Goldman Sachs in Insurance Company Minority Buyout

July 17, 2007

Cleary Gottlieb is representing Goldman, Sachs & Co., as financial advisor to Alfa Mutual in its proposal, announced July 17, to acquire the publicly-held shares of its subsidiary, Alfa Corporation, for $17.60 per share. A Special Committee of Alfa Corporation’s Board of Directors is reviewing the proposal.

Both Alfa Mutual and Alfa Corporation are engaged in a spectrum of insurance and financing activities. Alfa Mutual beneficially owns approximately 55% of the common stock of Alfa Corporation.