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Insurer financial strength rating

Cigna Life Insurance New Zealand Limited ("Cigna")

Cigna has an A (Excellent) insurer financial strength rating given by A.M. Best Company Inc. The rating scale is: A+ – A++ Superior; A- – A Excellent; B+ – B++ Good; B- – B Fair; C+ – C++ Marginal; C- – C Weak; D Poor; E Under Regulatory Supervision; F In Liquidation; S Suspended. The full rating scale is available from A.M. Best at www.ambest.com/ratings/guide.pdf.

Vero Insurance New Zealand Limited ("Vero")

Vero has been given an A+ Insurer Financial Strength Rating by Standard and Poor’s. The rating outlook is stable. The rating scale is: AAA Extremely Strong; AA Very Strong; A Strong; BBB Good; BB Marginal; B Weak; CCC Very Weak; CC Extremely Weak; SD Selective Default; D Default; R Regulatory Supervision and NR Not rated. Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. The rating scale above is in summary form. The full version of this rating scale can be obtained from Standard and Poor’s website.

Allianz Australia Insurance Limited ("Allianz")

Financial strength rating and overseas policyholder preference disclosure notice

Allianz has an AA- insurer financial strength rating given by Standard and Poor's (Australia) Pty Limited. The rating scale is: AAA Extremely Strong; AA Very Strong; A Strong; BBB Good; BB Marginal; B Weak; CCC Very Weak; CC Extremely Weak; SD or D Selective Default or Default; R Regulatory Action and NR Not rated. Plus (+) or minus (-): Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories. The rating scale above is in summary form. The full version of this rating scale can be obtained from Standard and Poor's website.

An overseas policyholder preference applies. Under Australian law, if Allianz is wound up, its assets in Australia must be applied to its Australian liabilities before they can be applied to overseas liabilities. To this extent, New Zealand policyholders may not be able to rely on Allianz' Australian assets to satisfy New Zealand liabilities.