Business Editors

HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 21, 2002

Scottish Annuity & Life Holdings, Ltd. (NYSE:SCT) announced today that Moody's Investors Service has assigned A3 insurance financial strength ratings to Scottish Annuity & Life Insurance Company (Cayman), Ltd. and Scottish Re (U.S.), Inc. The complete text of the news release can be found on Moody's Web site:

http://www.moodys.com/moodys/cust/research/venus/Release/Rating%20Action/600062742/2001300000377080.asp?namedEntity=Rating+Action (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field.)

Scottish Annuity & Life ...