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June 14, 2000

CIVC Partners Sells its interest in Management Compensation Group, Northwest, LLC to M Financial Group

CIVC Partners, LLC, a private equity investment firm affiliated with Bank America Corporation (NYSE: BAC) announced today that the firm and other shareholders have signed a definitive agreement to sell their interests in Portland, Oregon-based Management Compensation Group, Northwest, LLC (MCG Northwest) to M Financial Group for $78 million, to be paid in a combination of cash and stock. The transaction is expected to close in July. MCG Northwest is an industry leader in the design, implementation, funding and administration of nonqualified executive compensation, benefit and retirement programs for corporate clients. Bank of America Securities LLC served as financial advisors to MCG Northwest in the transaction.

"The sale of MCG Northwest to M Financial completes a successful partnership between MCG Northwest Management and CIVC Partners. MCG Northwest has capitalized on the opportunity within their segment of the financial services industry and created substantial value for shareholders," said Daniel G. Helle, CIVC Partners.

"We are very pleased to have MCG Northwest as the first of our member firms to be part of our aggregation strategy," said M Financial Group Board Chairman Peter W. Mullin. "They have consistently been among the top two producers for business placed through M Financial Group's select group of insurance carriers." He added that the two companies share a long history, noting that MCG Northwest was one of the founding members of M Financial Group.

MCG Northwest Managing Director Wayne Schuh noted that the alliance with M Financial Group will allow MCG Northwest to design and place more innovative investment products to meet their clients' unique needs. "We will be better equipped to offer our clients the excellent service and cutting-edge technology they expect," he said.

CIVC Partners manages over $600 million of private equity capital on behalf of Bank of America. CIVC, with 30 years of experience in private equity investing, provides growth capital to middle market companies with a focus on business services, financial services, media and communication, and industrial growth. The success of Civics' investment in MCG Northwest affirms Civics' increased emphasis on partnering with high caliber management teams in business and financial services industries.

M Financial Group is a unique nationwide organization of independent insurance, investment and executive benefits firms servicing highly successful individuals, corporate executives, entrepreneurs and Fortune 1000 companies. Products include life insurance, qualified and nonqualified benefit plans and disability income protection. Many firms are also leading experts in business succession and wealth transfer planning, executive compensation and charitable giving. For more information on M Financial, go to

Press Contact

Patty Walker
CIVC Partners, LP
191 North Wacker Drive
Suite 1100
Chicago, Illinois 60606
Telephone: 312 873 7300

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