INSURANCE COMPANIES ACT 1982

NOTICE OF DIRECTION UNDER SECTION 11

Notice is hereby given, pursuant to section 12(8) of the Insurance Companies Act 1982 (“the Act”), that, on 8th January 2001, the Financial Services Authority (“the FSA”), in exercise of the powers of the Treasury, which the FSA or its employees are duly authorised to exercise in that behalf pursuant to part II of the Deregulation and Contracting Out Act 1994 and the Contracting Out (Functions in Relation to Insurance) Order 1998 gave a direction under section 11) of the Act to the Mercantile & General Reinsurance Company Limited. The direction provided that the Company shall cease to be authorised to effect contracts of insurance in general business classes 1-18 and long term business classes I, II, III, IV and VII in the United Kingdom, and was given at the request of the Company. Financial Services Authority 25 The North Colonnade, London E14 5HS. 8th January 2001.