PORTFOLIO TRANSFER

In accordance with the EC Third Life Directive - 92/96 EEC

1. Notice is hereby given that Luxlife S.A. (Société Anonyme)

4, rue du Fort, Rheinsheim L-2017 Luxembourg

Applied to Commissariat aux Assurances in Luxembourg on 10th June 2003 for their approval, pursuant to the EC Third Life Directive - 92/96 EEC,

To transfer to

Excell Life International S.A. (Société Anonyme)

39 rue Monterey, L- 1010 Luxembourg

All of its rights and obligations under policies written by it in the

United Kingdom in the period between 01/01/1995 and 01/08/2003 inclusive.

1. Copies of a statement setting out the terms of the transfer will be

provided free of charge by: Groupama Insurancesfiliale IA,

2 Minster Court, Mincing Lane

London EC3R 7FB

or can be accessed at www.luxlife.com <http://www.luxlife.com/>

1. Written representations concerning the transfer may be sent to

Commissariat aux Assurances - 7 boulevard Royal L-2449 Luxembourg

before (42) days from the 19/08/2003

The FSA will not consent to the transfer until after considering any representations made to them before that day.