Bull & Lifshitz Files Class Action Against UNUMProvident Corp.

NEW YORK--(BUSINESS WIRE)--Sept. 30, 1999--

The following was released today by Bull & Lifshitz LLP:

Notice is hereby given that on September 30, 1999, a securities class action lawsuit was filed in the United States District Court for the District of Maine against UNUMProvident Corp., Inc. ("UNUMProvident")(NYSE: UNM) (formerly Provident Companies, Inc.(formerly NYSE: PVT)) and certain officers and directors of the Company on behalf of the shareholders of UNUMProvident and former shareholders of UNUM Corporation("UNUM") (formerly NYSE: UNM) who purchased shares of UNUMProvident or UNUM during the period February 4, 1998 and August 2, 1999, inclusive (the "Class Period") or were issued UNUMProvident stock pursuant to a joint proxy/registration and prospectus statement (the "Joint Proxy").

The complaint alleges that defendants violated the federal securities laws, including Sections 10(b), 14(a) and 20 of the Securities Exchange Act of 1934, as amended, and Sections 11, 12(2) and 15 of the Securities Act of 1933, as amended, by making false and misleading statements in press releases, filings with the Securities and Exchange Commission, including the Joint Proxy concerning, among other things, understating reserves for disability insurance claims, and merger costs, which resulted in the overstatement of UNUMProvident's and UNUM's total assets, shareholders' equity, and net income.

The complaint further alleges that in connection with the merger between UNUM and Provident Companies, Inc. ("Provident"), defendants issued the false and misleading Joint Proxy, which failed to disclose, among other things: the adverse impact of increased disability insurance claims on the earnings of UNUMProvident; that Provident was allegedly deriving a material portion of its income by improperly denying disability insurance claims and that there had been law suits filed against Provident for such; and that both UNUM and Provident due diligence reviews in regard to the merger were limited in scope by agreement.

Plaintiff seeks to recover damages on her own behalf and on behalf of acquirers of UNUMProvident, Provident and UNUM's common stock during the Class Period. Plaintiff is represented in this class action by the New York law firms of Wechsler Harwood Halebian & Feffer LLP and Bull & Lifshitz, LLP, both of which members have extensive experience representing shareholders in class actions.

If you purchased UNUMProvident, UNUM, or Provident shares during the Class Period or were issued UNUMProvident common stock for your UNUM or Provident shares you may, not later than November 30, 1999, move the court to serve as a lead plaintiff, provided you meet certain legal requirements.

If you wish to discuss this action, or have any questions concerning this notice or your rights or interests with respect to this matter, please contact the following:

Wechsler Harwood Halebian & Feffer LLP 488 Madison Avenue, New York New York 10022 Telephone: [phone] (toll free)

Robert I. Harwood, Esq. [e-mail] Daniella Quitt, Esq.

[e-mail] Frederick W. Gerkens, III, Esq. [e-mail]

You may also contact:

BULL & LIFSHITZ LLP [e-mail]

Joshua M. Lifshitz, Esq. Peter D. Bull, Esq. 246 West 38th Street New York, New York 10018 Phone: [phone]