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New York | June 2005

Praesidian Capital Finances MBO of BenefitPort MidAtlantic

Leading Provider Of Mezzanine Debt Invests In Technology-Based Solutions Provider For Health Insurance And Employee Benefites Industries

Praesidian Capital, a leading provider of mezzanine capital to middle market companies, today announced the closing of a $7,200,000 debt investment in BenefitPort MidAtlantic, LLC ("BenefitPort MidAtlantic"). Praesidian helped existing management purchase the company from an affiliate of Marsh & McLennan (NYSE: MMC). Praesidian provided the entire debt financing for this management buyout.

BenefitPort MidAtlantic specializes in customizing health and employee benefit insurance packages for small to medium sized firms in New York, New Jersey and Pennsylvania through its 700+ retail brokerage network. BenefitPort achieved its industry leading position by combining insurance and technology professionals to create an effective growth model in the distribution and administration of employee benefits.

"We are pleased to be involved in the growing healthcare category via our latest transaction involving BenefitPort," said Jason Drattell, Managing Partner of Praesidian Capital. "The US insurance agency industry is highly fragmented and ripe for growth, and we hope to help BenefitPort MidAtlantic continue to take advantage of its opportunities."

According to Bob Goldstein, President of BenefitPort MidAtlantic, "We intend to build several strategic alliances as BenefitPort MidAtlantic transforms from an important Regional player into a leading National innovator in the growing employee benefits field."

Already in 2005, Praesidian Capital Investors has invested $6.5 million of mezzanine debt to assist JMH Capital and management in the recapitalization of CAM Fabrication, Inc., the leading concrete forms and accessories distributor in the Southeast; provided $7.2 million in mezzanine debt to support Red Diamond Capital's acquisition of Nutritional Laboratories International, Inc., a leading manufacturer of quality nutritional supplements; and led the $16 million Subordinated Debt investment in Life is good, Inc. to support the acquisition of The Shirt Factory, a t-shirt finishing and distribution company. These investments were made from Praesidian's debut fund, which closed at $156 million in February.

About Praesidian Capital
Praesidian provides mezzanine debt to middle-market companies. The firm provides capital for established, historically profitable companies as well as for management/leveraged buyouts, recapitalizations and refinancings. For more information, visit www.praesidian.com

About BenefitPort MidAtlantic
BenefitPort MidAtlantic is one of the leading providers of technology-based solutions for the group insurance and employee benefits industry. By combining innovative Internet technology with a dominant presence in key geographic regions, BenefitPort is creating the most powerful insurance marketing network in the country. Its technology helps make the entire insurance selection process simpler, easier and faster.

The company provides end-to-end connectivity that allows brokers and their clients to shop, purchase, enroll, serve and renew through one convenient website, all online. And our local offices throughout the country provide superior support and a competitive advantage through seamless business solutions. For further information, visit its web site at www.mybpma.com

Media Contact: Dan Jacobs
Broadgate Consultants, LLC
Phone: 212 232 2227

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