INSURANCE COMPANIES ACT 1982

Notice of Direction under section 11

Notice is hereby given, pursuant to section 12(8) of the Insurance Companies Act (“the Act”) that on 19th March 1998, the Treasury gave a direction under section 11 of the Act to Pan Atlantic Insurance Company Limited. The direction provided that the Company shall cease to be authorised to effect contracts of insurance in general business in the United Kingdom and was given at the request of the Company.