Petitions to Transfer Business

THE ROYAL LONDON MUTUAL INSURANCE SOCIETY LIMITED

TRANSFER OF PART OF LONG TERM INSURANCE BUSINESS

to

PRUDENTIAL RETIREMENT INCOME LIMITED

Notice is hereby given that on 21 December 2006 the Court of Session in Edinburgh pronounced an order under section 111(1) of the Financial Services and Markets Act 2000 (the “Act”):

1.  sanctioning a scheme (the “Scheme”) under which certain non-profit annuity business of The Royal London Mutual Insurance Society Limited (“Royal London”) will be transferred to Prudential Retirement Income Limited (“PRIL”) under section 112(1)(a) of the Act with effect from 11.59pm on 31 December 2006 (the “Effective Date”);

2.  transferring to PRIL under section 112(1)(a) of the Act with effect from the Effective Date that part of the undertaking, property and liabilities of Royal London to which the Scheme applies, which order shall not become effective in respect of any Residual Assets and Residual Liabilities (as defined in the Scheme) until the relevant Subsequent Transfer Date (as defined in the Scheme);

3.  under section 112(1)(c) of the Act for the continuation by, or against, PRIL of those legal proceedings pending by, or against, Royal London on the Effective Date, as provided for in the Scheme, except that that order shall not become effective in the case of any such legal proceedings relating to any Residual Asset or Residual Liability until the relevant Subsequent Transfer Date;

4.  allowing Royal London and PRIL to apply to the Court in terms of Section 112(1)(d) of the Act for any orders in relation to such incidental, consequential and supplementary matters as are necessary to secure that the Scheme shall be fully and effectively carried out; and

5.  appointing PRIL in terms of Section 112(10) of the Act to deposit with the Financial Services Authority in the United Kingdom two certified copies of the order.

Holders of transferred policies issued by Royal London where Austria is the State of the commitment (as defined in the Act) are hereby notified that they may cancel such policies by notice in writing to PRIL at the address set out in the Schedule to this notice during the period until the date on which the next payment of any annual premium is due in respect of the relevant policy or policies.

Holders of transferred policies issued by Royal London where France is the State of the commitment are hereby notified that they may cancel such policies by notice in writing to PRIL at the address set out in the Schedule to this notice during the period of one month following publication of a notice of the transfer by the relevant supervisory authority in France.

Holders of transferred policies issued by Royal London where Italy is the State of the commitment are hereby notified that they may cancel such policies by notice in writing to PRIL at the address set out in the Schedule to this notice during the period of sixty days following publication of a notice of the transfer by the relevant supervisory authority in Italy.

Holders of transferred policies issued by Royal London where Spain is the State of the commitment are hereby notified that, should the relevant supervisory authority in Spain decide to publish a notice of the transfer in the Spanish Official Journal, they may cancel such policies by notice in writing to PRIL at the address set out in the Schedule to this notice during the period of one month following publication of the notice in the Spanish Official Journal.

Holders of transferred policies issued by Royal London where Hungary is the state of the commitment are hereby notified that they may cancel such policies by notice in writing to PRIL at the address set out in the Schedule to this notice during the period of thirty days following receipt of the information on the transfer.

Subject to the above-mentioned provisions, no other rights of cancellation are available to holders of transferred policies and no rights of cancellation are available to holders of non-transferred policies at all.

Copies of the order sanctioning the Scheme and of any other orders as referred to in paragraph 4 above are available on application to Maclay Murray & Spens LLP, 3 Glenfinlas Street, Edinburgh EH3 6AQ (Ref: MBL).

Schedule

Prudential Retirement Income Limited, Craigforth, Stirling, United Kingdom FK9 4UE (Attention: Andrew Taylor)