In the High Court of Justice, Chancery Division, Companies Court

In the Matter of

CGU INTERNATIONAL INSURANCE PLC

And in the Matter of

VICTORIA SEGUROS, S.A.

And in the Matter of

THE FINANCIAL SERVICES AND MARKETS ACT 2000

Notice Is Hereby Given that an application was on 14th March, 2003 made in the High Court of Justice by the above named CGU International Insurance Plc (“CGU”) for an Order under Section 111(1) of the Financial Services and Markets Act 2000 sanctioning a Scheme (the “Scheme”) providing for the transfer from CGU to Victoria-Seguros, S.A. (“Victoria”) of the Policies and the Policy Liabilities (as respectively defined in the Scheme) and for an Order making provision under Section 112(1) of that Act.

Copies of the said application, a report on the terms of the Scheme prepared by an independent expert in accordance with Section 109 of the Act (the “Report”) and a statement setting out the terms of the Scheme and containing a summary of that report (the “Statement”) may be obtained free of charge from CGU at St. Helen’s, 1 Undershaft, London EC3P 3DQ, England or at Avenida da Liberdade, nO 38, 4O andar, 1250-145 Lisbon, Portugal or from Victoria at Avenida da Liberdade, 198/200, 1250-147 Lisbon. Translations of the Report and the Statement in Portuguese may be obtained free of charge from those addresses.

Copies of the Report and the Statement and translations in Portuguese of the Report and the Statement may also be obtained free of charge on the following telephone numbers: +44 (0)20 7662 7590 and +351 (21) 342 8819.

The application is directed to be heard before the Applications Judge at the Royal Courts of Justice, Strand, London WC2A 2LL on 15th May 2003. Any person (including any employee of CGU or Victoria) who alleges that he would be adversely affected by the carrying out of the Scheme may appear at the time of the hearing in person or by Counsel. Any person who intends so to appear and any policyholder of either CGU or Victoria who dissents from the Scheme but does not intend so to appear should give written notice, not less than two clear days prior to the date of the hearing, of such intention or dissent to both of the solicitors named below.

Dated this 4th day of April 2003.

Allen & Overy	D. J. Freeman
One New Change	43 Fetter lane
London EC4M 9QQ	London EC4A 1JU
Ref: MW/PEHJ	Ref: JLT/AMS
Solicitors to CGU	Solicitors to Victoria