Disclosure Requirements

The consolidated financial statements are prepared in accordance with the provisions of Section 255A of and Schedule 9A to the Companies Act 1985 which cover the disclosures applicable to insurance companies and groups. The financial statements comply with applicable accounting standards and the revised Statement of Recommended Practice issued by the Association of British Insurers in December 1998. The balance sheet of the Company is prepared under the provisions of Schedule 4 to the Companies Act 1985, which apply to companies generally. The Company has taken advantage of the exemption under Section 230 of the Companies Act 1985 from presenting its own profit and loss account.