SHIP ANNOUNCES APPOINTMENT OF LAURIE EDMANS AS FIRST NON-EXECUTIVE CHAIRMAN

SHIP (Safe Home Income Plans) the UK equity release industry body representing over 90% of the equity release sector, has appointed Laurie Edmans as its first non-executive Chairman.

Laurie’s appointment is effective immediately, and current Chairman Jon King will take on the newly created role of Chief Executive, retaining all of his current responsibilities. The appointment reflects the significant size of the equity release industry today and SHIP’s key role and responsibilities within it.

Laurie’s role will be wide-ranging but will focus on providing input to the SHIP Board on many matters relating to the growth and evolution of the equity release industry and helping to ensure SHIP maintains its leading role. Laurie will also sit on the independent Reversions Complaints Board, part of SHIP’s tough Code of Practice for home reversions ahead of their regulation by the FSA.

Laurie has had a distinguished career in financial services and has held senior roles in the pensions and life assurance industry. Most recently he was Director of Corporate Development at AEGON UK. Prior to this he was Deputy Chief Executive of NPI, where he set up their equity release business in 1995. He was awarded a CBE for services to pensions reform in the New Years Honours in 2006. (See Notes to Editor for full biography)

Laurie Edmans, Chairman of SHIP commented:

“I am delighted to be joining SHIP to help with the next phase in its development. SHIP has achieved a great deal over the last fifteen years, in particular by creating a stringent Code of Practice and strong product standards that have provided the framework for the robust equity release sector that exists today. I am eager to help SHIP face the new challenges that come with a much enlarged industry.”

Jon King, Chief Executive of SHIP commented:

“Laurie brings vast experience of pensions and retail financial services and we are extremely pleased that he will be joining SHIP.We have grown substantially over the past fifteen years and the time is now right for us to strengthen our Board as we move into our next phase of development. Laurie’s broad mix of experience and particular expertise in pensions and retirement issues makes him the ideal candidate to take on this non-executive position.”

For further information, please contact:

Fiona Chow/ Emma Bowden The Wriglesworth Consultancy Phone: 0207 845 7900

Jon King SHIP Chairman Phone: 02920 371725

About SHIP:

Safe Home Income Plans (SHIP) is the UK’s leading professional body for equity release product providers, representing the interests of its 20 members who provide home income and equity release plans. It was launched in 1991 to promote safe schemes. At present, 90% of the equity release market (in volume terms) is represented by SHIP members.

SHIP’s current 20 members* are: Bridgewater Equity Release, Bristol and West Mortgages, Ecclesiastical Life, GE Life, Hodge Equity Release, Home & Capital Trust, In Retirement Services, Just Retirement, Key Retirement Solutions, MortgageExpress, National Counties Building Society, New Life Mortgages, Northern Rock, Norwich Union, Partnership Home Loans, Portman Building Society, Prudential, Retirement Plus, Standard Life, Stroud and Swindon Building Society.

Laurie Edmans Career History:

Career:

2006: Non-executive Chairman, SHIP 2000-2006: Director of Corporate development,AEGON UK Plc 1989-2000: Deputy Chief Executive and Director of IFA Business, National Provident Institution 1964-1989: General Manager (Employee Benefits Division), CIGNA Corporation (Crusader Insurance Co.)

Non Executive Roles:

Previous:

2002-2005: Board Member, Occupational Pensions Regulatory Authority Chair, renumeration committee, member of audit and IT committee 1995-1998: Chair of NPI Global care ltd (NPI’s ethical investment company) 1984-1989: Director of Crusader Staff Pensions Ltd. Trustee of Crusader Staff Pension Scheme

Current:

2006: Non-executive Chairman, SHIP 2006:Treasurer,National Family and Parenting Institute 1998-present: Director of IFA Promotion Limited 2002-present: Chairman,Association of British Insurers staff pension scheme 2003-present: Non-executive director, CPA Supervisory Ltd. Member of audit and renumeration committee 2004-present:Treasurer, Chartered Insurance Institute occupational pension scheme 2005-present: Special Advisory Board, Higham Group plc

Industry activities:

Chair of the pensions and savings committee of the Association of British Insurers and member of the Life Insurance management committee of the ABI.

Chairman of the pensions industry Joint Working Group on Occupational Pensions to June 2006.

Former member of the ABI European Committee.

Member of the Financial Services Authority’s advisory group on improving consumers’ financial capability.

Awarded CBE in New Year’s Honours List 2006.