On 1st February 2001, NPI launched the first ever Socially Responsible
With-Profits Pension Fund. This follows the successful and ground-breaking
launch of the NPI Socially Responsible With-Profits Bond, which was the
first of its kind to be available in the UK. It has attracted over o20 million since
inception in October 2000. The fund underlying these unique, lower risk
products is the NPI Global Care Managed Fund, run by the Henderson SRI Team.

Henderson Global Investors, an AMP company, is one of the world
,s leading
providers of SRI. The Henderson SRI Team manages over o1 billion of SRI
funds for retail and institutional clients, which includes charities and private
clients, and also manages the NPI Global Care range of funds. During 2001,
Henderson will launch new SRI products into mainland Europe, Australia and
other countries in the Asia Pacific region to add to its existing portfolio of SRI
products and to further develop its global SRI platform. SRI services are
already available in North America, through a strategic partnership.

A move to further enhance Henderson
,s commitment to developing its position
as the leading SRI provider is the recent appointment of Garry Topp, a key
member of the phenomenally successful Henderson Global Investors UK Retail Team, as
the SRI Business Development Director. The switch into SRI, from being involved
in the mainstream financial sector, reveals the confidence that Garry and the
senior management place in the growth of SRI. Garry said, "SRI is the most
exciting development in investment management for a generation, and gives me
the opportunity to raise awareness to a wider audience of investors, both in the
UK and overseas".

Henderson
,s growing range of SRI products comes at a time when market
forces, legal changes and public expectations are generating a fundamental shift in
the ways in which investment managers integrate social, environmental and
ethical factors into their business decisions. Corporate performance on the
environment, labour practices and community relations are now increasingly linked to
business outcomes and financial results.

In the UK, the Pensions Act 1995 was amended in July 2000 to introduce a
requirement that trustees prepare a statement of investment principles
covering these issues. Likewise, the Turnbull Report on internal control for
companies listed on the London Stock Exchange includes social and environmental
impacts, business probity and reputation issues as risks that need to be managed. In
addition, the ongoing Company Law review could lead to new requirements for
companies to disclose information on their performance in these areas.

At the forefront of efforts to integrate these issues into financial markets
are the increasing number of socially responsible investment funds, which tilt
their portfolios towards high performers and seek to avoid those with poor ethical
records.

Henderson recently appointed of two leading figures in the world of
sustainable development and corporate social responsibility - Rob Lake, as Head of
Strategy, and Nick Robins, as Head of Research, - to its eleven strong SRI team.

Looking ahead, Henderson Global Investors sees the sustainable development
agenda spreading from its specialist SRI funds to inform its mainstream
investment process, as the links between corporate responsibility and good
business practice become more closely integrated. "In an economic climate
where brand value and corporate reputation are crucial intangible assets," states
Rob "corporate social responsibility is at the heart of the business agenda."

James Giuseppi
Henderson SRI Team
www.npi.co.uk/globalcare

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