With Profits Fund Review Prioritisation - MacRobins

1 With Profits fund Review Prioritisation With Profits fund Review Prioritisation Produced by AKG Actuaries & Consultants Ltd For Phoenix Independent Advisers Ltd ISSUED DECEMBER 2007. Red This fund has been independently assessed and its underlying financial strength and future performance potential has been deemed to be below average. Factors influencing this assessment may typically include a relatively low equity backing ratio (which is unlikely to improve significantly) or poor past performance to date. A consequence of this may be that the underlying investment strategy is different to that envisaged when you first took out the plan. If this is the case, you are strongly recommended to Review your investment to ensure its continued suitability. Amber This fund has been independently assessed and its underlying financial strength and future performance potential has been deemed to be about average.

2 Factors influencing this assessment may typically include the equity backing ratio (which may have reduced since the plan was originally taken out) together with the fund 's past performance record. A consequence of this may be that the underlying investment strategy is different to that envisaged when you first took out the plan. If this is the case, you are recommended to Review your plan to ensure its continued suitability. Green This fund has been independently assessed and its underlying financial strength and future performance potential has been deemed to be above average. Factors influencing this assessment may typically include a relatively high equity backing ratio and a good past performance record. You should periodically check your investments to ensure continued suitability. Notes: 1. There are a number of newer specialist with profit funds, designed for income, or alternatively labelled cautious that do not fit the general case words above their EBR is likely to be average or below.

3 AKG has classified these funds as Green on the assumption that the intent was to invest in these funds for their cautious strategy. 2. The classifications make no allowance for the presence of guarantees. These guarantees can be a major reason for reduced EBRs and can only be assessed at an individual policy level rather than a fund level. 3. The information contained in this document should be used by suitably qualified individuals only. It is designed to be used as an initial part of a Review process, which gives consideration of individual policy and policyholder circumstances. AKG Accepts no responsibility for investment decisions taken as a result of information supplied. Page 1. AKG Actuaries & Consultants Ltd December 2007. With Profits fund Review Prioritisation fund /Sub- fund Name Legal & General - Legal & General Assurance Society Ltd - With- Profits Sub- fund : Class e).

4 Legal & General - Legal & General Assurance Society Ltd - With- Profits Sub- fund : Class c). Aviva - CGNU Life Assurance Ltd - Stakeholder fund Aviva - CGNU Life Assurance Ltd - With Profit fund Aviva - Commercial Union Life Assurance Company Ltd - Stakeholder fund Aviva - Commercial Union Life Assurance Company Ltd - With Profit fund Prudential - Prudential Assurance Company Ltd - Growth fund Prudential - Prudential Assurance Company Ltd - Optimum Return fund Prudential - Prudential Assurance Company Ltd - With- Profits Sub- fund : OB Main fund Prudential - Prudential Assurance Company Ltd - Defined Charge Participating Sub- fund Sterling fund Liverpool Victoria - Liverpool Victoria Friendly Society Ltd - Growth fund AEGON - Scottish Equitable plc - New Generation With Profits Growth fund Wesleyan - Wesleyan Assurance Society - Medical Sickness Society fund Wesleyan - Wesleyan Assurance Society - Ordinary Long Term Business fund Friends Provident - Friends Provident Life Assurance Ltd - Closed fund Liverpool Victoria - Liverpool Victoria Friendly Society Ltd - Main With Profits fund Standard Life - Standard Life Assurance Ltd - Heritage With Profits fund : Stakeholder Standard Life - Standard Life Assurance Ltd - UK.

5 Smoothed Managed With Profits fund Resolution - Phoenix Life Ltd - 100% With- Profits fund : Former PAL Life Aviva - CGNU Life Assurance Ltd - With Profit Guarantee fund Aviva - CGNU Life Assurance Ltd - With Profit Income fund Aviva - CGNU Life Assurance Ltd - With-Profit Inflation Protected Guarantee fund Page 2. AKG Actuaries & Consultants Ltd December 2007. With Profits fund Review Prioritisation Aviva - Commercial Union Life Assurance Company Ltd - With Profit Guarantee fund Aviva - Commercial Union Life Assurance Company Ltd - With Profit Income fund Aviva - Commercial Union Life Assurance Company Ltd - With-Profit Inflation Protected Guarantee fund Legal & General - Legal & General Assurance Society Ltd - With- Profits Sub- fund : Class a). Legal & General - Legal & General Assurance Society Ltd - With- Profits Sub- fund : Class b).

6 Legal & General - Legal & General Assurance Society Ltd - With- Profits Sub- fund : Class f). Prudential - Prudential Assurance Company Ltd - Scottish Amicable Insurance fund Prudential - Prudential Assurance Company Ltd - Growth & Income fund Prudential - Prudential Assurance Company Ltd - Optimum Bonus fund Lloyds TSB Group - Scottish Widows plc - With- Profits Growth fund AXA - AXA Sun Life plc - New With Profits fund - Unitised AXA - AXA Sun Life plc - Old With Profits fund - Unitised NFU Mutual - National Farmers Union Mutual Insurance Soc. Ltd - With Profits business excluding CAB. Lloyds TSB Group - Scottish Widows plc - With- Profits fund : Main Part Liverpool Victoria - Liverpool Victoria Friendly Society Ltd - Balanced fund Liverpool Victoria - Liverpool Victoria Friendly Society Ltd - With Profits Income Bonds Standard Life - Standard Life Assurance Ltd - Heritage With Profits fund : Asset Mix 2.

7 Royal London - The Royal London Mutual Insurance Society Ltd - Royal London IB & OB Subfund HBOS - Clerical Medical Investment Group Ltd - With- Profits fund CIS - Co-operative Insurance Society Ltd - CIS With- Profits Stakeholder fund CIS - Co-operative Insurance Society Ltd - Accumulating With- Profits Business MGM Assurance - Marine and General Mutual Life Assurance Society - Bonus Growth fund MGM Assurance - Marine and General Mutual Life Assurance Society - With Profits Bond fund Page 3. AKG Actuaries & Consultants Ltd December 2007. With Profits fund Review Prioritisation Ecclesiastical - Ecclesiastical Life Ltd - With Profits Bond business CIS - Co-operative Insurance Society Ltd - CIS With- Profits Pension fund Ecclesiastical - Ecclesiastical Life Ltd - Conventional With Profits business Resolution - Phoenix Life Ltd - 90% With- Profits fund : Former Swiss Life business Scottish Friendly - Scottish Friendly Assurance Society Ltd - SLL fund Swiss Re - Windsor Life Assurance Company Ltd - With Profit fund AEGON - Guardian Assurance plc - Life fund : Conventional With Profits Life Sun Life Financial of Canada - Sun Life Assurance Company of Canada (UK) Ltd - Confederation Life fund Legal & General - Legal & General Assurance Society Ltd - With- Profits Sub- fund : Class d).

8 Aviva - Norwich Union Life & Pensions Ltd - With Profit Annuity fund Aviva - Norwich Union Life & Pensions Ltd - With Profits Sub- fund HBOS - Clerical Medical Investment Group Ltd - With- Profits Income fund Standard Life - Standard Life Assurance Ltd - Heritage With Profits fund : Asset Mix 3. Resolution - Phoenix Life Ltd - 100% With- Profits fund : Former Swiss Life WP fund Teachers Provident - Teachers Provident Society Ltd - With- Profits fund AXA - AXA Sun Life plc - New With Profits fund - Conventional AXA - AXA Sun Life plc - Old With Profits fund - Conventional Standard Life - Standard Life Assurance Ltd - Heritage With Profits fund : Asset Mix 4. Standard Life - Standard Life Assurance Ltd - Heritage With Profits fund : Asset Mix 5. AEGON - Scottish Equitable plc - Unitised With Profits (WP2) fund AEGON - Scottish Equitable plc - Unitised With Profits (WPB) fund Friends Provident - Friends Provident Life and Pensions Ltd - With Profits fund AXA - Sun Life Assurance Society plc - With Profits fund Page 4.

9 AKG Actuaries & Consultants Ltd December 2007. With Profits fund Review Prioritisation AEGON - Scottish Equitable plc - New Generation With Profits Cautious fund AEGON - Scottish Equitable plc - Traditional With Profits fund Pearl Group - NPI Ltd - Socially Responsible With Profits Business Royal Liver - Royal Liver Assurance Ltd - All business except ex-FP IB Business Scottish Friendly - Scottish Friendly Assurance Society Ltd - Conventional Ordinary With- Profits business Scottish Friendly - Scottish Friendly Assurance Society Ltd - Unitised Ordinary With- Profits business AEGON - Guardian Assurance plc - Life fund : Unitised With Profits Pensions Swiss Re - NM Pensions Ltd - National Mutual fund MGM Assurance - Marine and General Mutual Life Assurance Society - Conventional With Profits fund CIS - Co-operative Insurance Society Ltd - Table P.

10 Policies CIS - Co-operative Insurance Society Ltd - Traditional With- Profits Business (excluding Table P/Option 32. policies). Police Mutual - Police Mutual Assurance Society Ltd - Life fund Power Financial Corporation - Canada Life Ltd - With- Profits fund The Children's Mutual - Tunbridge Wells Equitable Friendly Society Ltd - Boots Life fund The Children's Mutual - Tunbridge Wells Equitable Friendly Society Ltd - Life and Endowment fund Independent Order of Foresters - Forester Life Ltd - With- Profits Sub- fund Liverpool Victoria - Liverpool Victoria Life Company Ltd - RNPFN fund Pearl Group - London Life Ltd - Life With- Profits fund - Unitised business Resolution - Phoenix & London Assurance Ltd - UWP. Group Pensions business Resolution - Phoenix & London Assurance Ltd - Business reinsured to Phoenix WP fund of Phoenix Life Ltd Resolution - Phoenix Life Ltd - Britannic With- Profits fund : Former Century Life business Reliance Mutual - Reliance Mutual Insurance Society Ltd - With Profits Sub fund No 4.