Sherwood International Secures Services Contract with New York Life Insurance Company

ARMONK, NY or HARTFORD, CT — April 22, 2002 — Sherwood
International, the global insurance solutions specialist, has secured a new services
contract with New York Life Insurance Company. This agreement builds on the multi-year
Amarta license contract that the two parties entered into in December.

Sherwood International and New York Life have a
longstanding relationship. 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 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, Sherwood International, commented:
“This latest services contract reinforces the strong relationship we have developed
with New York Life. We are delighted to be taking the relationship to the next level and
pleased to assist New York Life in meeting its business needs.”

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 financial services industries and UK government sectors, and is quoted on the
London Stock Exchange. Sherwood’s clients include international blue-chip companies. 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
an array of securities products and services such as institutional and retail mutual
funds, including 401(k) products.