LK Shields Solicitors acted for Protego Real Estate Funds plc
on the merger of the Protego UK Property Fund with Threadneedle Property Unit Trust.

The merger of the two property funds became effective on
28 November 2008 following the receipt of approval from the Protego Fund's shareholders, who now become unit holders
in the enlarged Threadneedle Property Unit Trust,
which continues to be managed by Threadneedle Asset Management Limited.

The merger was proposed to the Protego Fund's shareholders in order to provide them with a larger and better diversified portfolio, a lower total expense ratio, as well as enhanced liquidity.

David Williams and Sarah Lyons from our Banking and Financial Services Group led the transaction.

December 2008.