Provident Companies, Inc. (now UnumProvident Corp.)

Disability and Life Insurance Company

In 1995, partially as a result of inquiries from IP, Textron, Inc. began to consider divesting its subsidiary, Paul Revere Corporation. Recognizing that Provident Companies, Inc. would be an ideal buyer for the company, given its in-depth knowledge of the disability income market, and the fact that the combination of two of the leading players in the market should result in significant cost-savings, IP approached Provident to suggest an acquisition of Paul Revere with IP's participation. In March 1997, IP completed an investment in Provident Companies, Inc., helping to finance its acquisition of Paul Revere. Provident was a publicly traded insurance holding company, which, through its subsidiaries, was the second largest writer of individual disability income insurance in the United States. Paul Revere Corporation was the largest writer of individual disability income insurance in the United States, and the merger of the two companies created a dominant player in this sector. Subsequent to IP's investment, Provident Companies merged with Unum Corporation, the largest writer of group disability insurance in the United States, creating UnumProvident Corp. which currently trades on the NYSE under the ticker UNM. UnumProvident is the largest provider of group and individual disability insurance in North America, the United Kingdom, and Japan. It also provides a complementary portfolio of life insurance products, including long-term care insurance, life insurance, employer- and employee-paid group benefits, and related services.