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                        ATTENTION - ALL SHAREHOLDERS OF
                        FINANCIAL INDUSTRIES CORPORATION

                               WHO DO YOU TRUST?

Take a close look at FIC's current board of directors. As we see it, over the
past year the FIC board has:

      o     STUMBLED upon the fact that FIC's then-CEO, Roy Mitte, allegedly
            MISAPPROPRIATED OVER $1.5 MILLION OF FIC FUNDS during the past ten
            years, according to a report of a special committee of the board.

      o     GIVEN AWAY SHAREHOLDERS' MONEY, allowing Mr. Mitte to keep the
            allegedly misappropriated funds and agreeing to pay Mr. Mitte an
            additional $3 million.

      o     BOUGHT, USING SHAREHOLDERS' MONEY, THE RIGHT TO VOTE MR. MITTE'S
            SHARES FOR THEIR OWN RE-ELECTION in an effort to frustrate your
            ability to elect new, independent and more vigilant directors.

      o     RUBBER-STAMPED management's decision to acquire companies whose
            management has previously been associated with other companies that
            have been SUED FOR DECEPTIVE MARKETING PRACTICES. THAT LITIGATION
            ULTIMATELY SETTLED FOR $10 MILLION.

      o     SIGNED-OFF on management's ill-advised plan to associate FIC with
            Equita Financial and Insurance Services, another Texas company that
            had been ENJOINED FROM ENGAGING IN DECEPTIVE MARKETING PRACTICES IN
            OHIO.

      o     FAILED TO NEGOTIATE WITH A POTENTIAL BUYER who indicated an interest
            in paying up to $18 a share to acquire your FIC stock.

      o     ALLOWED MANAGEMENT TO OVERSTATE REVENUES to such an extent that a
            restatement of FIC's financial statements was required.

This is why Otter Creek Management Inc., an FIC shareholder, is asking its
fellow shareholders to support the election of seven new directors to the FIC
board.

WHO DO YOU TRUST? The incumbent directors, who slept at the wheel as FIC's
former CEO allegedly misappropriated funds and as the new management team allied
FIC with questionable associates? Or a new team of carefully-selected,
qualified, independent nominees who are able and motivated to maximize
shareholder value?

Our interests are your interests. We have owned FIC stock since 2001, and we
believe strongly in the future of FIC IF we can rescue it from a flawed new
marketing relationship and a passive board. If elected, our nominees will seek
to end FIC's misguided alliance with the likes of Equita and will explore all
available opportunities to maximize the value of your and our shared investment.

             Financial Industries Shareholders: It's your company.
                     Help us return FIC to its real owners.

                      PLEASE VOTE THE GOLD CARD BEFORE THE
                           JULY 31st ANNUAL MEETING!


                               /s/ R. Keith Long

                            R. Keith Long, President

                          Otter Creek Management Inc.

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FIC Shareholders: If you have any questions or need any assistance voting your
shares, please contact:

                         Mellon Investor Services, LLC
                          Toll free at 1-877-OTTR-CRE
                                (1-877-688-7273)
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On June 27, 2003, Otter Creek filed with the Securities and Exchange Commission
a definitive proxy statement relating to its solicitation of proxies with
respect to the 2003 FIC annual meeting of shareholders. Otter Creek has
furnished the definitive proxy statement to FIC's shareholders and may file
other proxy solicitation materials. Investors and security holders are urged to
read the proxy statement and any other proxy solicitation materials when they
become available as they contain important information. Investors and security
holders may obtain a free copy of the definitive proxy statement and other
documents filed by Otter Creek with the Commission at the Commission's web site
at http://www.sec.gov. In addition, you may obtain a free copy of the definitive
proxy statement by contacting Mellon Investors Services toll free at
1-877-688-7273 (banks and brokers call collect at 1-917-320-6283). Detailed
information regarding the names, affiliations and interests of individuals who
may be deemed participants in the solicitation of proxies of FIC shareholders is
available in the proxy statement and Otter Creek's DEFC14A filed with the
Commission on June 27, 2003. Some of the statements contained in this document,
including future actions by Otter Creek nominees, may constitute
"forward-looking statements," which for this purpose includes all statements
that are not of historical fact. These statements involve risks and
uncertainties, including the number of Otter Creek nominees elected and their
ability to influence the board of directors. The actual future results could
differ materially from those anticipated by these forward-looking statements.

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