Making Your Choice

Policyholder Update 10 July 2009

Dear Policyholder,

We have now loaded Appendices:

Appendix 16A - The scheme
Appendix 16B - The scheme
Appendix 20 - The FSA preliminary fairness review
Appendix 23A - Eligibility for reattribution
Appendix 23B - Eligibility for reattribution
Appendix 25A - Legal issues arising in respect of right & interests in & uses of the inherited estates
Appendix 25B - Legal issues arising in respect of right & interests in & uses of the inherited estates
Appendix 25 - Legal Opinion
Appendix 25B - Supplemental Legal Opinion
Appendix 26 - FSA guidance letters and responses
Appendix 27 - House of Commons Treasury Committee report
Appendix 32A - The position of non-electing policyholders
Appendix 32B - The position of non-electing policyholders
Appendix 33A - Modelling for the purposes of the reattribution
Appendix 33B - Modelling for the purposes of the reattribution
Appendix 34A - Tax matters in relation to the reattribution
Appendix 34B - Tax matters in relation to the reattribution
Appendix 35A - Size of the Inherited Estates
Appendix 35B - Size of the Inherited Estates
Appendix 40 - Analysis of expected future special distributions for policyholders and shareholders
Appendix 41A - The Aviva offer
Appendix 41B - The Aviva offer
Appendix 42 - Evaluation of the aggregate PIP offer
Appendix 44 - The position of non-electing policyholders

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

Yours faithfully

Jonathan Haslam