THE ROYAL EXCHANGE ASSURANCE

INSURANCE COMPANIES ACT 1982

TRANSFER OF GENERAL BUSINESS

Notice is hereby given that the Royal Exchange Assurance applied to the Financial Services Authority on Wednesday, 22nd March 2000, for its approval, pursuant to Part II of Schedule 2C to the Insurance Companies Act 1982, to transfer to AXA Portugal, Companhia de Seguros, S.A. all of its rights and obligations under policies written by its Portuguese Branch in Portugal prior to 22nd March 2000. Copies of the Statement of Particulars of the proposed transfer are available for inspection during normal working hours at the offices of the Royal Exchange Assurance, at 107 Cheapside, London EC2B 6DU, United Kingdom and at the offices of Axa Portugal, Companhia de Seguros, S.A., at Rua GonÇalo Sampaio, No 39, Porto, Portugal, until 25th April 2000. Written representations concerning the transfer may be sent to The Financial Services Authority, Insurance and Friendly Societies Division, 25 The North Colonnade, Canary Wharf, London E14 5HS, before 22nd May 2000. The Financial Services Authority will not determine the application until after considering any representations made to it before that date.