Morley appoints Christopher Wheaton to Equity Research Team

Morley Fund Management ("Morley"), the UK based institutional asset management business of CGNU plc, has appointed Christopher Wheaton as an analyst in the equity research team. Chris, who will initially report to Donald Tosh, Head of Corporate Research at Morley, will be responsible for analysing transport stocks on a global basis.

Morley Fund Management ("Morley"), the UK based institutional asset management business of CGNU plc, has appointed Christopher Wheaton as an analyst in the equity research team. Chris, who will initially report to Donald Tosh, Head of Corporate Research at Morley, will be responsible for analysing transport stocks on a global basis.

Chris joins Morley from Fidelity Investments, London where he has several years experience in analysing the transport sector as part of the cyclicals team. Prior to this Chris worked for two years as part of Fidelity's financials team and managed a major project that sought to analyse the impact of the Euro on the European financial services industry.

Commenting on the appointment Donald Tosh, Head of Corporate Research, Morley Fund Management, said:

"We are delighted that Chris has decided to join the research team at Morley. Equity research is central to Morley's investment process and Chris's appointment reflects our commitment to excellence in this area."

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For further information please contact:

Morley Fund Management

Donald Tosh, Head of Corporate Research
020 7809 8209

Penrose Financial

Gay Collins/Caroline Deutsch 020 7726 8686
  gayc@penrose.co.uk
  carolined@penrose.co.uk

Notes to Editors

CGU and Norwich Union merged on 30 May 2000 to create CGNU plc - the world's 6th largest insurer, the UK's largest insurance group and one of the top-five life insurers in Europe with substantial positions in other markets around the world.

CGNU's principal business activities are long-term savings, asset management and general insurance with worldwide premium income and retail investment sales of Ł26 billion and assets under management of more than Ł200 billion.

The institutional fund management business of CGNU in the UK will operate under the Morley brand whilst retail investment businesses will operate under the Norwich Union brand.

Morley Fund Management is the business name of Morley Fund Management Limited ("MFM") and Norwich Union Investment Management Limited ("NUIM"), both regulated by IMRO and members of the CGNU group.