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Proposed transfer of business

In January 2007, GAN UK Holdings Limited transferred Minster Insurance Company Limited ("Minster"), together with The Contingency Insurance Company Limited ("Contingency") and Malvern Insurance Company Limited ("Malvern"), to BSG Insurance Holdings Limited ("BSG"). As part of that sale, it was agreed that certain compulsory liability insurance policies to the extent that they cover risks in the United Kingdom written by these insurers would be transferred back to an insurer within the GAN UK Holdings Limited group ("GAN UK"), namely Groupama Insurance Company Limited ("Groupama"). The parties further agreed that certain Irish motor policies will also be included in the transfer (the "Transfer").

The Transfer will be carried out by what is known as an insurance business transfer scheme which will need to be approved by the High Court of Justice (the "Court") under Part VII of the Financial Services and Markets Act 2000 (the "Act").

As required by the Act a report (the "Report") on the Transfer has been prepared by an independent expert.

In accordance with the agreement between GAN UK and BSG, an application has now been made under the Act, to the Court, to transfer certain of the compulsory insurances of Minster, Contingency and Malvern, together with certain Irish motor policies issued by Malvern, to Groupama. It is expected that the Transfer will take place in the first half of 2008.

Copies of the scheme document (the "Scheme"), the Report and a statement setting out the terms of the Scheme and containing a summary of the Report (the "Statement") may be viewed below:

Business transfer documents