Annuity and Life Re (Holdings), Ltd.

Life and Annuity Reinsurance Company

In April 1998, IP participated in the formation of Annuity and Life Re, a newly formed, publicly traded Bermuda-domiciled life and annuity reinsurance company. The investment was concurrent with an initial public offering of the company. Annuity and Life Re was created to utilize its strong balance sheet and competitive pricing, resulting from its low cost structure and Bermuda domicile, to penetrate the large and rapidly growing life and annuity reinsurance markets.