RCA Syndicate #1 Ltd. Assigned ‘R’

July 10, 2000

An ‘R’ rating was assigned to RCA Syndicate #1 Ltd., a wholly owned subsidiary of L&W Holdings Inc., a Nevada-domiciled insurance holding company, by S&P.

On May 11, 2000, the company was placed under an order of conservation by the State of Illinois, which is supervising the company’s liquidation process.