Scottish Re Group Ltd. restated unaudited consolidated financial statements for the three and six months ended June 30, 2009. Basic income (loss) per ordinary share and diluted income (loss) per ordinary share have been updated to include the impact of continuing and discontinued operations for the three and six months ended June 30, 2008. The previously reported basic and diluted loss of $6.81 per ordinary share for the three months ended June 30, 2008 included $6.05 loss per ordinary share from continuing operations and $0.76 loss per ordinary share from discontinued operations. The previously reported basic and diluted loss of $17.56 per ordinary share for the six months ended June 30, 2008 included $16.81 loss per ordinary share from continuing operations and $0.75 loss per ordinary share from discontinued operations. The restatements to the financial statements for the three and six months ended June 30, 2009 are limited to disclosure matters on earnings per ordinary share for continuing and discontinued operations and do not result in any change to previously reported consolidated income (loss) or total shareholders' deficit. The restated unaudited consolidated interim financial statements also include updated disclosures on subsequent events to include events up to and including the restated filing date of November 16, 2009.

Scottish Re Group Ltd. reported earnings results for the second quarter ended June 30, 2009. For the quarter, the company reported net income attributable to ordinary shareholders of $176.9 million, or $0.81 per diluted ordinary share, as compared to a net loss attributable to ordinary shareholders of $466.0 million, or $6.81 per diluted ordinary share, for the prior year period. The net income attributable to ordinary shareholders for the three month period ended June 30, 2009 was driven by net realized and unrealized gains of $133.1 million resulting from an overall market recovery of fixed maturity investments and an additional $59.8 million gain associated with the sale, in the first quarter of 2009, to Hannover Ruckversicherung AG ('Hannover Re') of a block of individual life reinsurance business acquired by the Company from ING.

Scottish Re Group Ltd. reported unaudited consolidated financial results for the first quarter ended March 31, 2009. For the quarter, the company reported net income attributable to ordinary shareholders of $1,711 million or $7.84 per diluted ordinary share as compared to a net loss attributable to ordinary shareholders of $735 million or $10.75 per diluted ordinary share for the prior year period. The net income attributable to ordinary shareholders was driven by a $642 million gain associated with the sale to Hannover Ruckversicherung AG of a block of individual life reinsurance business acquired by the company from ING in 2004 and a $1,150 million non-cash gain generated by the de-consolidation of Ballantyne Re plc from the company's consolidated financial statements.