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January 2002 — Sherwood International, the global
insurance solutions specialist, has secured a new contract with New York Life Insurance
Company, building on the success of its existing relationship with New York Life
International. The multi-year, multi-million dollar Amarta contract will provide support
for their North American operations.

In April 2001, New York Life International successfully
implemented Sherwood International’s Amarta solution for its newly formed insurance
operations in India. The success in India was followed by an additional Amarta
implementation in the Philippines in September 2001. New York Life International has
committed to deploy Amarta in eight countries throughout the world.

Mike Shinya, CEO of Sherwood International commented,
“This contract reinforces our commitment to deliver ‘best in class’
solutions, which mirror precisely our customers’ business requirements. I am
delighted that Amarta has become a key component of New York Life’s overall business
strategy both in North America and in their International operations. I firmly believe
that success in North America is key to our organic growth strategy. Our expanding
relationship with New York Life is a significant step in this direction.”

Amarta is a rules-based software solution pre-populated
with workflow models and templates supporting the life insurance, health and annuities
industries. By providing a core set of office processes that are commonly used by
insurance companies worldwide, Amarta provides flexibility and reusability that go beyond
traditional pre-packaged software products. Additionally, Amarta is built on a
multi-tiered platform and is scalable to accommodate any volume of processing. Its
multi-lingual and multi-currency functionality enables insurance companies to develop
automated business processes that are adaptable across borders, and the unique business
modeling approach ensures that the system continually adapts to business change with
minimal ongoing cost.

About Sherwood International:

Sherwood International, founded in 1970, is a provider of software and solutions
to the global insurance and UK government sectors, and is quoted on the London Stock Exchange.

Sherwood International’s clients include international
blue-chip companies in the wholesale and retail insurance industry. In the Life &
Annuities industry, clients include Old Mutual, Swiss Life, Scottish Provident and
Northwestern Mutual. In the P&C and Reinsurance sectors, clients include AXA, CNA, ACE and CIGNA.

Visit Sherwood International’s Web site at
for additional information.

About New York Life

New York Life Insurance Company, a Fortune 100 company, is
the largest mutual life insurance company in the United States. Founded in 1845 and
headquartered in New York City, New York Life and its affiliates offer life insurance,
annuities and long-term care insurance. On the investment side, New York Life’s
affiliates provide institutional asset management and trust services and, through a
subsidiary, NYLIFE distributors Inc., provide and an array of securities products and
services such as institutional and retail mutual funds, including 401(k) products.

Visit New York Life’s Web site at for more information.