Petitions to Transfer Business

ALBA LIFE LIMITED

Registered No. 4348

NOTICE is hereby given that on an application presented on 12 October 2006 to the Court of Session at the instance of Alba Life Limited, a company incorporated under the Companies Acts with its Registered Office at Britannic Court, 50 Bothwell Street, Glasgow G2 6HR (the “Company”), under inter alia Section 112(1)(d) of the Financial Services & Markets Act 2000 (the “2000 Act”), the Court made an Order dated 15 November 2006 (the “Order”) inter alia (1) authorising the amendment of the Scheme sanctioned by the Court on 15 December 1994 and under which the long-term business of Alba Life Association of Scotland Limited (under its then name “Britannia Life Association of Scotland Limited”) as transacted in the Republic of Ireland was transferred to the Company under its then-name, Britannia Life Assurance Limited (the “ALAS Irish Scheme”); (2) releasing the Company from the obligations imposed upon it by the ALAS Irish Scheme; and (3) releasing the Company from the Undertakings dated 14 October 1994 which were given by the Company in connection with the ALAS Irish Scheme.

The Order was made subject to an order being made by the Companies Court of the Chancery Division of the High Court of Justice of England and Wales sanctioning the amendment of the ALAS Irish Scheme by an insurance business transfer scheme (the “New Scheme”) in terms of the 2000 Act. Under the New Scheme the long term business of the Company is to be transferred to Phoenix Life Limited. An application to sanction the New Scheme has been presented to the High Court of Justice, Strand, London WC2A 2LL. That application is to be heard on 6 December 2006. Any person wishing more information on the New Scheme should contact the solicitors set out second below.

1.  Dundas & Wilson CS LLP

Saltire Court

20 Castle Terrace

Edinburgh EH1 2EN

Solicitors for the Company

2.  Slaughter & May

One Bunhill Row

London

EC1Y 8YY

Solicitors for the Company in England