Ann: Clarification of market announcement, page-33

Surely they could pull more costs out of maintaining existing customers otherwise, if you guys are right, the TC as an asset is not worth much. Whilst I have been preoccupied by trying to value FIGs real nta, I might be over estimating the negative business impact from new regulations. I have had a lot of experience with older people & often work in nursing/ retirement homes & many older people are understandably much more concerned with their mortality. Unfortunately they may be losing friends & family & regularly attending funerals so making sure that they (& their partner) sign off with dignity is actually much more important than younger people might appreciate. My experience is that people don’t want to burden (trust?) anyone with funeral arrangements. So there is a need for this product. We all know that there’s a large aging population, so it should be a growing need. Whatever regulations affect FIG affect their competition (one door closes another opens) so they won’t be at a competitive disadvantage. Worst case might be liquidating & only realising 25/15/5c ? per share returned but logic would say they just change their marketing. Aggressive phone marketing might prove to be an inferior way of getting quality sales? If FIG adapts as you’d imagine they should, then we’ll be talking about this as a prime example of blinding fear. I’m sure selling funeral insurance won’t be outlawed there will not be large fines & nobody has a legal claim against FIG. From here I don’t see a lot of risk but potentially significant upside.