IMPORTANT NOTICE

VT Redlands Property Portfolio (the "Fund")

As you may be aware, a number of property funds have recently suspended dealing in their shares due to market uncertainty and difficulties in accurately assessing the value of their underlying property investments. The Fund invests in certain of these other funds and the suspension of their shares therefore has an impact upon the Fund.

Following careful consideration and discussions with Wellian Investment Solutions Limited (as investment manager of the Fund) and the Fund's depositary, we have taken the decision today (18 March 2020) to temporarily suspend the redemption of shares in the Fund. The last dealing day was therefore Tuesday 17 March 2020.

We believe that this decision is in the best interests of investors as a whole given the uncertainty regarding the status of certain of the Fund's investments during the time in which their shares are suspended.

We are monitoring the underlying investments of the Fund carefully and will aim to lift the suspension as soon as it is considered appropriate to do so.

If you have any questions in respect of the above please contact us on 01343 880344.

UPDATE: 13 MAY 2020 - Shares in several funds which the Fund invests in remain suspended. Accordingly, following further careful consideration and discussions with Wellian Investment Solutions Limited (as investment manager of the Fund) and the Fund's depositary, we have taken the decision today that it remains in the best interests of investors for the suspension of dealing in the Fund's shares to continue. We are continuing to monitor the underlying investments of the Fund carefully and will aim to lift the suspension as soon as it is considered appropriate to do so.