Letter to Investors dated August 20, 2002

RE:   Future First Financial Group
         Now In Conservatorship

Dear Future First Investor:

         Please be aware that on August 9, 2002, an Order Appointing Conservator for Future First Financial Group, Inc., of Ponte Vedra, Florida (“Future First”), was entered by the 7th Judicial Circuit Court, In and For St. Johns County, Florida, by The Honorable J. Michael Traynor (“Order”). Future First is a former viatical settlement provider whose Florida license was revoked on May 17, 2002. A copy of the Order, including an Order Amending Clerical Error, issued on August 14, 2002, are enclosed.

         The Court’s Order appointed the undersigned, David M. Levine, as Conservator of Future First, and authorized the Conservator to take immediate possession of all Conservatorship Assets, including the life insurance policies held by or for the benefit of Future First, The Fidelity Trust, and Future First investors (“Future First Policies”). This action was taken in an effort to protect the interests of all Future First investors. A preliminary review of documentation recovered by the Conservator indicates that you may have invested funds with Future First, and may believe that you have a beneficial interest in one or more Future First Policies.

         The Order authorizes the Conservator to take custody and control of the Conservatorship Assets, manage all Conservatorship Assets, and take all necessary steps to protect investors’ interests. Accordingly, as Conservator, I and my team, which includes professionals with extensive experience in the areas of conservatorship law, forensic accounting, and computer systems analysis, are working to protect your financial interests in the Future First Policies. Foremost among our efforts, we are taking immediate steps to attempt to prevent the lapse of Future First Policies by paying premiums with existing funds and, because these existing funds may be insufficient, by attempting to secure funds to provide for continued premium payments. The options we are pursuing include the possibility of financing premiums through an outside financing firm or firms. Such a firm would be paid from existing Future First funds seized by the Conservator, or would have a lien against the net proceeds of any eventual sale of the Future First Policies approved by the Court. We are also aggressively seeking and attempting to secure other Future First assets, and are attempting to continue collecting proceeds of Future First Policies as they mature.

         Many of you have asked whether you should forward premium payments to the Conservator or to the insurance company or companies which issued policies in which you believe you have a beneficial interest. At this time, and for the reasons expressed below, we can not advise you to send any premium payments to the Conservator or to any insurance companies.

         Ultimately, the Conservator will recommend to the Court a plan for the final disposition of all Conservatorship Assets, including the Future First Policies. This recommendation will be made only after we have accounted for all Conservatorship Assets, and completed our ongoing review of Future First records. Through this review we are attempting to confirm whether or not your investment interest is in a specific Policy or Policies, or whether your interest is instead a proportional interest in the proceeds recovered by the Conservator from all valid Future First Policies and other Conservatorship Assets, based on the proportion of your investment to the total funds invested in Future First. Unfortunately, given the poor state of the Future First records obtained by the Conservator, an estimate as to when this determination will be complete is not possible at this time.

         We are sending this letter to all known investors. Because of the state of the records we have received, we are currently attempting (i) to verify the identity of all investors and the amounts invested, and (ii) to reconstruct and identify all Future First Policies, and (iii) determine an aging schedule of premium due dates. All of this information was supposed to be provided to the Conservator by Life Settlements, but was not received in a suitable form. To assist in our attempt to verify this information, you will be receiving in the future a detailed claim form which will request that you provide verification of your investment claims.

         Please realize that we are still in the preliminary stages of our evaluation, and will be sharing additional information with you as it becomes available. To limit the expense of future mailings, the Conservatorship has established a toll-free Investor Information Line where you can obtain updated information regarding the Conservatorship. The Investor Information Line telephone number is 1-866-852-6746. The Conservatorship is also in the process of establishing a website to provide investors with additional information. When the website is completed, the website address will be available through the Investor Information Line.

         Please be assured that we are doing our best to protect your interests and keep you informed of changes as they occur. Thank you for your patience and understanding in this matter. Notwithstanding all of our efforts, based on the current condition of the books and records of Future First/Life Settlements and the amount of currently available funds, there is no guarantee that the Conservator will be successful in preventing the lapse or cancellation of one or more of the Future First Policies.

         Finally, please see the enclosed list of questions which many of you have asked (by telephone, correspondence, or e-mail) or may ask during the early stages of this Conservatorship proceeding, and our preliminary responses to those questions.