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Scottish Annuity & Life Tender Offer Expires

Tender offer expired on December 14, 2009

Scottish Annuity & Life Insurance has revealed that the tender offer made by it pursuant to an offer to purchase and consent solicitation, dated November 16, 2009 and the related consent and letter of transmittal, dated November 16, 2009 has expired on December 14, 2009, pursuant to the terms of the offer.

Reportedly, the offer had been made to purchase for cash any and all of the outstanding 5.902% collateral facility pass-through certificates of the Stingray Pass-Through Trust not already owned by Salic.

The holders of $57,270,000 aggregate amount of pass-through certificates tendered their pass-through certificates and Salic has accepted for purchase all tendered pass-through certificates.

The settlement of the tendered pass-through certificates is expected to occur on December 16. The consent solicitation to effect certain amendments as described in the offer to purchase resulted in less than the required amount of consents being received and as a result none of such amendments will be made.

The company will own $226,665,000 aggregate stated amount of pass-through certificates and there will remain outstanding $98,335,000 aggregate stated amount of pass-through certificates not owned by Salic.