Admiral completes ABPH takeover

ABPH shares have ceased to be listed on the Official List and their admission to trading on the London Stock Exchange was cancelled at 8:00 a.m. (London time) on August 16, 2006.

Scheme shareholders on the register of ABPH members will receive 910 pence for each Scheme Share held. If they have validly elected to receive Loan Notes under the Loan Note Alternative, they will receive 10 pence in nominal value of Loan Notes for each 10 pence of cash consideration to which they would otherwise be entitled under the Scheme.

Settlement of the cash consideration, and the issue of certificates in respect of the Loan Notes under the Loan Note Alternative, will be effected on or prior to August 28, 2006.