Regarding National Warranty Insurance RRG (In Provisional Liquidation) ("NWIC").

The purpose of this press release is to clarify any misunderstanding that may have been caused by some of the language used in the press release of June 18, 2003.

Early indications are that NWIC might be insolvent. However, no final determination has been made at this stage as to whether NWIC is solvent and the Joint Provisional Liquidators ("JPLs") maintain an open mind while efforts continue to establish the financial position of NWIC.

For the record, NWIC is not in liquidation, it is in provisional liquidation, and the JPLs continue to examine the records of NWIC in order to accurately establish the financial position of NWIC.

Whether NWIC does go into liquidation is not a matter for the JPLs to decide - it will be for the Grand Court of the Cayman Islands to decide in due course and after due process in open Court when the petition is heard, hopefully in the early part of July.

At the hearing directors and officers of NWIC will be able to be heard regarding any proposed rehabilitation plan. In addition, all creditors and Group Members of NWIC may attend or retain local counsel in the Cayman Islands to appear on their behalf.

Until the hearing takes place, however, the JPLs remain in control of the NWIC and are continuing to work with the management of NWIC to fully assess all of the issues confronting NWIC and explore all options available to NWIC.

It is not yet clear how NWIC may be able to move forward at this stage, but options are being explored and further information will be released when it is appropriate to do so.