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Avalon Signs Agreement With Just Retirement

To acquire the entire issued and to be issued ordinary share capital of Just Retirement

Avalon Acquisitions (Avalon) and the independent directors of Just Retirement have signed an agreement on 25 September 2009 as per the terms of a recommended proposal for Avalon, a company owned by funds advised by Permira Advisers (Permira).

The agreement was signed to acquire the entire issued and to be issued ordinary share capital of Just Retirement (the proposal).

On 5 November 2009, Just Retirement said that the scheme was duly approved at the court meeting and that the special resolution was duly passed. On 23 November 2009, Just Retirement announced that the court sanctioned the scheme at the first court hearing.

Just Retirement has stated that the court confirmed the capital reduction at the second court hearing. In order for the scheme to become fully operative in accordance with its terms, the court’s order must be delivered to the registrar of companies. It is expected that the scheme will become fully operative in accordance with its terms on 26 November 2009.