STATE OF NEW YORK
INSURANCE DEPARTMENT
Agency Building One
Empire State Plaza
Albany, NY 12257

April 16, 2002                                        

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In the Matter of the:
Plan of Reorganization

                 of

THE MANHATTAN LIFE INSURANCE COMPANY

From a Guarantee Capital Life Insurance Company
                into a
Stock Life Insurance Company

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          I, Gregory V. Serio, Superintendent of Insurance of the State of New York, hereby certify that on April 16, 2002, I approved a plan to reorganize The Manhattan Life Insurance Company pursuant to the authority vested in the Superintendent of Insurance of the State of New York by Section 7310 of the Insurance Law.

          A Notice of Proposed Agency Action was published in the State Register on January 2, 2002, pursuant to the provisions of the State Administrative Procedure Act.

                                                                                        Very truly yours,

                                                                                        ___________________________
                                                                                        Gregory V. Serio
                                                                                        Superintendent of Insurance