Legal Notice

The Royal London Mutual Insurance Society Limited

and

Prudential Retirement Income Limited

Notice is hereby given that on 25 July 2006 a Petition was presented to the Court of Session in Scotland (“the Court”) by The Royal London Mutual Insurance Society Limited, a company incorporated in England and Wales with its registered office at 55 Gracechurch Street, London EC3V 0RL (“Royal London”) and by Prudential Retirement Income Limited, a company incorporated in Scotland with its registered office at Craigforth, Stirling FK9 4UE (“PRIL”) applying for, inter alia, an order of the Court under Part VII of the Financial Services and Markets Act 2000 (the”“Act”) sanctioning a scheme (“the Scheme”) for the transfer to PRIL of certain non-profit pension annuity business of Royal London written under the Scottish Life brand. This business comprises annuities that came into payment on or before 31 December 2004 and which are currently reassured to PRIL pursuant to a reassurance agreement dated 22 December 2004 (together with certain increments to such annuities).

From the date of publication of this notice until the date on which the Court sanctions the Scheme, copies of each of the report of the Independent Expert on the Scheme (“the Scheme Report”) prepared pursuant to Section 109 of the Act, a statement setting out the terms of the Scheme and containing a summary of the Scheme Report, the full Scheme document and a report of the Actuarial Function Holder of each of Royal London and PRIL and a report of the Royal London With Profits Actuary are also available to any person free of charge via the website, www.scottishlife.co.uk, or by request in writing or in person to the Customer Service Legal Transfer Team, Scottish Life, 19 St Andrew Square, Edinburgh EH2 1YE, or by calling 0845 603 0154.

In accordance with the Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 (“the Regulations”), Royal London and PRIL will publish notices in relation to the application. These are expected to be published during August 2006 in the London, Edinburgh and Belfast Gazettes and in the Financial Times (including the international editions of the Financial Times) and the Times newspapers. Any person who believes that he/she would be adversely affected by the carrying out of the Scheme should seek independent legal advice and lodge written Answers (written objections) to the Petition with the Court at Parliament House, Parliament Square, Edinburgh EH1 1RQ within six weeks of the publication of the last of these notices; such final publication is expected to be on or about 19 August 2006.

Dated: 1 August 2006

Clifford Chance LLP	Maclay Murray & Spens LLP
10 Upper Bank Street	3 Glenfinlas Street
Canary Wharf	Edinburgh
London E14 5JJ	EH3 6AQ
Ref: EJXG/CXM	Ref: MBL
Solicitors to Royal London	Solicitors to PRIL