SHIP GRANTS MEMBERSHIP TO COVENTRY BUILDING SOCIETY

SHIP (Safe Home Income Plans) the UK equity release industry body representing over 90% of the equity release sector, today welcomed Coventry Building Society as its newest member.The announcement brings the number of SHIP members to 20*.

Coventry Building Society plans to unveil an equity release product range in early 2008. The Society has already gained considerable experience of the equity release sector via a partnership with Norwich Union over many years.

SHIP represents over 90% of the equity release sector and a vigorously enforced Code of Practice and professional Rules of Conduct bind all of its members. All providers who apply to join SHIP must have products and processes that comply exactly with the SHIP Code and Rules.This ensures that IFAs and consumers can trust the quality and integrity of products from SHIP member companies.

Jon King, Chief Executive of SHIP commented:

“We are delighted to welcome Coventry Building Society to SHIP. As one of the UK’s leading mortgage lenders and fourth largest building society, it is a well-known and highly regarded financial services provider. This is also a highly significant development in the growth of the equity release sector, reflecting its continued expansion from “niche” to mainstream.”

Colin Franklin, Head of Sales at Coventry Building Society and Managing Director of Godiva Mortgages added: “We are pleased to be joining SHIP and believe our reputation for innovation, combined with responsible and prudent lending, will position us strongly within this growing market.”

SHIP Emma Bowden/Faye Williamson The Wriglesworth Consultancy Phone: 0207 845 7900

Jon King SHIP Chairman Phone: 02920 371725

COVENTRY BUILDING SOCIETY Yvonne White Media Relations Manager Phone: 0870 607 7727 or 07790 880880 (out of hours)

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: Bradford & Bingley plc, Bridgewater Equity Release, Bristol & West Mortgages, Coventry Building Society, Hodge Equity Release, Home & Capital Trust, In Retirement Services, Just Retirement, Key Retirement Solutions, National Counties Building Society, New Life Mortgages, Northern Rock, Norwich Union, Partnership Home Loans, Prudential, Retirement Plus, Standard Life, Stonehaven Equity Release, Stroud and Swindon Building Society, Tomorrow.

About Coventry Building Society:

Coventry Building Society is the fourth largest building society in the UK with assets exceeding £12.9 billion and over one million customers The Society operates through a network of branches, broadly based across the Midlands and offers a range of savings and mortgage products and other financial services nationally via the post, telephone and website, www.thecoventry.co.uk

Godiva Mortgages Limited is the specialist lending subsidiary of Coventry Building Society and was launched in early 2007. As part of intermediaries@theCoventry, Godiva Mortgages offers a comprehensive range of specialist lending products for buy to let, self certification, credit impaired and the 100% plus LTV markets.