[SKANDIA LIFE LOGO]
PO Box 37
Skandia House
Portland Terrace
Southampton S014 7AY
Tel: 023 8033 4411
Fax: 023 8022 0464
http://www.skandia.co.uk

5 December 2000

Mr R Green
London Pacific Advisers Limited
Minden House
6 Minden Place
St Helier
JERSEY JE2 4WQ

Dear Mr Green

Executive Pension
Scheme Number : [xxxxxxxxx]
Scheme Name : London Pacific Advisers Ltd Retirement
Member's Number: [xxxxxxxxx]
Member's Name : Ian Kenneth Whitehead
                Male
                Date of Birth: [xxxxxxxxx]
Selected Retirement Age : 60
Making of Assurance Date: 5/12/00
Commencement Date : 1/09/00

Employer's Regular Contribution: GBP3,000.00 per month
Employer's Special Contribution: GBP9,000.00

We have pleasure in confirming that the benefits under the
Scheme for the above member have been accepted, in accordance
with the above.

A Member's Announcement of Individual Benefits and Unit Statement
are enclosed in respect of the member.

Should you require any assistance or further information,
please contact your Independent Financial Adviser or Skandia Life
at the above address.

Yours sincerely
[SIGNATURE]
SKANDIA LIFE ASSURANCE COMPANY LIMITED

Skandia Life Assurance (Holdings) Limited  Skandia Life Holding  Company Limited
Skandia Life  Assurance  Company  Limited (an  incorporated  company  limited by
shares) Registered Numbers:  1606702,1752066,1363932  England Registered Office:
Skandia House,  Portland  Terrace,  Southampton SO14 7EJ, United Kingdom Skandia
Life  Assurance  Company  Limited:  Authorised  to carry  out  linked  long-term
assurance business Regulated by the Personal Investment  Authority Member of the
ABI Marketing Group:  Skandia Life Assurance Company Limited,  Professional Life
Assurance Company Limited and Royal Skandia Life Assurance Limited
<PAGE>

[SKANDIA LIFE LOGO]

Page 2

PO Box 37
Skandia House
Portland Terrace
Southampton SO14 7AY
Tel: 023 8033 4411
Fax: 023 8022 0464

http://www.skandia.co.uk

This statement shows the contribution and investment allocation for
your plan. The allocation is notional and does not confer any rights
distinct from those set out in the Policy Terms and Conditions. This
statement supersedes all previous statements.

E&OE

Skandia Life Assurance (Holdings) Limited  Skandia Life Holding  Company Limited
Skandia Life  Assurance  Company  Limited (an  incorporated  company  limited by
shares) Registered Numbers:  1606702,1752066,1363932  England Registered Office:
Skandia House,  Portland  Terrace,  Southampton SO14 7EJ, United Kingdom Skandia
Life  Assurance  Company  Limited:  Authorised  to carry  out  linked  long-term
assurance business Regulated by the Personal Investment  Authority Member of the
ABI Marketing Group:  Skandia Life Assurance Company Limited,  Professional Life
Assurance Company LimIted and Royal Skandia Life Assurance Limited
<PAGE>

[SKANDIA LIFE LOGO]

PO Box 37
Skandia House
Portland Terrace
Southampton SO14 7AY
Tel: 023 8033 4411
Fax: 023 8022 0464
http: //www.skandia.co.uk

A Scheme established by the Founding Employer under the
declaration of trust made by Skandia Life (Pensions Trustee)
Limited dated 30th September 1982 as altered by deeds
dated 26th April 1990 and 17th October 1994 and now known
as Skandia Master Trust No. 1

ANNOUNCEMENT
OF INDIVIDUAL BENEFITS

1. (a)Scheme Name: London Pacific Advisers Ltd Retirement
   (b)Founding Employer: London Pacific Advisers Limited

2. Member Name: Ian Kenneth Whitehead

3. Age Next Birthday of Member: 46

4. Age Next Birthday of Member's Spouse: [xxxxxxxxx]

5. Current Annual Earnings: GBP450,OOO.OO

6. Commencement Date: 1/09/00

7. Selected Retirement Age: [xxxxxxxxx]

8. CONTRIBUTION
   (a)Annual Employer Contribution: GBP36,000.00
   (b)Annual Member's Contribution: Nil
   (c)Special Employer Contribution: GBP9,000.00
   (d)Special Member's Contribution: Nil

9. BENEFITS AT SELECTED RETIREMENT DATE
   (a)Amount of Projected Pension: GBP27,lOO Escalating
      at 5% per annum payable monthly in advance, guaranteed
      for 5 years.

   (b)Amount of Post Retirement Spouse's Pension: NIL

10. BENEFITS ON DEATH BEFORE SELECTED RETIREMENT DATE
    (a)Lump Sum Death-in-service Benefit: Return of the value
       of member's plan.

1. The above details should be read in conjunction with the
   Announcement of Individual Benefits Summary attached.

2. The level of the above benefits is not guaranteed and is

Skandia Life Assurance (Holdings) Limited  Skandia Life Holding  Company Limited
Skandia Life  Assurance  Company  Limited (an  incorporated  company  limited by
shares) Registered Numbers:  1606702,1752066,1363932  England Registered Office:
Skandia House,  Portland  Terrace,  Southampton SO14 7EJ, United Kingdom Skandia
Life  Assurance  Company  Limited:  Authorised  to carry  out  linked  long-term
assurance business Regulated by the Personal Investment  Authority Member of the
ABI Marketing Group:  Skandia Life Assurance Company Limited,  Professional Life
Assurance Company Limited and Royal Skandia Life Assurance Limited
<PAGE>

[SKANDIA LIFE LOGO]

PO Box 37
Skandia House
Portland Terrace
Southampton SO14 7AY
Tel: 023 8033 4411
Fax: 023 8022 0464
http: //www.skandia.co.uk

   based on Skandia Life's normal assumptions. Please find
   attached a projection included within a personalised
   Key Features document, which has been prepared according
   to the Personal Investment Authority regulations.



Skandia Life Assurance (Holdings) Limited  Skandia Life Holding  Company Limited
Skandia Life  Assurance  Company  Limited (an  incorporated  company  limited by
shares) Registered Numbers: 1606702, 1752066, 1363932 England Registered Office:
Skandia House,  Portland  Terrace.  Southampton SO14 7EJ. United Kingdom Skandia
Life  Assurance  Company  Limited:  Authorised  to carry  out  linked  long-term
assurance business Regulated by the Personal Investment  Authority Member of the
ABI Marketing Group:  Skandia Life Assurance Company Limited,  Professional Life
Assurance Company Limited and Royal Skandia Life Assurance Limited