SKRRF Sikarin Public Company Ltd (CE)

Scottish Re Group Limited (“Scottish Re” or the “Company”) announced today that the tender offer made by the Company pursuant to an Offer to Purchase, dated February 10, 2012 (the “Offer to Purchase”), and the related Letter of Transmittal, dated February 10, 2012 (together with the Offer to Purchase, the “Offer”), expired at 12:00 midnight, New York City time, on March 9, 2012 pursuant to the terms of the Offer. The Offer had been made to purchase for cash any and all of the outstanding Non-Cumulative Perpetual Preferred Shares, liquidation preference of $25 per share (collectively, the “Perpetual Preferred Shares”).

In connection with the Offer, holders of 803,707 Perpetual Preferred Shares, with an aggregate liquidation preference of $20,092,675, tendered their Perpetual Preferred Shares (the “Tendered Perpetual Preferred Shares”) and the Company accepted for purchase all such Tendered Perpetual Preferred Shares. Settlement of the Tendered Perpetual Preferred Shares is expected to occur on March 13, 2012.

Following settlement and subsequent cancellation of the Tendered Perpetual Preferred Shares, there will remain outstanding 3,251,176 Perpetual Preferred Shares, with an aggregate liquidation preference of $81,279,400.

UBS Investment Bank served as Dealer Manager and D.F. King & Co. served as Tender Agent and Information Agent for the Offer.

About Scottish Re

Scottish Re is a global life reinsurance specialist, with its principal executive office located in Bermuda. Its primary operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited and Scottish Re (U.S.), Inc.

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