SHIP FIRST QUARTER RESULTS TO 31 MARCH 2005

The eighteen members* of UK equity release industry body, SHIP (Safe Home Income Plans), that represents over 90% of the Equity Release sector, today report robust quarterly new business figures for the three months to 31 March 2005.

The value of new business written was £251.4 million, 3.3% ahead of the first quarter in 2004 (£243.3 million). On an annualised basis, new business is now equivalent to £1.2 billion.

The value of Lifetime mortgage business written was £238.1 million, 95% of the total, while the value of Home Reversions written business was £13.3 million, 5% of the total.

Jon King, Chairman of SHIP said:

“This quarter’s figures represent a good start to the year, against a background of weak general mortgage lending, with business ahead of the comparable prior year period.The first quarter traditionally sees the lowest levels of equity release business written, because equity release is a product taken out after several months of advice and consideration – which often starts at the beginning of the year.”

He continues:

“Going forward we expect further strong growth in 2005,as the increasing stability of property prices, and the addition of high profile new providers and products to the market, stimulates continued consumer interest in equity release.”

For further information, please contact:

Laura O’Connell/Fran Read The Wriglesworth Consultancy Phone: 0207 845 7900

Jon King SHIP Chairman Phone: 02920 371725

Notes to Editors:

SHIP new business figures:

About SHIP:

Safe Home Income Plans (SHIP) is the UK’s leading professional body for equity release product providers, representing the interests of its 18 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 18 members* are:Abbey, Bridgewater Equity Release, Ecclesiastical Life, GE Life, Hodge Equity Release, Home & Capital Trust, In Retirement Services, Just Retirement, Key Retirement Solutions, Mortgage Express, National Counties Building Society, New Life Mortgages, Northern Rock, Norwich Union, Portman Building Society, Prudential, Standard Life, Stroud and Swindon Building Society.