MBC - Preclose Disbursement

This message is intended for pre-closing investors that deposited funds at Union Planters Bank, which were not invested in a life insurance policy with Mutual Benefits Corporation as of May 4, 2004.

If your money was used to purchase an interest in a life insurance policy with MBC by May 4, 2004, and you have questions about your investment, you may: call the MBC Receiver's Hotline at 1-877-267-1351; view the MBC Receiver's website at www.mbcreceiver.com; or send a written inquiry to the MBC Receiver, 43 South Pompano Pkwy, PMB#112, Pompano Beach, FL. 33069.

If you have deposited funds at Union Planters Bank, which were not invested in a life insurance policy with MBC, please review this message to learn more about the disbursement process.Judge Federico Moreno of the United States District Court for the Southern District of Florida has ordered the return of your monies deposited at Union Planters Bank which were not invested in a life insurance policy with MBC as of May 4, 2004.

Beginning on or about July 6, 2005, pre-closing investors will be mailed the Court-approved disbursement form for distributing the pre-closing funds. Please do not utilize the general disbursement form attached to the Court's June 15, 2005 Order, or any forms that you may have downloaded from the MBC Receiver's website. All identified pre-closing investors will be mailed a personalized disbursement form from the Garden City Group.

Please be advised that due to a printing error, the sixth paragraph of your form may appear in Spanish. That phrase should read, “amount of principal to be disbursed.” The number immediately following that phrase is the amount of money in U.S. currency that will be returned to you. The English version of that sentence can also be found on the reverse side of your form.

After you have received your personalized disbursement form, please complete and return the disbursement form to the Garden City Group at the address provided in the form. Before you return your disbursement form, please ensure that you have followed the directions set forth on the form and enclosed the required documentation.

Once the Garden City Group has received your completed disbursement form, it will immediately begin processing your refund request. You should expect to receive your refund check, by mail, approximately 30-45 days from the date your completed disbursement form is received.

Please note that the Court has set aside the interest that may have accrued on your pre-closing funds to pay for the expenses associated with the return of your money, including attorneys' fees and costs. As a result, your refund amount reflects the principal amount in U.S. currency that you deposited at Union Planters Bank that was not invested as of May 4, 2004.

If you wish to dispute the expenses associated with the return of the pre-closing money, you may write a brief statement explaining those objections and return it, along with your completed disbursement form, to the Garden City Group within the time period prescribed in your personalized disbursement form.

After the Court apportions the expenses associated with the return of your money and hears objections to the use of interest for fees and costs, the Court has indicated that it will return any remaining interest, to the extent it exists, to the pre-closing investors. At this time, it is unclear when this disbursement process will be concluded or if there will be any interest returned to you.

If you have changed your name, address, or other contact information since you have deposited your pre-closing funds at Union Planters Bank, or if you do not receive a disbursement form by August 1, 2005 and believe that you are entitled to the return of money at this time, please send a written request, along with documentation or information supporting your contention to the Garden City Group, Inc., Administrator for Union Planters Bank, Pre-Closing Funds Disbursement, P.O. Box 9000 #6333, Merrick, NY 11566-9000.