9. WHAT IS AN INSURED EVENT FOR PURPOSES OF THIS POLICY? The insured event for purposes of this policy is the death of any assured life.

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1 VIRGIN MONEY FUNERAL PLAN POLICY AGREEMENT If an application for insurance is made by the policyholder in respect of the assured life (lives) named in the Policy Schedule provided, and this has been accepted by 1Life Insurance Limited, a long-term insurer, registered as such in terms of the Long-term Insurance Act, 52 of 1998 ("Long-term Insurance Act"), with registration number: 2005/027193/06 and registered place of business as Auto & General Park, 1 Telesure Lane, Riverglen, Dainfern, 2191, subject to the terms and conditions set out in this policy agreement and all annexures thereto ("the Policy Agreement"), then the following agreement applies. 1. WHO IS THE INSURER? The insurance cover in terms of the Virgin Money Funeral Plan as set out in this Policy Agreement is granted by 1Life Insurance Limited. 2. WHO IS THE POLICYHOLDER? Although the premium payer and the policyholder may be a different person, the policyholder is the person responsible for payment of the premiums in terms of this policy in respect of the assured lives. Insurance cover for a policyholder in terms of this policy is available to all persons over 18 (eighteen) years of age (age of next birthday) subject to such maximum age limitations as specified in the Policy Schedule. 3. WHO IS THE ASSURED LIFE (LIVES)? The assured life (lives) is the person in respect of whose life this policy for insurance cover is applied for by the policyholder (as first assured life) and in whose life the policyholder has an insurable interest. Application for insurance cover in respect of additional assured lives shall be made by the policyholder by completing the prescribed application form and if accepted by 1Life, shall be stipulated in the Policy Schedule. The following persons may be covered as assured lives in terms of this policy: The policyholder, the first spouse and dependent children of the policyholder. Only 1 (one) spouse and up to 5 (five) dependent children may be covered in terms of this policy. Additional spouses may be included as extended family members; The policyholder may apply for insurance cover and the benefits in terms of this policy in respect of additional family members up to a maximum of 10. These include, but are not limited to, additional spouses, brothers, sisters, brothers-in-law, sisters-in-law, parents, parents-in-law, aunts, uncles and cousins of the policyholder, such persons being referred to as extended family members, in whose life the policyholder has an insurable interest and has paid the premium, and upon whose death the benefits applicable to such extended family members as additional assured lives shall become payable in terms of this policy. For purposes of this policy a spouse means the nominated spouse of the policyholder, including a party to a customary marriage concluded in accordance with the applicable indigenous law as well as a union concluded between parties married in accordance with the doctrines of any recognized religion or tradition, as well as a partner to a civil partnership in terms of the Civil Union Act, 17 of 2006, a common law spouse or life partner, provided that such partner, common law spouse or life partner is nominated and that the policyholder provides, upon request, satisfactory proof of the permanency of his/her relationship with his/her life partner. For purposes of this policy dependent children means: a child of the policyholder or spouse under the age of 21 (twenty one) years including a stepchild, an illegitimate child or legally adopted child, including a child adopted in terms of a customary adoption under a tradition practiced by the people of the Republic of South Africa provided that the child's natural parents are both deceased, or an adoption under the tenets of any religion practiced by the people of the Republic of South Africa has been undertaken; a child of the policyholder being permanently mentally or physically disabled and totally dependent upon the policyholder; a child of the policyholder under the age of 25 (twenty five) years who is a full time student at any university, technicon or tertiary education institution registered in terms of legislation in the Republic of South Africa or such other institution as may be approved in writing by 1Life, and who is unmarried; and a natural, adoptive or stepchild of a child of a policyholder who is totally dependent on the policyholder. For purposes of this policy, parent(s) means the natural or adoptive or stepparent(s) of the policyholder and parents-in-law shall bear the same meaning with respect to the spouse of the policyholder. For purposes of this policy aunt means the sister of a parent of the policyholder and uncle shall bear the same meaning with respect to the male gender. For purposes of this policy cousin means a dependent child of the uncle or aunt of the policyholder. 4. WHO IS THE BENEFICIARY? The beneficiary is the person entitled to be paid the benefits provided for in terms of this policy on the happening of the insured event, which is, for purposes of this policy, the death of an assured life. For purposes of this policy, the beneficiary shall be either the policyholder in the event of the death of any of the assured lives (other than the policyholder), or the nominated beneficiaries stated in the Policy Schedule in the event of the death of the policyholder. Virgin Money Virgin Money South Africa (Pty) Ltd Auto & General Park, Private Bag X10040, Sandton, Telesure Lane, Riverglen, Dainfern, PO Box 11250, Johannesburg, 2000 Directors: J Bayliss (Swiss) GD McCallum (British) V Padayachee (Executive) I Woods (Alternative) Virgin Money South Africa (Pty) Ltd (Reg. no. 2005/016196/07) is an authorised financial services provider (FSP 31730) Policy underwritten, provided and administered by 1Life Insurance Limited (Reg. no. 2005/027193/06), an authorised financial services provider (FSP 24769) XX-X

2 5. WHAT ARE THE MAXIMUM AGES OF INCEPTION OF COVER IN RESPECT OF THE ASSURED LIVES? The maximum ages of inception of cover in respect of all assured lives are stipulated in the Policy Schedule. 6. WHAT IS THE PURPOSE OF THIS POLICY? The purpose of this policy is to provide insurance cover to assist the policyholder (and/or the nominated beneficiary) to cover the costs of the funeral of the assured lives, in the event of the death of any of the assured lives. 7. WHAT BENEFITS ARE PAYABLE IN TERMS OF THIS POLICY? This policy provides cover in the event of the death of an assured life by way of payment of a lump sum benefit as specified in the Policy Schedule (and amended from time to time). Additional benefits set out in the Policy Schedule are also available in terms of this policy, if applied for by the policyholder, against payment of the additional monthly premium stipulated therein. The policy benefits in terms of this policy shall be payable to the nominated beneficiary in the event of the death of the policyholder, or to the policyholder in the event of the death of any of the other assured lives. 8. WHEN WILL THE POLICY BENEFITS IN TERMS OF THIS POLICY BECOME PAYABLE? The benefits stipulated in the Policy Schedule shall be payable upon the happening of the insured event. To the extent that the full benefit amount has been paid, no further benefits shall be payable in respect of any assured life, subject to clause 11 below. 9. WHAT IS AN INSURED EVENT FOR PURPOSES OF THIS POLICY? The insured event for purposes of this policy is the death of any assured life. 10. WHEN DOES THE POLICY COME INTO FORCE? The policy shall become of full force and effect on the inception date as set out in the Policy Schedule, and shall remain in force unless otherwise lawfully terminated or cancelled in terms of this Policy Agreement, provided that the offer for insurance made by the policyholder by way of the application form, was unconditionally accepted by Virgin Money and the first premium payable in terms of the policy was received by Virgin Money. Cover in respect of the assured lives shall commence on the commencement date as stipulated in the Policy Schedule (as amended from time to time in respect of additional assured lives), provided that the application for insurance cover by the policyholder in respect of such assured life has been unconditionally accepted by Virgin Money and the first premium payable in respect of such assured life has been received by Virgin Money. 11. WHEN WILL THE POLICY COME TO AN END? The policy is a whole life policy and cover in terms of this policy will cease in respect of all assured lives and the policy will come to an end in the event of: the death of the policyholder or after expiry of the premium waiver period (if applicable), where continuation of insurance cover upon death of the policyholder is not applied for as set out in clause 15 below; or the failure by the policyholder to pay the premiums in terms of this policy on the due date thereof, and the policyholder fails to remedy such failure within the grace period, being a period of 30 (thirty) days of the due date thereof; or the policyholder residing outside of the Republic of South Africa for a continuous period exceeding 60 (sixty) days, without the prior written approval of Virgin Money, subject to clause 26 below. The insurance cover in respect of an assured life shall cease in the event of: the death of such assured life; the payment of the benefits in respect of such assured life in terms of this policy; or such assured life residing outside of the Republic of South Africa for a continuous period exceeding 60 (sixty) days, without the prior written approval of Virgin Money, subject to clause 26 below; or such assured life as a dependent child of the policyholder, other than a mentally or physically disabled child, reaching the age of 26 (twenty-six) years (age of next birthday). 12. WHAT IS THE AMOUNT OF THE PREMIUMS PAYABLE AND WHEN ARE PREMIUMS PAYABLE? Premiums as indicated in the Policy Schedule (and amended from time to time in terms of this Policy Agreement), are payable monthly in advance on or before the first business day of each month for which insurance cover is granted, without deduction or set off, for the duration of the policy. Premiums shall be payable by way of debit order to Virgin Money or its nominated representative in order to secure the benefits payable in terms of this policy. In the event of a claim, Virgin Money shall be entitled to deduct any premiums not yet received by Virgin Money from the claims payable by Virgin Money, provided that the policy is still in force. 13. PREMIUM GUARANTEE PERIOD The premiums payable in terms of this policy shall be guaranteed for such period stipulated in the Policy Schedule, calculated from the inception date of the policy until the first policy anniversary date. The policy anniversary date is defined in the Policy Schedule as a period of 1 (one) year from the inception date and every 12 (twelve) month period thereafter for the duration of this policy. 14. COMPULSORY ANNUAL PREMIUM ESCALATION The premiums payable in terms of this policy will automatically and on a compulsory basis escalate annually by the percentage as stipulated in the Policy Schedule. The first premium escalation will be implemented on the second policy anniversary date and on every policy anniversary date thereafter. The policy anniversary date means a period of 1 (one) year calculated from the inception date set out in the

3 Policy Schedule, and every 12 (twelve) month period thereafter for the duration of this policy. Despite the compulsory annual premium escalation, Virgin Money shall at all times be entitled to review the premiums payable as set out in clause 17 below. 15. CONTINUATION OPTION In the event of the death of the policyholder, the first spouse of the policyholder shall be entitled to exercise this continuation option in writing within 90 (ninety) days of the death of the termination of the premium waiver period. If there is no first spouse, then the option to exercise the continuation benefit falls to the eldest life assured on the policy. In exercising this continuation option, the first spouse (or eldest life assured) shall have to agree to take over the new premium payments of the policy based on the altered policy profile and shall become the policyholder, subject to all the terms and conditions of this Policy Agreement. In such an event, the assured lives covered in terms of this policy will continue to enjoy cover and no new waiting periods or exclusions shall be imposed. The cover granted in terms of this policy will continue pending the exercise of the continuation option. If the continuation option is not exercised within the 90 (ninety) day period, cover in respect of all assured lives will cease and this policy will lapse and no further benefits will be payable in terms of this policy. This option will only be available if the policyholder enjoyed continuous and uninterrupted cover under the policy for a period of not less than 6 (six) months immediately prior to his/her death. 16. PREMIUM WAIVER BENEFIT In the event of an approved claim on the life of the policyholder, the premiums payable in terms of this policy shall be waived for a period as stipulated in the Policy Schedule, and the cover shall remain in force during this period. Upon expiry of the premium waiver period, and if the continuation option has not been exercised, the policy shall lapse and no further benefits shall be payable in terms of this policy in respect of any assured life. 17. MAY THE PREMIUMS BE REVIEWED AND INCREASED BY Virgin Money? Virgin Money may, in consultation with its Actuary, review the premiums payable in terms of this policy at least annually, in order to ensure that the policy remains actuarially sound as required in terms of the Long-term Insurance Act. Virgin Money may increase the premiums payable in terms of the policy by way of 1 (one) month written notice to the policyholder, prior to the increase being affected. Should the policyholder fail to pay such additional premiums, Virgin Money may adjust the benefits payable under the policy. 18. WHAT WILL HAPPEN IF THE PREMIUMS ARE NOT PAID ON THE DUE DATE? In accordance with the provisions of section 52 of the Long-term Insurance Act, if a premium payable in terms of this policy is not paid to 1Life on the due date thereof, or the period of grace, being a period of 30 (thirty) days from the due date, the cover in respect of the assured life shall lapse in terms of clause 11 above. 19. MAY A POLICY THAT HAS LAPSED, BE REINSTATED? In the event that the policy has lapsed, the policyholder may apply to Virgin Money for reinstatement of the policy within 30 (thirty) days after the lapse of the policy. No application for reinstatement shall be accepted after this period. Virgin Money may, in its sole discretion, upon receipt of a written request from the policyholder and subject to such terms and conditions as Virgin Money may stipulate from time to time, reinstate the policy. New waiting periods and limitations may be applied. 20. HOW MUST CLAIMS FOR BENEFITS BE INSTITUTED? Claims for benefits in terms of the policy must be submitted in writing to Virgin Money in accordance with the terms of this Policy Agreement. Claims must be submitted to Virgin Money by furnishing with Virgin Money the following documents: a completed official claim form as prescribed by Virgin Money from time to time; an original or certified copy of the death certificate of the assured life; a certified copy of the deceased assured life's identity document; a certified copy of the policyholder's identity document; a police report in the case of death due to unnatural causes or as a result of accidental death during the waiting period; a fully completed BI1663 form, to be obtained from the Department of Home Affairs; and any such other documentary proof as may be required by Virgin Moneyin its sole discretion. All costs incurred in proving a claim shall be for the account of the claimant. All claims will be paid out within 48 (forty-eight) hours after receipt by Virgin Money of all the required documents stipulated herein above. Virgin Money will not pay or be liable for a claim unless the policyholder or the nominated beneficiary - complies with requirements for notification and lodgement of its claim for benefits; notifies Virgin Money of its claim in writing and institutes the claim with Virgin Money in the prescribed manner within 6 (six) months from the date of the occurrence of the insured event. In the event that Virgin Money rejects a claim or disputes the amount of the claim, the policyholder or nominated beneficiary may make representations to Virgin

4 Money within a period of 90 (ninety) days after receipt of Virgin Money's notification of rejection or dispute of the claim; Virgin Money shall be entitled to apply set-off against any benefits payable and any outstanding premiums or other amounts payable to Virgin Money by the policyholder. In the event that Virgin Money is not able to apply set-off, Virgin Money shall be entitled to deduct any such amounts outstanding from the benefits payable. No claims of whatsoever nature shall be instituted or entertained in terms of this policy after the date of cancellation or termination of the policy, unless the insured event giving rise to such claim occurred prior to the date of cancellation. Virgin Money reserves the right to cancel the cover and declare all premiums paid as forfeited, should there be evidence of, or an attempted submission of a fictional claim, fraud or misrepresentation. 21. EXCLUSIONS AND LIMITATIONS: UNDER WHAT CIRCUMSTANCES WILL THE BENEFITS NOT BE PROVIDED? The exclusions and limitations shall be calculated with reference to the commencement date in respect of an assured life as stipulated in the Policy Schedule. No insurance cover shall be granted or benefits paid in the event of the death of any of the assured lives resulting directly or indirectly from, or which is attributable to attempted suicide or suicide during the first 24(twenty four) months from the commencement date in respect of such assured life, notwithstanding such suicide or attempted suicide being the result of insanity (temporary or permanent), mental illness of the assured life, or the assured life being intoxicated or under the influence of intoxicating substances. No insurance cover shall be granted or benefits paid in the event of the death indirectly from, or which is attributable to the negligence, recklessness, transgression of the law or intentional exposure to danger by such an assured life, except in circumstances to save another human s life; or indirectly from, or which is attributable to such an assured life being under the influence of illegal drugs or habit forming substances or resulting from the chronic abuse of drugs by the assured life; or indirectly from or which is attributable to the wilful self-infliction of injuries by the assured life. The exclusions and limitations as set out above in this clause 21 will furthermore also apply in respect of reinstated benefits with effect from the date of reinstatement. 22. WAITING PERIODS A waiting period of 12 (twelve) months from the commencement date in respect of an assured life, is applicable in terms of this policy. During this period, no insurance cover shall be granted or benefits paid in the event of death, other than accidental death, and the premiums remains payable. Accidental death means death caused directly or resulting from injuries sustained due to a sudden and unforeseen event (an accident) which occurs at an identifiable place and time and has a visible, violent and external cause and which results in the death of the assured life. A waiting period of 24 (twenty-four) months is applicable to any death arising from an assured life s own act, or injuries related to an assured life s act. Any addition of cover, benefits or members to the policy shall result in a new waiting periods being applicable to the additional member(s), benefit(s), or cover. 23. MEDICAL EXAMINATIONS No medical examinations will be required in respect of any assured life for purposes of this policy. 24. MAY THE POLICY BE CEDED OR USED AS SECURITY FOR A LOAN? The policy and the rights in terms of the policy may be ceded only to a registered South African bank. The policy may not be ceded to any other person or institution. 25. WHAT CURRENCY AND LAW APPLY TO THIS POLICY? All payments to Virgin Money in respect of this policy must be made in the currency of the Republic of South Africa and any question of law arising under this policy shall be decided in accordance with the laws of the Republic of South Africa. All benefits payable in terms of this policy shall only be paid into a South African bank account. 26. RESIDENCY OF ASSURED LIVES All assured lives in terms of this policy must be citizens of the Republic of South Africa with effect from the commencement date of cover. Benefits will not be paid in respect of an assured life which is permanently resident in a foreign country and who does not have a South African identity document. 27. AMENDMENTS Amendments to this policy other than those specifically mentioned elsewhere in this policy shall only be effected by means of an endorsement against the policy signed by Virgin Money. However, where a change to this policy becomes necessary due to any action by the government, then Virgin Money shall be entitled to effect the change without consulting the policyholder and without an endorsement. 28. INTERPRETATION The terms and conditions in this policy, together with terms and conditions stipulated in the Policy Schedule form the basis of the Policy Agreement concluded between Virgin Money and the policyholder.

5 The headings and questions in respect of the terms and conditions set out herein must not be taken into account for purposes of the interpretation of this policy. Where the context so requires: words and expressions importing one gender shall include the other gender; words and expressions denoting the singular shall include the plural and vice versa; a reference to any statute, constitution, decree, treaty, regulation, directive, ordinance, by-law, order or any other enactment or legislative measure of government (including local or provincial government) statutory or regulatory body which has the force of law means the relevant enactment or legislative measure as at the commencement date and as amended or re-enacted from time to time; a reference to a party includes a reference to that party's successors in title and assigns allowed at law. If any period is referred to in this policy by way of a reference to a number of days or weeks or months or other intervals, the period shall be reckoned exclusive of the first day and inclusive of the last day of the relevant interval, unless the last day falls on a day which is not a business day, in which case the last day shall be the next succeeding business day. If amounts or figures are specified in numerals and in words and if there is any discrepancy between the numerals and the words then the words shall apply. and punctual compliance with each and every provision or term hereof. 1Life Insurance Limited (Reg no. 2005/027193/06) is an authorised financial services provider (FSP licence number: 24769). Policies are underwritten by 1Life Insurance Limited (Reg no. 2005/027193/06), an authorised financial services provider (FSP licence number 24769). This document is an abridged version of the master policy, which is available upon request. E&OE. 29. OTHER GENERAL TERMS AND CONDITIONS The policy does not accumulate cash or surrender value and may not be converted into a paid up policy. Virgin Money specifically determines that no loans will be allowed in terms of this policy. The policy constitutes the entire agreement between the parties, and no other conditions, stipulations, warranties or representations whatsoever have been made by any party or that party's agent, other than as specifically included herein. No latitude, extension of time or other indulgence which may be given or allowed by either party to the other in respect of any payment provided for in the policy or the performance of any other obligation shall under any circumstances be construed to be an implied consent by such party or operate as a waiver or a novation of or otherwise affect any of the third party's rights in terms of or arising from this policy, or prevent such party from importing, at any time and without notice, strict