Island Life Ins. – Extra-ordinary General Meeting

An extra-ordinary general meeting is to be held at the Terra Nova Hotel at 9 a.m. on April 15, 1997 for the purpose of considering, and if thought fit, pass a resolution to increase the authorized share capital of the company from $8 million to $44 million by the creation of 184.4 million ordinary shares of twenty cents and by the creation of 222.1 million cumulative redeemable preference shares of one dollar each.