Making Your Choice

Policyholder Update 3 July 2009

Dear Policyholder,

We have now loaded Appendices:

Appendix 01 - The Reattribution: Roles and Proccess
Appendix 03 - Information: Access and Due Dilligence
Appendix 18A - With-Profits Actuary's Report
Appendix 18B - With-Profits Actuary's Report
Appendix 22A - Qualification for pre-reattribution distribution
Appendix 22B - Qualification for pre-reattribution distribution
Appendix 23A - Eligibility for reattribution
Appendix 23B - Eligibility for reattribution
Appendix 28A - Policyholders' future security and risk appetite
Appendix 28B - Policyholders' future security and risk appetite
Appendix 29A - Investment policy, smoothing and bonus policy
Appendix 29B - Investment policy, smoothing and bonus policy
Appendix 30A - With-profits governance arrangements
Appendix 30B - With-profits governance arrangements
Appendix 31A - Principles and practices of financial management (PPFM) and consumer friendly PPFM
Appendix 31B - Principles and practices of financial management (PPFM) and consumer friendly PPFM
Appendix 36A - The pre-reattribution distribution
Appendix 36B - The pre-reattribution distribution

to the website, where they may be found via this link : http://www.policyholderadvocate.org/more-detail

Yours faithfully

Jonathan Haslam