SCHEDULES

F1SCHEDULE 7ADGains of insurance company from venture capital investment partnership

How and when election to be made

13

Any election under paragraph 11 or 12 must be made—

(a)

by notice to an officer of the Board,

(b)

not later than the end of the period of two years after the end of the company’s first accounting period beginning on or after 1st January 2002.