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Morgan Keegan Underwritten Auction Rate Securities

Overview

Morgan Keegan & Company, Inc., is offering to purchase auction rate securities that Morgan Keegan underwrote and sold, the auctions for which are not clearing, which we refer to as the Eligible Securities, upon the terms and subject to the conditions set forth in this offer. To be eligible for this offer, the Eligible Securities must have been underwritten by Morgan Keegan, and sold to a Morgan Keegan account that is not an “Institutional” account (defined as an account held by entities with securities holdings of $10 million or more) (hereinafter referred to as Eligible Holders).

All Eligible Holders will receive by mail an Offer to Repurchase along with an Acceptance Form that must be returned by the stated deadline in order to participate in the repurchase program. The repurchase program will be executed in sequential phases according to the schedule outlined below:

Aggregate Principal Value of Eligible ARS held in a
Morgan Keegan Account as of 2-4-2009		 Deadline to Accept Offer
to Repurchase		 Refunding Date
$100,000 or less in principal value March 24, 2009 April 1, 2009
$100,001 to $200,000 April 23, 2009 May 1, 2009 
$200,001 to $300,000  May 22, 2009 June 1, 2009
$300,001 to $500,000  June 24, 2009 July 1, 2009
$500,001 to $1 million  July 24, 2009 August 3, 2009 
Over $1 million  August 24, 2009  September 1, 2009
Eligible Securities Held Away
from Morgan Keegan		 November 18, 2009 Prior to December 9, 2009
Eligible Securities Previously Subject to Disclosure Letter  November 24, 2009  December 1, 2009
Eligible Securities held by Institutional Accounts and current and former Morgan Keegan and Regions employees on a best efforts basis.
 

Each phase will have its own Offer to Purchase, which will be posted at each mailing.

See the Frequently Asked Question section of this web site for further information on this offer. Other questions about the Offer to Repurchase should be directed to Morgan Keegan’s Reorg Department at 1-877-901-3239.

Acceptance forms may be submitted by the stated deadline by fax to 901-529-5371 or by mail to:

Morgan Keegan & Company
Attn: Reorg Department
50 N. Front Street, 4th floor
Memphis, TN 38103