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ABC Learning Centres update

26 November 2008

Today the receivers of ABC Learning Centres (ABC), McGrathNicol, confirmed that the majority of ABC child care centres will remain open in 2009. McGrathNicol also placed 386 child care centres on a list of centres that may not stay open beyond the end of the year.

Mr Chris Honey, from McGrathNicol, said further announcements would be made about the future of the troubled centres “within a week”, and insisted that not all will close.

Of the 386 centres subject to review, the Orchard Childcare Property Fund (the Fund) owns 56 centres, which represent 25.8% of the 217 properties owned by the Fund. By value, these 56 centres represent 28.0% of the total assets of the Fund and 28.5% of the Fund’s total income.

We are continuing to work with both the administrators and receivers and will update you when more relevant information comes to light.

In the meantime, if you have any questions about the Orchard Childcare Property Fund please contact the Orchard Investor and Adviser Services Team on 1800 008 494.