First Life Insurance Co.-Final Dividend

At a meeting of the Board of Directors of the company held on March 19, 2003, the Directors have recommended, subject to approval at the AGM, that a final dividend for the year 2002 be declared in the amount of 16.8 cents per stock unit, payable on July 18, 2003, to shareholders on record as at July 4, 2003. The XD date will be July 2, 2003.