughout its life
* One fifth of the Company's shares will be redeemed in each of the years
2005 to 2009
* Note that this figure allows for future premium payments but it does
not take into account other future Company expenses. The prospective returns
in the table allow for all future expenses.
16 April 2003
This information is provided by RNS
The company news service from the London Stock Exchange
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