James R. Thompson, Chairman, Winston & Strawn, Addresses Comments by ULLICO
Friday April 4, 4:30 pm ET

CHICAGO, April 4 /PRNewswire/ -- The Report of the Special Counsel on the ULLICO Stock Purchase Offer and Repurchase Programs and Global Crossing Investment was released by ULLICO, Inc. on April 2, 2003.

In connection with the release of the Report, ULLICO made certain misstatements concerning the Special Report's findings and the Winston & Strawn team that prepared it.

James R. Thompson, Chairman, Winston & Strawn, addresses ULLICO's statements:

April 4, 2003

Mr. Robert A. Georgine
Chairman and Chief Executive Officer
ULLICO Inc.
111 Massachusetts N.W.
Washington, D.C. 20001

Re: Special Counsel Report

Dear Mr. Georgine:

In recent days, ULLICO has made misleading, false and/or defamatory statements in connection with the Special Counsel Report.

In a press release issued by ULLICO on April 2, 2003, ULLICO stated:

"[T]he Company believes that Governor Thompson was ill served inasmuch as
the applicable law on the breach of fiduciary duty was not fully explored
by his staff."

This statement is both false and defamatory and contradicted by the characterization elsewhere in the release that our investigation was "exhaustive." Not only was the applicable fiduciary duty law, including your expert Mr. Hanks' treatise, thoroughly explored by my staff, but our conclusion that there was compelling evidence of breaches of fiduciary duty was reviewed and endorsed by Professor Mark Sargent whose expert credentials on Maryland law are at a minimum equal to Mr. Hanks' credentials.

In the same press release ULLICO states:

"All of the documents agree that there was no violation of law."

This statement is misleading, as the "documents" so referenced arguably included the Report of the Special Counsel which in fact, among other things, found compelling evidence that there were violations of Maryland fiduciary law.

In an April 4, 2003 article in the Daily Labor Report, John Rodgers, ULLICO's press officer was quoted as follows:

" ... ULLICO spokesman John Rodgers said the Thompson report showed 'very
clearly that there was no violation of the fiduciary duty' either by
Georgine or the board members."

This statement is false as we found compelling evidence of such violations.

It is one thing for you and your advisors to take issue with the conclusions in our Report. It is quite another for ULLICO and its press officers to make misleading, false or defamatory statements about the Report and my staff.

I ask that you personally effectuate the retraction of these statements and ensure that no such statements will be made in the future.

* Very truly yours,
* James R. Thompson

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