This notice is to advise policyholders that Barclays Global Investors (Ireland) Limited closed its BGI European Equity Market Neutral Fund on 1 November 2007. As a result any policies linked to MX20, Hansard BGI European Equity Market Neutral Fund (“the Fund”),had their holdings redeemed.

As the underlying Fund is no longer available any contract units which were invested in MX20 have been switched and are now linked to X02 Hansard Euro Deposit Fund. This has been done without charge.

The investment objective of X02 is “to combine maximum security with competitive short-term yields for those wishing to hold money in bank deposits or short-term money-market instruments.” The investment objectives of X02 and those of the closed Fund are therefore significantly different.

Policyholders may determine that X02 is currently appropriate and prefer not to take any further action. Alternatively they may wish to change the contract’s fund link composition, in which case we recommend that policyholders contact their independent financial advisor for the provision of appropriate switch and redirection forms.