Independent Expert's Supplemental Report

Terms and Conditions before downloading the Independent Expert's Supplemental Report

Before downloading the Independent Expert's Supplemental Report, please read and accept the following terms and conditions, which are a copy of the limitations on use referred to within the Supplemental Report:

The Supplemental Report is an update to, and must be read in conjunction with, the Independent Expert's Report. The Supplemental Report must be read in its entirety. Individual sections of the Supplemental Report could be misleading if considered in isolation from each other.

A copy of the Supplemental Report has been sent to the FSA and with the transfer application to the Court.

The Supplemental Report has been prepared for and addressed to the directors of Great Lakes Reinsurance (UK) PLC, Great Lakes Services Limited and Munich Reinsurance America, Inc. as a body for the purpose of updating the Independent Expert's Report taking into account any new information made available between 10 September 2008 (the date of the Independent Expert's Report) and the date of this Supplemental Report, and is not for the use or benefit of any other party or for any other purpose other than for the use of the court under the Financial Services and Markets Act 2000.

Neither PricewaterhouseCoopers LLP nor Mr Fred Duncan (the Independent Expert) accept or assume any responsibility, liability or duty of care for any use of or reliance on the Supplemental Report by any other person or for any other purpose, including but not limited to the consequences of any other person acting or refraining to act in reliance on the Supplemental Report or for any decisions made or not made which are based upon such Supplemental Report.

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