Offer to Purchase from Contrarian Funds, L.L.C.

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Contrarian Funds, L.L.C. (”Contrarian”) has made an Offer to Purchase up to 19,745,000 Units of Life Partners Position Holder Trust ( “PHT units”) and up to 35,545,000 Units of Life Partners IRA Holder Partnership, LLC (“IRA Partnership units”) at a price of $0.16 per unit for the PHT and IRA Partnership units. Contrarian has mailed you documents related to the offer, including the forms you will need to submit if you wish to participate in the offer

The PHT and the IRA Partnership are expressing no opinion as to whether any investor should accept or reject this offer. The Trustee’s role in this situation is to ensure the offer complies with the Plan, and to facilitate the transfers of ownership when the offer is completed. The Trustee has determined that the offer complies with the Plan. He will not, however, express an opinion or make any recommendations to investors regarding how they should respond to the offer.

This offer is from Contrarian; not from the PHT or the IRA Partnership. Magna Servicing, the Trustee, the Trust Board and their counsel cannot answer questions about the offer or provide any information regarding it.

It is always a good idea to seek the professional counsel of your attorney, accountant or other financial advisors before taking any action on an offer.

If you have any questions regarding this offer or need an additional copy, please contact Rhoda Freeman ( or John Bright ( at (800) 266-3810.