Foresters Completes Acquisition of Unity Life in Canada's First Sponsored Demutualization 

On April 3, 2008, The Independent Order of Foresters and Unity Life of Canada announced completion of a sponsored demutualization of Unity Life, a company with $560 million in assets, under which Unity Life became a wholly owned subsidiary of Foresters and will represent Foresters in the Canadian market as Unity Life of Canada, a Foresters Company. This was the first sponsored demutualization in Canada. The $50 million in proceeds from the share transaction will be paid to eligible policyholders in exchange for their voting control and their share of the value of Unity Life. This transaction will result in Foresters having assets of approximately $6 billion and equity of $1.4 billion.

Foresters was advised in this transaction by Vice President, General Counsel and Executive Secretary Katharine Rounthwaite, and Assistant Vice President and Associate General Counsel Parker Brown, and by a team from Fasken Martineau DuMoulin LLP, which included Robert McDowell, Koker Christensen and Wojtek Baraniak (financial institutions and services), Kathleen Hanly (tax) and Paul Casuccio (commodity tax), Doug New and Huy Do (Investment Canada and competition), Anita Huntley (technology), Armand Benitah (intellectual property), Ian Campbell (employment), Ross Gascho (pensions and benefits), Rosalind Cooper (environmental) and Paul King (real property).

Unity Life was advised by a team from Cassels Brock & Blackwell LLP, which included Brian Reeve, Gordon Goodman and Laurie LaPalme (financial services), Jim Parks and Chris Norton (tax), Carol Anne O'Brien (Investment Canada and competition), Bernice Karn (information technology and intellectual property) and John McGowan (employment and benefits).

Scotia Capital Inc., led by John Sherrington, David Skurka and Michael Clabby, was the Valuation Expert and provided the Valuation Report and Opinion.