Business: Scottish RE Group Ltd, Non-cumulative Perpetual Preferred Shares, liquidation preference US$25 per share, redeemable at the issuer's option on or after 7/15/2010 at US$25 per share plus declared and unpaid dividends, and with no stated maturity. <p> Non-cumulative distributions of 7.25% ($1.8125) per annum for the initial fixed rate period through 7/15/2010 paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). After 7/15/2010, the dividend rate may be at a fixed rate established through remarketings for specific periods of at least 6 months or may be a floating rate reset quarterly which will be equal to 3.50% plus the highest of the 3-month LIBOR, the 10-year Treasury CMT and the 30-year Treasury CMT. <p> Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders.<p> In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.