EXECUTIVE SUMMARY

This report presents the results of a review of three actuarial reports prepared by the Government
Actuarys Department of United Kingdom and the detailed actuarial examination on which they
are based.

The review was conducted in accordance with the following terms of reference:

1. To review the public reports prepared by the Government Actuarys Department (GAD) on
the Great Britain National Insurance Fund.

2. To report on the extent to which these reports are in accordance with relevant professional
standards of practice.

3. To make recommendations concerning data analysis, modelling methodology, professional
independence regarding assumptions and presentation of results

After reviewing all of the information, and after much discussion with officials of the GAD, we
found that we were able to reach agreement on all opinions and recommendations presented in
this report.

We have set out our opinions and recommendations in the various sections of this report
according to our terms of reference. The recommendations are summarized below.