Petitions to Transfer Business

In the High Court of Justice  No: 7263 of 2006

Chancery Division

Companies Court

In the Matter of

THE EQUITABLE LIFE ASSURANCE SOCIETY

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In the Matter of

CANADA LIFE LIMITED

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In the Matter of

THE FINANCIAL SERVICES AND MARKETS ACT 2000

NOTICE

NOTICE IS HEREBY GIVEN that on 12 October 2006 The Equitable Life Assurance Society (“ Equitable Life ”) and Canada Life Limited (“ Canada Life ”) applied to the High Court of Justice for an Order under Part VII of the Financial Services and Markets Act 2000 (the “ Act ”) sanctioning a scheme (the “ Scheme ”) for the transfer to Canada Life of part of the non-profit annuity pension business of Equitable Life (the “ Business ”) and for the making of ancillary provisions in connection with the implementation of the Scheme under Section 112 of the Act.

The proposed transfer will result in the Business currently carried on by Equitable Life being carried on by Canada Life. Under the terms of the transfer, Equitable Life will retain all liabilities arising from its acts and omissions in relation to the Business which occur on or before the date on which the transfer becomes effective. In addition, all claims in respect of the policies to be transferred as part of the Business which arise before the date on which the transfer becomes effective will be dealt with by Equitable Life. All claims in respect of the policies to be transferred as part of the Business which arise on or after the date on which the transfer becomes effective will be dealt with by Canada Life.

The application is directed to be heard before the Companies Court Judge at the Royal Courts of Justice, Strand, London WC2A 2LL on 1 February 2007. Any person (including any policyholder or employee of Equitable Life or Canada Life) who alleges that he or she would be adversely affected by the carrying out of the Scheme may appear at the time of the said hearing in person or by Counsel. Any person who intends so to appear, or who dissents from the Scheme but does not intend so to appear, is requested to give not less than two clear days’ prior notice in writing of such intention or dissent, and the reasons therefor, either to Lovells (Ref: C1/CSR) or to Slaughter and May (Ref: JCC/DZK).

Copies of a statement setting out the terms of the Scheme and containing a summary of a report on the terms of the Scheme prepared pursuant to Section 109 of the Act (the “ Independent Expert’s Report ”) and of the Independent Expert’s Report can be obtained free of charge from Equitable Life, from its website at www.equitable.co.uk, by writing to Equitable Life, Walton Street, Aylesbury, Bucks HP21 7QW or by telephone on 0845 1202 512 (or +44 1296 386242 if calling from overseas), and from Canada Life, from its website at www.canadalife.co.uk or www.canadalife.co.uk/ifa, by writing to Canada Life Place, High Street, Potters Bar, Hertfordshire EN6 5BA or by telephone on 0845 6060 708 (or +44 1707 422022 if calling from overseas).

DATED 17 November 2006

Lovells (Ref: C1/CSR)

Atlantic House, Holborn Viaduct, London EC1A 2FG

Tel: +44 (0) 20 7296 2000, Fax: +44 (0) 20 7296 2001

Solicitors for The Equitable Life Assurance Society

Slaughter and May (Ref: JCC/DZK)

One Bunhill Row, London EC1Y 8YY

Tel: +44 (0) 20 7600 1200, Fax: +44 (0) 20 7090 5000

Solicitors for Canada Life Limited