Petitions to Transfer Business

In the High Court of Justice  No 1875 and 1876 of 2004

(Chancery Division)

Companies Court

In the Matter of RELIANCE MUTUAL INSURANCE SOCIETY LIMITED

and in the Matter of

THE BRITISH LIFE OFFICE LIMITED and CRITERION LIFE ASSURANCE LIMITED

and in the Matter of

The Financial Services and Markets Act 2000

Notice is hereby given that on 25th March 2004 Reliance Mutual Insurance Society Limited (“RMIS”) applied to the High Court of Justice for:

1.	an Order under Part VII of the Financial Services and Markets Act 2000 (the “Act”) sanctioning a scheme providing for the transfer to RMIS of the whole of the long-term insurance business of The British Life Office Limited (“BLO”) carried on in the United Kingdom; and
2.	an Order under Part VII of the Act sanctioning a scheme providing for the transfer to RMIS of part of the long-term business of Criterion Life Assurance Limited (“Criterion”) carried on in the United Kingdom, which shall include the whole of the long-term business of Criterion carried on in the United Kingdom, save for all assets, liabilities and policies relating to the Transact Personal Pension, the Transact Executive Pension and the Transact Section, 32 Buy Out Bond, and other assets with a value equivalent to the amount of the Minimum Guarantee Fund of Criterion which for the avoidance of doubt shall remain with Criterion (together the “Schemes”), and
3.	an Order making ancillary provision in connection with the implementation of the Schemes under section 112 of the Act.

The proposed transfer will result in the business formerly carried on by BLO in the United Kingdom, and in the business formerly carried on by Criterion, being carried on by RMIS. The proposed transfer will secure the continuation by or against RMIS of any legal proceedings by or against BLO, and any legal proceedings by or against Criterion, that relate to rights and obligations in respect of the transferred business. All claims being dealt with before the transfer by BLO or by Criterion will, following the transfer, be dealt with by RMIS; all claims arising after the transfer will be dealt with by RMIS.

The application is directed to be heard before the Companies court Judge at the Royal Courts of Justice, Strand, London WC2A 2LL, on 24th June 2004, and any person (including any employee of BLO, Criterion or RMIS) who alleges that he or she would be adversely affected by the carrying out of the Schemes may appear at the time of that hearing in person or by Counsel. Any person who intends to appear, and any insured of BLO, Criterion or RMIS who dissents from the Schemes but does not intend so to appear, should give not less than 2 clear days’ prior notice in writing of such intention or dissent, and the reasons therefore, to the Solicitors named below.

Copies of a report on the terms of the Schemes prepared pursuant to section 109 of the Act (the “Independent Expert’s Report”) and a statement setting out the terms of the Schemes and containing a summary of the Independent Expert’s Report can be accessed at www.reliancemutual.co.uk and will be provided, free of charge, by the Solicitors named below.

The Solicitors for RMIS are DLA

3 Noble Street, London EC2V 7EE. (Ref: MJC)

Telephone +44 (0) 20 7796 6416, fax +44 (0)20 7796 6932.

7th May 2004