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Scottish Widows p.l.c.

22 Sep 2005

We have been appointed as trustee to this transaction which has been structured to facilitate the release of core Tier 2 capital to Scottish Widows' parent Lloyds TSB Group plc.

The Notes are listed on the London Stock Exchange and there is a call option in year ten. The transaction is notable in that it represents Scottish Widows' first entry into the capital markets, and is the second UK bancassurance hybrid offering since the implementation of the new integrated bank and insurance regulatory framework in June.

The first such transaction was for Clerical Medical Finance plc/HBOS plc to which we were appointed trustee in August.

Corporate Trust

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