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Sutherland Asbill & Brennan Represents Reassure America Life Insurance Company

March 12, 2003

ATLANTA (March 12, 2003) – Sutherland Asbill & Brennan LLP is advising Reassure America Life Insurance Company, a subsidiary of Swiss Re Life & Health America Inc., in its $121 million purchase of Guarantee Reserve Life Insurance Company, the sole U.S. subsidiary of Irish Life & Permanent plc.

The deal, announced February 28, 2003, includes the carrying value of Guarantee Reserve Life Insurance Company at $176 million, the value listed December 31, 2002.  The transaction, to close in the second quarter of this year, is subject to a price adjustment for the movement in capital and surplus in Guarantee Reserve Life Insurance Company up to the date of transaction completion.

The Sutherland team, led by David Massey of the Mergers and Acquisitions group, includes Carol Weiser of the Employee Benefits and Executive Compensation group; Ling Ling of the Mergers and Acquisitions group; and Michael Miles, Lori Harwell and Tom Gick of the Corporate Taxation group.  Tom focuses specifically on the insurance product tax work.  All members are located in the firm's Washington, D.C. office.

Jeff Liebmann of Dewey Ballantine is Irish Life & Permanent plc's outside counsel on the deal and Salomon Smith Barney is their investment adviser.

DEAL NOTIFICATION

Target:         Guarantee Reserve Life Insurance Company

Bidder:         Reassure America Life Insurance Company

Value:          $121 million

Date Deal Announced:  February 28, 2003

Lawyers for Bidder:  David Massey, Michael Miles, Carol Weiser, Tom Gick, Lori Harwell and Ling Ling of Sutherland Asbill & Brennan LLP.

Lawyers for Target:  Jeff Liebmann of Dewey Ballantine 

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