EQUITABLE LIFE MEMBERS

Equitable Press Release - 26 Nov 2003

Last Updated: Wednesday, November 26, 2003 04:45 PM

£350,000,000 8 PER CENT UNDATED SUBORDINATED GUARANTEED BONDS OF EQUITABLE LIFE FINANCE PLC (“THE BONDS”)

Equitable Life Assurance Society (the “Society”) is aware of market speculation concerning a potential offer to be made by the Society to purchase some or all of the Bonds issued by its subsidiary Equitable Life Finance plc.

The Society regularly reviews the possibility of making an offer for the Bonds but has decided not to make such an offer at the present time.