Insurance Companies

Notice of Meetings of Scheme Creditors

THE SCOTTISH LION INSURANCE COMPANY LIMITED

Registered in Scotland Number SC025905

Notice is hereby given that by Order pronounced on 15 December 2008 the Court of Session in Edinburgh, Scotland has ordered that two separate meetings (the “First Meeting” and the “Second Meeting”) of Scheme Creditors (as defined in the scheme of arrangement mentioned below) be convened for the purpose of considering and, if thought fit, agreeing (with or without modification) a scheme of arrangement dated 8 December 2008 (the “ Scheme ”) pursuant to section 895 Companies Act 2006 (the “ Act ”) proposed to be made between the Company and its Scheme Creditors AND THAT accordingly two separate meetings of Scheme Creditors will be held at the offices of PricewaterhouseCoopers LLP, 1 Embankment Place, London WC2N 6RH, United Kingdom. The First Meeting will be held at 11.00 am (London time) on 2 March 2009 and the Second Meeting will be held at 11.30 am (London time) or as soon thereafter as the first meeting has concluded or been adjourned, on the same date.

The Scheme Creditors entitled to attend and vote at the First Meeting (or any adjournment of it) are Scheme Creditor shaving Notified Outstanding Claims (as defined in the Scheme) and they may attend and vote at that meeting only in respect of their Notified Outstanding Claims.

The Scheme Creditors entitled to attend and vote at the Second of the Meeting (or any adjournment of it) are Scheme Creditors having IBNR Claims (as defined in the Scheme) and they may attend and vote at the meeting only in respect to their IBNR Claims.

Scheme Creditor having both Notified Outstanding Claims and IBNR Claims are entitled to attend and vote at both of the Meetings.

All Scheme Creditors will be required to register their attendance before the commencement of the first of the meetings. Registration will commence at 10.30 am (London time).

Copies of the Scheme and of the Company’s explanatory statement required to be furnished pursuant to section 897 of the Act can be downloaded from the Company’s website at www.scottishlionsolventscheme.com (the “Website”). Alternatively, hard copies can be obtained, free of charge, by contacting the Company in the manner set out below.

Any Scheme Creditor entitled to attend and vote at either or both of the Meetings may do so in person (which, if a corporation, it may do by a duly authorised representative) or may appoint another person, whether a Scheme Creditor or not, as a proxy to attend and vote in its place. A Form of Proxy and a Voting Table for use at the Scheme Creditors’ Meetings may be downloaded from the Website or obtained from the Company in the manner set out below.

Whether they intend to attend and vote at either or both of the meetings, Scheme Creditors are requested to complete the Form of Proxy and Voting Table in accordance with the General Notes and Instructions for Completion and return them (together with Supporting Information as defined in the Scheme) to the Company as soon as possible at the address below, and in any event, so as to be received by 5.00 pm. (London time) on 27 February 2009. Forms of Proxy and Voting Tables may also be handed in at the registration desk prior to the commencement of the first of the meetings. The Company will accept Forms of Proxy and Voting Tables by fax or by email (but in the latter case only in portable document format (pdf) provided that the originals are delivered to the Company within seven days of the Scheme Creditors’ Meetings.

In order to be approved, the Scheme must be agreed by a majority in number representing 75% in value of the Scheme Creditors present and voting either in person or by proxy the First Meeting and also by a majority in number representing 75% in value of the Scheme Creditors present and voting in person or by proxy at the Second Meeting. If agreed by the requisite majority of Scheme Creditors at both of the meetings, the Scheme will be subject to the subsequent sanction of the Court.

Any Scheme Creditor that has any questions concerning the action it is required to take should contact the Company in the manner set out below.

The Scottish Lion Insurance Company Limited

The Company

The Scottish Lion Insurance Company Limited, 1st Floor, 22 Bevis Marks, London EC3A 7JB

United Kingdom

Contact: Steven Crawley or Vanessa Magee

Tel: 0207 626 4266

Fax: 0207 621 0961

Email: solventsccheme@scottislion.co.uk

Mayer Brown International LLP, Solicitors to the Company

31st Floor, 30 St Mary Axe, London EC3A 8EP. United Kingdom.

Contact: Ian McKenna or Sarah Russell

Tel: +44 (0) 20 7398 4611 or +44 (0) 20 7782 8587.

Fax: +44 (0) 20 7623 7965.

Email: imackenna@mayerbrown.com or srussell@mayerbrown.com.