UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK. SECURITIES LITIGATION Master File No. DATE Flx:D: 471G kr, 06-CV (SAS) octn

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1 c:\), (7k / ( IN RE SCOTTISH RE GROUP UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ECF Case I EtjfSEIC)4 D CCỊ.7:S..E):\211:.:1:CALLY 7 FILED Dc iv: SECURITIES LITIGATION Master File No. DATE Flx:D: 471G kr, 06-CV (SAS) octn STIPULATION OF DISMISSAL WITHOUT PREJUDICE WHEREAS Glenn Schafer ("Mr. Schafer") served as a director of Scottish Re Group Limited (hereinafter "Scottish Re") from December 2001 to February 21, 2005 and again from February 16, 2006 to May 7, 2007; WHEREAS Mr. Schafer is alleged to have violated Section 11 of the Securities Act of 1933 on the grounds that he signed a shelf registration statement, dated March 2, 2004, pursuant to which Scottish Re engaged in July and December 2005 offerings of Scottish Re securities (collectively, the "Offerings") See Amended Consolidated Complaint (the "Complaint") 28, 144, 159; WHEREAS the Complaint does not allege that the shelf registration statement, dated March 2, 2004, itself contained any false or misleading statements; WHEREAS the Complaint specifically asserts that alleged false or misleading statements were incorporated by reference into prospectus supplements filed with the SEC on June 23, 2005, June 28, 2005, December 12, 2005, and December 15, See id , 160; WHEREAS Mr. Schafer resigned from the Scottish Re board prior to the Offerings, and has represented that he was not, in any capacity, involved with the Offerings; NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED, by and between the undersigned parties, by and through their respective counsel, that:

2 (i) An claims brought in this action against Defendant Glenn Schafer shall be voluntarily dismissed without prejudice in accordance with Rule 41(a)(1) of the Federal Rules of Civil Procedure; and (ii) The undersigned parties shall release all claims and covenant not to sue or otherwise seek lead redress from any other undersigned party or their counsel in connection with the naming of Mr. Schafer as a Defendant in the Complaint and Mr. Schafer's dismissal from this action. Dated: June ct, 2008 BERNSTEIN LiTowr:z-git MURRAY, FRANK & SAILER LLP G 7N By, Marvin L. Frank L7\ilyW. Berf, r (MB-5010) 275 Madison Avenue alvatore YGraziano (8(3-6854) New York, New York (Rochelle Feder Hansen (RH-7061) (212) Eric T. Kanefsky (lik-3511) 1285 Avenue of the Americas DAVID B. KAHN & ASSOCIATES, LTD. New York, New York (212) David B, Kahn CLI-MACO LEFKOWITZ PECA Mark E. King WILCOX & GAROFOLI One Northfield Plaza, Suite 100 Northfield, Illinois B y (847) John R. Clint cc David M. Cuppage Counsel for Plaint vf Richard Baehr Trust Scott D. Simpkins 55 Public Square, Suite 1953 Cleveland, OH (216) 62I-S484 Counsel fbr lead Plalntj and the Class

3 (i) All claims brought in this action against Defendant Glenn Schafer shall be voluntarily dismissed without prejudice in accordance with Rule 41(a)(1) of the Federal Rules of Civil Procedure; and (ii) The undersigned parties shall release all claims and covenant not to sue or otherwise seek legal redress from any other undersigned party or their counsel in connection with the naming of Mr. Schafer as a Defendant in the Complaint and Mr. Schafer's dismissal from this action. Dated: June 7 200'3 BERNSTEIN LITOWITZ BERGER MU, F NIC,i& SAIL LLP & GROSSMANN LLP 714- Marvin L. Frank Max W. Berger (MB-5010) 275 Madison Avenue Salvatore J. Graziano (SG-6854) New York, New York Rochelle Feder Hansen (RH-7061) (212) Eric 1', Kanefsky (EK-351I) 1285 Avenue of the Americas DAVID B. KAHN & ASSOCIATES, LTD. New York, New York (212) David B. Kahn CLIMACO LEFKOWITZ PECA Mark E. King WILCOX & GAROFOLI One Northfield Plaza, Suite 100 Northfield, Illinois (847) John R. Climaco David M. Cuppage Counsel for Plaintiff Richard Baehr Trust Scott D. Simpkins 55 Public Square, Suite 1950 Cleveland, OH (216) 62 / Counsel for Lead Plaintiff and the Class

4 (i) All claims brought in this action. against Defendant Glenn Schafer shall be voluntarily dismissed without prejudice in accordance with Rule 41(a)(1) of the Federal Rules of Civil Procedure; and (ii) The undersigned parties shall release all claims and covenant not to sue or otherwise seek legal redress from any other undersigned party or their-counsel in connection with the naming of Mr. Schafer as a Defendant in the Complaint and Mr. Schafer's dismissal from this action. Dated: June E 2008 BERNSTEIN L1TOWITZ BERGER MURRAY, FRANK & SAILER LLP & GROSSMANN LLP Marvin L. Frank AX.,- AU" fard cn m LI 1 n43. nnnn.1.7." 1,,J.L.,J, Salvatore I. Graziano (SG-6854) New,York, New York Rochelle Feder Hansen (RH-7061) (212) Eric T. Kanefslcy (EK-3511) 1285 Avenue of the Americas DAVID B. KAHN & ASSOCIATES, LTD. New York, New York (212) t10cp/tii David B. Kahn CLIMACO LEFKOWITZ PECA Mark E. King WILCOX & GAROFOLI One Northfield Plaza, Suite 100 Northfield, Illinois (847) John R. Climaco David M. Cuppagc Counsel for Plaint( -Richard Baehr Trust Scott 1), Simplcins 55 Public Square, Suite 1950 Cleveland., OH (216) Counsellor Lead Plaintiff and the Class

5 DAVIS POLK.4.: WARDWELL DEWEY & LEBOEUF LLF Dennis E. Glazer (DG-2289) Ralph C. Ferrara Elliot Moskowitz (EM-0933) Lyle Roberts, admitted pro hoc vice 450 Lexington Avenue Daniel K. Chang (DC-7850) New York, NY New York Avenue, NM. (212) Washington, D.C (202) Counsel for Defendant Scott Willkomm Counsel for Defendants Scottish Re Group Limited, Elizabeth Murphy, Dean E. Miller, Michael C, French, Michael Austin, William Caulfeild-Browne, Robert Chmely, Lord Norman Lamont, Hazel O'Leary, and Glenn Schafer HUGHES HUBBARD & REED LLP LATHAM & WATKINS LLP William R. Maguire (WM-7853) James E. Brandt (JB-3400) Marc A. Weinstein (MW-3715) Jeff G. Hammel (JH-2935) Sarah L. Cave (SC-8346) 885 Third Avenue One Battery Park Plaza New York, New York New York, New York (212) (2)2) Counsel for Defendants Lehman Brothers Inc., Counsel for Defendant Bear Stearns & Co. Inc., Banc of America Ernst & Young LLP Securities LLC, Keefe Bruyette & Woods, Oppenheimer & Co., Advest, Inc., RBC Damn Rauscher Inc., Stifel, Nicolaus & Company, Incorporated, Goldman, Sachs & Co., Wachovia Capital Markets, LLC, A. G. Edwards & Sons, Inc., Fox-Pitt Kelton Incorporated, Bear Stearns International Limited and Lehman Brothers OTC Derivatives Inc.

6 DAVIS POLK & WAR DWELL DEWEY & LEBOEL1E LLP Dennis E. Glazer (DG-2289) Ralph C. Ferrara' Elliot Moskowitz (EM-0933) Lyle Roberts, admitted pro hoc vice 450 Lexington Avenue Daniel K. Chang (DC-7850) New York, NY New York Avenue, N.W. (212) Washington, D.C (202) Counsel for Defendant Scott Willicomm Counsellor Defendants Scottish Re Group Limited, Elizabeth Murphy, Dean E. Miller, Michael C French, Michael Austin, William Caulfeild-Browne, Robert Chmely, Lord Norman Lamont, Hazel O'Leary, and Glenn Schafer HUGHES HUBBARD & REED LLP LATHAM & WATKINS 1,LP William R. Maguire (WNI-7853) James E. Brandt (JB-3400) Mare A. Weinstein (MW-3715) Jeff G. Hammel (.1H-2935) Sarah L. Cave (SC-8346) 885 Third Avenue One Battery Park Plaza New York, New York New York, New York (212) (212) Counsel for Defendants Lehman Brothers Inc., Counsel for Defendant Bear Stearns & Co, Inc., Banc of America Ernst & Young LLP Securities LLC, Keefe Bruyette & Woods, Oppenheimer & Co., Advest, Inc., RBC Dam Rauscher Inc., Sit/el, Nicolaus & Company, Incorporated, Goldman, Sachs & Co., Wachovia Capital Markets, LLC, A.G. Edwards & Sons, Inc., Fox-Pitt Kelton Incorporated, Bear Stearns International Limited and Lehman Brothers OTC Derivatives Inc.

7 DAVIS POLK & WARDW.ELL DEWEY & LEBORIF LLP Dennis E. Glazer ( ) Ralph C. Ferrara Elliot Moskowitz (EM-0933) Lyle Roberts, admitted pro hac vice 450 Lexington Avenue Daniel K. Chang (DC-7850) New York, NY New York Avenue, N.W. (212) Washington, D.C (202) Counsel for Defendant Scott Willkomm Counsel for Defendants Scottish Re Group Limited, Elizabeth Murphy, Dean E. Miller, Michael C. French, Michael Austin, Willian, Caulfeild-Browne, Robert C'hmely, Lord Norman Lamont, Hazel O'Leary, and Glenn Schafer 746' HUGHES IlUBBils 0 & REED LLF LATHA_M & WATKINS LLP Y Ortic4 William R. Maguire (WM-7853) James E. Brandt (1B-3400) Marc A. Weinstein (MW-3715) Jeff O. Hammel (JH-2935) Sarah L. Cave (SC-8346) 885 Third Avenue One Battery Park Plaza New York, New York New York, New York (212) (212) Counsel for Defendants Lehman Brothers Inc., Counsel for Defetida t Bear Stearns & Co. Inc., Banc of America Ernst & Young LLP Securities LLC, Keefe Bruyette & Woods, Oppenheimer & Co., Advest, Inc., RBC Damn Rauscher Inc., Stifel, Nicolaus &. Company, Incorporated, Goldman, Sachs & Co., Wachovia Capital Markets, LLC, A.G. Edwards & Sons, Inc., Fo..1:-Pitt Kelton Incorporated, Bear Stearns International Limited and Lehman B-others Ol'C Derivatives Inc.

8 DAVIS POLK & WARDWELL DEWEY & LEBOEUF LLP Dennis E. Glazer (DG-2289) Ralph C. Ferrara Elliot Moskowitz (EM-0933) Lyle Roberts, admitted pro hac vice 450 Lexington Avenue Daniel K. Chang (DC-7850) New York, NY New York Avenue, N.W. (212) Washington, D.C (202) Counsel for Defendant Scott Willkomm Counsel for Defendants Scottish Re Group Limited, Elizabeth Murphy, Dean E. Miller, Michael C. French, Michael Austin, William Caulfeild-Browne, Robert Chmely, Lord Norman Lamont, Hazel O'Leary, and Glenn Schafer HUGHES HUBBARD & REED LLP LATHAM VATKINS LLP,,---.,....., William R. Maguire (WM-7853) Jam,. Brandt (JB-3400) Mare A. Weinstein (MW-3715) Jeff,. Hammel (JH-2935) Sarah L. Cave (SC-8346) 8 Third Avenue One Battery Park Plaza 1Tew York, New York New York, New York (212) (212) Counsel for Defendants Lehman Brothers Inc., Counsel for Defendant Bear Stearns & Co. Inc., Banc of America Ernst & Young LLP Securities LLC, Keefe Bruyette & Woods, Oppenheimer & Co., Advest, Inc., RBC Dain Rauscher Inc., Stifel, Nicolaus & Company, Incorporated, Goldman, Sachs & Co., Wachovia Capital Markets, LLC, A. G. Edwards & Sons, Inc., Fox-Pitt Kelton Incorporated, Bear Stearns International Limited and Lehman Brothers OTC Derivatives Inc. TC, (7.:-.7.:1-7--, ,,._ 2y/ yi / ri 4

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