IN THE HIGH COURT OF JUSTICE

CR–2016-007725

CHANCERY DIVISION

COMPANIES COURT

IN THE MATTER OF SCOTTISH EQUITABLE PLC

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IN THE MATTER OF ROTHESAY LIFE PLC

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IN THE MATTER OF THE FINANCIAL SERVICES AND MARKETS ACT 2000

NOTICE IS HEREBY GIVEN that on 17 February 2017 Scottish Equitable Plc ("SE") and Rothesay Life Plc ("Rothesay”) applied to the High Court of Justice of England and Wales (the "Court"), pursuant to section 107(1) of the Financial Services and Markets Act 2000 (the "Act"), for an Order under section 111(1) of the Act sanctioning an insurance business transfer scheme (the "Scheme") for the transfer to Rothesay of certain long-term insurance business carried on by SE (the "Transferring Business") and for the making of ancillary orders in connection with the implementation of the Scheme under section 112 of the Act.

If the Scheme is sanctioned by the Court, it will result in the transfer to Rothesay of all the contracts, property, assets and liabilities relating to the Transferring Business and accordingly, unless otherwise provided for in the Scheme, payments in respect of the policies comprising the Transferring Business shall, upon the transfer becoming effective, be dealt with by Rothesay.

The availability to policyholders of recourse to the Financial Services Compensation Scheme and Financial Ombudsman Service will not change as a result of the Scheme. Therefore, policyholders of SE and Rothesay who are currently protected by the Financial Services Compensation Scheme and/or have recourse to the Financial Ombudsman Service will continue to have such protection or recourse.

Copies of the report on the terms of the Scheme prepared by an Independent Expert in accordance with section 109 of the Act (the "Independent Expert's Report"), copies of the letters sent to policyholders, a statement setting out the terms of the Scheme and a summary of the Independent Expert's Report, and copies of the Scheme document itself can be obtained from www.aegon.co.uk/rlptransfer and copies can also be requested free of charge by contacting SE using the telephone number or address set out below from the date of publication of this notice until the date on which the application is heard by the Court. These documents, other documents relating to the Scheme (including other actuarial reports and a Questions and Answers document) and any further news about the Scheme will be posted on this website which can be checked for updates.

Any questions or concerns relating to the proposed transfer should be referred to SE using the following telephone number, email or postal address:

Transferor contact details

By post: Aegon, Annuity Transfer Team, Edinburgh Park, Edinburgh EH12 9SE

By email: annuitytransfer@aegon.co.uk

SE telephone: 03456 015 299

SE overseas telephone: +44 (0) 131 666 8681

The application is due to be heard at the Rolls Building, Fetter Lane, London, EC4A 1NL on 12 June 2017. If approved by the Court, it is currently proposed that the Scheme will take effect at 00:01 BST on 30 June 2017.

Any person who claims that he or she would be adversely affected by the carrying out of the Scheme has a right to attend the hearing and express their views either in person or through a legal representative.

Any person intending to attend is requested (but is not obliged) to give notice of such intention as soon as possible and preferably at least five business days before the hearing on 12 June 2017, setting out their grounds of objection, to SE by calling the above number or in writing to the address above or to the solicitors named below.

Any person who claims that they will be adversely affected by the Scheme but does not intend to attend the hearing may also make representations about the Scheme by giving notice of such representations, as soon as possible and preferably at least five business days before the hearing on 12 June 2017, by calling the above number or in writing to the address above or to the solicitors named below.

DATED 17 MARCH 2017

Allen & Overy LLP

One Bishops Square

London E1 6AD

Ref: 0042338-0000579

Solicitors to SE