Investors — Elect not to vote in favor of Options 1 or 2

You may vote against participating in Option 1 or Option 2, or you may do nothing, including a failure to send us an executed joinder agreement. If 40% of more of your fellow investors make such a negative election or do nothing, the Funder will withdraw from its voluntary arrangement and the policy(ies) will become at immediate risk of lapse for non-payment of premium soon after July 31, 2008. In the event of policy lapse, you will have forfeited all the money you have invested in the VESPERS program, but you will have no further obligation to continue to add money to maintain the policy(ies).

However, if 60% or more of your fellow investors elect to participate in Option 1 or Option, then the Funder’s agreement will be implemented for the policy(ies) in which you are invested even though you have not approved them and have not returned an executed joinder agreement. If that condition occurs, you will become an Option 1 investor without further action on your part.

Instructions

YOU MUST MAKE AN OPTION ELECTION NO LATER THAN JULY 31, 2008.

If a policy matures before the Option Election Deadline, you will receive your allocable share of the death benefit net of the sum of your pro rata share of the amount of premium payments that the Funder has advanced since September 1, 2007, and related Funder and Policyowner expenses.

Please mail your executed joinder agreement and related forms to us a P.O. Box 33253, Washington, DC, 20033-0253.

If you or your advisors have any questions, please write to us at the letterhead address or email us at questions@privatesectorfix.info.